Page 11 - The Shores of Jupiter - February '23

The Shores, Page 11
Financial Focus

Passing Assets Through A key benefits. For example, your estate can avoid the time- When are distributions made? As the grantor, you can
consuming, and highly public, process of probate. Plus,
choose when assets will be distributed to the beneficiaries
Trust: What To Know you can be highly specific about how your assets will be you’ve named. You could decide to keep the assets in the
distributed. trust until a beneficiary reaches the age of majority; note that
By Sally Sima Stahl To establish a trust, you will need to work with a qualified the age of majority is not the same in all states. Or you could
As the year winds down, estate-planning attorney. And while you’ll discuss many choose to “phase in” the distributions at particular ages – e.g.,
your thoughts might drift to issues, here are three key questions that will certainly need 30, 35, 40 – or after a certain number of years. You could even
the future. And, as part of that to be addressed: hold assets in the trust for the lifetimes of the beneficiaries.
future, you may be thinking Who will serve as trustee of the trust? As the grantor, or These types of choices will depend on several factors, such
of where your financial assets creator, of your trust, you will pick the trustee – the individual as your feelings for how responsible a beneficiary might be
will end up. You’ve worked or corporate entity that will manage the trust’s assets and in managing money.
hard to accumulate them, carry out the purpose of the trust. You could choose a trusted For what purposes can the trust assets be used?
and you’ll certainly need loved one, but this individual might not have the knowledge In addition to choosing when your trust should make
some of them to support your or experience to manage the responsibilities of a trustee. distributions, you can decide how these assets should be used.
retirement, but what about As an alternative, you could choose a corporate fiduciary, You could designate some broad categories, such as health,
the rest? What’s the best way such as a bank or trust company. These entities are typically education, maintenance and support. A beneficiary’s request
to pass them on to your loved ones? regulated by outside agencies and provide significant public for distributions in these areas is usually granted. But you
There’s no single path for everyone to follow. But you matter expertise. Of course, they charge for their services could also structure the trust to provide mandatory income,
might consider establishing a trust, which offers some and often have account minimums. perhaps once a year, or include a provision that provides
incentives, such as distributing certain amounts of money once
the beneficiary has achieved a milestone, such as finishing a
Wuxi, China from page 10 stories of its importance can be felt in the structures degree or purchasing a first home.
and, more importantly, the people who live, work and One final note: Although you clearly have great control
In the 19th century a series of disastrous floods broke utilize the canal. I am sure that much has changed in over what your trust can accomplish, its effectiveness will
the dikes of the Huang Ho, causing great problems the living standards of the people who live along the also depend, to a great extent, on its asset level. With this in
in the northern sections of the system. These acts of banks of the canal, however, to outsiders the customs mind, you’ll want to pay close attention to your investment
nature, coupled with the Taiping and Nien Rebellions, still being practiced seem primitive. decisions throughout your life and your withdrawal strategy
caused the canal to Beijing to be abandoned; it fell Wuxi will probably never be sold as a travel during retirement. The better your choices in these areas, the
into disrepair and became unusable. It wasn’t until destination through the exciting photographs of a travel more options you’ll have with your trust – and the greater the
Communist rule in 1958 that work began to restore brochure, but for those whose need for knowledge potential benefits for your beneficiaries.
the canal to its full prominence. The aim of the exceeds the pleasures of life in tourist areas, Wuxi This article was written by Edward Jones for use by your local
reconstruction was to restore the canal to a state that offers the experience of a lifetime. Edward Jones Financial Advisor, Edward Jones, Member SIPC.
could handle 2,000-ton ships. Between 1958 and 1965 The late Don Kiselewski wrote from his personal Edward Jones is a licensed insurance producer in all states
the canal was straightened, widened and dredged. experiences, having traveled in 122 countries and cruised and Washington, D.C., through Edward D. Jones & Co., L.P.,
In addition, a new section some 40 miles long was the oceans, seas and rivers of the world. Palm Beach and in California, New Mexico and Massachusetts through
constructed. By the mid-1970s the canal could accept Gardens Travel Leaders, his family owned and operated Edward Jones Insurance Agency of California, L.L.C.; Edward
medium-sized barge traffic throughout its length. agency, is located at Mirasol Town Square, 11360 North Jones Insurance Agency of New Mexico, L.L.C.; and Edward
Today, the majority of traffic on the canal is located in Jog Road, Building A, Suite 102-6, Palm Beach Gardens. Jones Insurance Agency of Massachusetts, L.L.C.
the southern sections, below Suzhou. The agency has been serving the travel needs of the South Edward Jones, its employees and financial advisors cannot
Sailing on the Grand Canal, one can appreciate the Florida area for over a quarter of a century. Contact them provide tax advice. You should consult your qualified tax
importance of this waterway, not only with respect to at (561) 694-9696 or Aussie@PBGTravel.com. advisor regarding your situation.
the movement of goods, but also to the way of life. The Photos by Don Kiselewski Contact us at (561) 748-7600, Sally Sima Stahl, AAMS,
1851 W. Indiantown Road, Ste. 106, Jupiter, FL 33458.

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