Page 9 - Jupiter Spotlight - February '23

Jupiter Spotlight, Page 9
Financial Focus

Passing Assets Through A Who will serve as trustee of the trust? As the grantor, be used. You could designate some broad categories,
or creator, of your trust, you will pick the trustee – the
such as health, education, maintenance and support. A
Trust: What To Know individual or corporate entity that will manage the trust’s beneficiary’s request for distributions in these areas is
assets and carry out the purpose of the trust. You could usually granted. But you could also structure the trust
By Sally Sima Stahl choose a trusted loved one, but this individual might to provide mandatory income, perhaps once a year,
As the year winds down, not have the knowledge or experience to manage the or include a provision that provides incentives, such
your thoughts might drift responsibilities of a trustee. As an alternative, you could as distributing certain amounts of money once the
to the future. And, as part choose a corporate fiduciary, such as a bank or trust beneficiary has achieved a milestone, such as finishing
of that future, you may company. These entities are typically regulated by outside a degree or purchasing a first home.
be thinking of where your agencies and provide significant public matter expertise. One final note: Although you clearly have great control
financial assets will end Of course, they charge for their services and often have over what your trust can accomplish, its effectiveness
up. You’ve worked hard to account minimums. will also depend, to a great extent, on its asset level.
accumulate them, and you’ll When are distributions made? As the grantor, With this in mind, you’ll want to pay close attention to
certainly need some of them you can choose when assets will be distributed to the your investment decisions throughout your life and your
to support your retirement, beneficiaries you’ve named. You could decide to keep withdrawal strategy during retirement. The better your
but what about the rest? the assets in the trust until a beneficiary reaches the choices in these areas, the more options you’ll have with
What’s the best way to pass them on to your loved ones? age of majority; note that the age of majority is not the your trust – and the greater the potential benefits for your
There’s no single path for everyone to follow. But you same in all states. Or you could choose to “phase in” the beneficiaries.
might consider establishing a trust, which offers some distributions at particular ages – e.g., 30, 35, 40 – or after This article was written by Edward Jones for use by
key benefits. For example, your estate can avoid the a certain number of years. You could even hold assets your local Edward Jones Financial Advisor, Edward
time-consuming, and highly public, process of probate. in the trust for the lifetimes of the beneficiaries. These Jones, Member SIPC.
Plus, you can be highly specific about how your assets types of choices will depend on several factors, such as Edward Jones is a licensed insurance producer in
will be distributed. your feelings for how responsible a beneficiary might be all states and Washington, D.C., through Edward D.
To establish a trust, you will need to work with a in managing money. Jones & Co., L.P., and in California, New Mexico and
qualified estate-planning attorney. And while you’ll For what purposes can the trust assets be used? Massachusetts through Edward Jones Insurance Agency
discuss many issues, here are three key questions that In addition to choosing when your trust should make of California, L.L.C.; Edward Jones Insurance Agency
will certainly need to be addressed: distributions, you can decide how these assets should of New Mexico, L.L.C.; and Edward Jones Insurance
Agency of Massachusetts, L.L.C.
Edward Jones, its employees and financial advisors
Tax Talk from page 8 For any questions about tourist development tax, please cannot provide tax advice. You should consult your
visit, www.pbctax.com/contact-us/tourist-development-tax. qualified tax advisor regarding your situation.
I want to list my property online (Airbnb, VRBO, or Contact us at (561) 748-7600, Sally Sima Stahl, AAMS,
other platform), do I need a Tourist Development Tax Noteworthy Dates 1851 W. Indiantown Road, Ste. 106, Jupiter, FL 33458.
(TDT) Account?
Yes, if you are renting your property for six months or less, Feb. 1 – Tourist
you need to set up a TDT account, in addition to a business Development Taxes Due Advertise,
tax receipt for short-term rental. Both can be obtained by Feb. 20 – President’s Day
visiting www.pbctax.com. – Office Closed Check out our website!
I need to create a TDT account, where do I start? Feb. 28 – Deadline for
First, visit www.pbctax.com/tdt-support-center and review Property Tax 1 Percent www.seabreezepublications.com
our “How to Guides” for step-by-step instructions on how to Discount or call 746-3244
create a TDT account.

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