Page 8 - Abacoa Community News- August '24

Page 8, Abacoa BW
Financial Focus

Whom Should You Choose As the “grantor” or “settlor” — you can also name yourself of the beneficiaries you’ve named in your trust. Of course,
As the person who established the trust — known as
this can be tricky if you want to name a family member as
A Trustee? as trustee. However, this may not be the best move, trustee. So, if you do, you’ll need to spell out your wishes
particularly if the trust is irrevocable. An irrevocable trust clearly — to the trustee and to other family members.
By Sally Sima Stahl protects the assets in the trust from creditors and civil Here’s something else to think about: Instead of
When drawing up your judgments, but if you serve as trustee, this protection will choosing an individual, you could name a corporate
estate plans, you might disappear. It might be more advantageous for you to be the trustee. By doing so, you can receive some key benefits,
find it useful to create a trustee of a revocable (living) trust, which can be modified such as objectivity and potentially avoiding some of the
revocable or irrevocable without much trouble and allows you to move assets in family-related disputes that can arise when an estate is
trust, either of which can and out of the trust and to change trust beneficiaries. You settled. Also, corporate trustees have the expertise and
help your estate avoid should work with a qualified estate-planning attorney to resources to navigate the various tax and inheritance laws
probate court and give you determine which type of trust, if any, is appropriate for affecting living trusts.
significant control over your situation, and to get some guidance on the wisdom Whether it’s a trusted individual or a corporate
how and when your assets of serving as your own trustee. entity, the right trustee can make a big difference in the
are distributed. But who If you decide to choose someone else as trustee, you’ll effectiveness of your living trust — and, by extension,
should oversee your trust? want to consider the following factors: the outcome of your comprehensive estate plans. So,
• Trust – In thinking about whom you might want to start your search, get the help you need and take the steps
serve as your trustee, the most important attribute is trust. necessary to arrive at a choice for trustee that’s right for
Autism Or Just An Do you trust that this individual will always act in your best you and your family.
interest? If so, then they may be a good trustee candidate,
This article was written by Edward Jones for use by

but you’ll also need to look at other considerations. your local Edward Jones Financial Advisor, Edward Jones,
Awkward Kid? choose to be your trustee doesn’t have to be an accountant Member SIPC.
• Financial management skills – The person you
Edward Jones is a licensed insurance producer in all states

or a financial professional — but they should be skilled and Washington, D.C., through Edward D. Jones & Co., L.P.,
By Jim Forgan, Ph.D., at managing their own finances. And they should be well- and in California, New Mexico and Massachusetts through
Licensed School organized and good with details. Edward Jones Insurance Agency of California, L.L.C.;
Psychologist • Mental and physical fitness – Your trustee could serve Edward Jones Insurance Agency of New Mexico, L.L.C.; and
A concerned mom in that position for many years, so you’ll want to name Edward Jones Insurance Agency of Massachusetts, L.L.C.
came to me seeking someone who is in good physical and mental health. Of Edward Jones, its employees and financial advisors
insights on her son’s course, things can change over time, so if you observe cannot provide tax advice. You should consult your
behavior. She explained, that your chosen trustee has begun to suffer physical or qualified tax advisor regarding your situation.
“Sometimes Joseph can mental decline, you may need to name a successor trustee Contact us at (561) 748-7600, Sally Sima Stahl, CFP ,
®
seem zoned out and not in your trust document. AAMS , 1851 W. Indiantown Road, Ste. 106, Jupiter, FL 33458.
™
always in tune with • Conflict of interest – You want your trustee to carry
what is going on around out your wishes in a fair manner — so, you should pick
him. He can be socially someone who doesn’t have a conflict of interest with any
awkward at times. He can also be so hyper-focused
on something like his hobby and interest. He can get Dyslexia, ADD/ADHD,
easily bored and likes to be pretty active all of the
time which is a good thing but sometimes it is hard
for him to relax.” This mom wanted to know if her son Gifted Testing
might have autism, ADHD, or anxiety so she knew
how to best support him.
Upon meeting Joseph for the first time, he NOW OFFERING: Dr. Jim Forgan & Associates
presented as a well-groomed and athletic adolescent. • Jupiter & Stuart Offices
He was slightly rigid in his social mannerisms as if Licensed School Psychologist
he had been taught skills such as greeting someone • Testing for Processing www.JimForgan.com
by looking them in the eye and shaking their hand. Problems, Anxiety,
While this was an appropriate behavior, his interaction Defiance (561) 625-4125
came across as scripted or practiced. While talking • Weekend and After
with him I learned he had an advanced vocabulary School Appointments
and could converse about many different topics. He
understood humor and idioms such as, “She let the
cat out of the bag.” “Helping Parents Help Children”
My school neuropsychological testing with Joseph
revealed two main contributing factors. First, he had
low cognitive flexibility which is a fancy term for
flexible thinking. His mental rigidity contributed to
him being a blacker and whiter thinker. He saw things CAMPBELL AND KARLIK, P.A.
his way which created his social awkwardness. The
second factor was slower processing speed which ATTORNEYS AT LAW
helped explain why he seemed zoned out at times. In
certain situations, Joseph quickly used up his mental
fuel which resulted in mental fatigue. When this
occurred he disengaged and seemed out of touch with Wills • Trusts • Estate Planning • Probate
what was going on around him.
I helped create a plan and recommended activities he Taxation • Real Estate • Corporations
could do to improve these areas. Mom planned to share
the report with his school. Call (561) 625-4125 if you are
concerned about your child and would like understanding
and answers. Our website is JimForgan.com.

Diane L. KarLiK

Tel: (561) 625-5220
3450 Northlake Boulevard Suite 210 Fax: (561) 625-5201• Mobile: (561) 797-5004
Palm Beach Gardens, FL 33403 EMail: dlkarlik@aol.com