Page 10 - Hobe Sound Reflections - February '23

Page 10, Hobe Sound

finanCial foCuS

Passing Assets Through A individual or corporate entity that will manage the trust’s to provide mandatory income, perhaps once a year,
assets and carry out the purpose of the trust. You could
or include a provision that provides incentives, such
Trust: What To Know choose a trusted loved one, but this individual might as distributing certain amounts of money once the
not have the knowledge or experience to manage the beneficiary has achieved a milestone, such as finishing
By Sally Sima Stahl responsibilities of a trustee. As an alternative, you could a degree or purchasing a first home.
As the year winds down, choose a corporate fiduciary, such as a bank or trust One final note: Although you clearly have great control
your thoughts might drift company. These entities are typically regulated by outside over what your trust can accomplish, its effectiveness
to the future. And, as part agencies and provide significant public matter expertise. will also depend, to a great extent, on its asset level.
of that future, you may Of course, they charge for their services and often have With this in mind, you’ll want to pay close attention to
be thinking of where your account minimums. your investment decisions throughout your life and your
financial assets will end When are distributions made? As the grantor, withdrawal strategy during retirement. The better your
up. You’ve worked hard to you can choose when assets will be distributed to the choices in these areas, the more options you’ll have with
accumulate them, and you’ll beneficiaries you’ve named. You could decide to keep your trust – and the greater the potential benefits for your
certainly need some of them the assets in the trust until a beneficiary reaches the beneficiaries.
to support your retirement, age of majority; note that the age of majority is not the This article was written by Edward Jones for use by
but what about the rest? same in all states. Or you could choose to “phase in” the your local Edward Jones Financial Advisor, Edward
What’s the best way to pass them on to your loved ones? distributions at particular ages – e.g., 30, 35, 40 – or after Jones, Member SIPC.
There’s no single path for everyone to follow. But you a certain number of years. You could even hold assets Edward Jones is a licensed insurance producer in
might consider establishing a trust, which offers some key in the trust for the lifetimes of the beneficiaries. These all states and Washington, D.C., through Edward D.
benefits. For example, your estate can avoid the time- types of choices will depend on several factors, such as Jones & Co., L.P., and in California, New Mexico and
consuming, and highly public, process of probate. Plus, your feelings for how responsible a beneficiary might be Massachusetts through Edward Jones Insurance Agency
you can be highly specific about how your assets will be in managing money. of California, L.L.C.; Edward Jones Insurance Agency
distributed. For what purposes can the trust assets be used? of New Mexico, L.L.C.; and Edward Jones Insurance
To establish a trust, you will need to work with a In addition to choosing when your trust should make Agency of Massachusetts, L.L.C.
qualified estate-planning attorney. And while you’ll distributions, you can decide how these assets should Edward Jones, its employees and financial advisors
discuss many issues, here are three key questions that be used. You could designate some broad categories, cannot provide tax advice. You should consult your
will certainly need to be addressed: such as health, education, maintenance and support. A qualified tax advisor regarding your situation.
Who will serve as trustee of the trust? As the grantor, beneficiary’s request for distributions in these areas is Contact us at (561) 748-7600, Sally Sima Stahl, AAMS,
or creator, of your trust, you will pick the trustee – the usually granted. But you could also structure the trust 1851 W. Indiantown Road, Ste. 106, Jupiter, FL 33458.

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