Page 10 - Jupiter Ocean Mile - August '24

Page 10, Jupiter Ocean Mile
Financial Focus

Whom Should You Choose As and to get some guidance on the wisdom of serving as your Here’s something else to think about: Instead of choosing
an individual, you could name a corporate trustee. By doing
own trustee.
A Trustee? If you decide to choose someone else as trustee, you’ll so, you can receive some key benefits, such as objectivity and
want to consider the following factors: potentially avoiding some of the family-related disputes that
By Sally Sima Stahl • Trust – In thinking about whom you might want to serve can arise when an estate is settled. Also, corporate trustees
When drawing up your as your trustee, the most important attribute is trust. Do you have the expertise and resources to navigate the various tax
estate plans, you might find trust that this individual will always act in your best interest? and inheritance laws affecting living trusts.
it useful to create a revocable If so, then they may be a good trustee candidate, but you’ll Whether it’s a trusted individual or a corporate entity, the
or irrevocable trust, either of also need to look at other considerations. right trustee can make a big difference in the effectiveness
which can help your estate • Financial management skills – The person you choose to of your living trust — and, by extension, the outcome of
avoid probate court and give be your trustee doesn’t have to be an accountant or a financial your comprehensive estate plans. So, start your search, get
you significant control over professional — but they should be skilled at managing their the help you need and take the steps necessary to arrive at a
how and when your assets are own finances. And they should be well-organized and good choice for trustee that’s right for you and your family.
distributed. But who should with details. This article was written by Edward Jones for use by
oversee your trust? • Mental and physical fitness – Your trustee could serve in your local Edward Jones Financial Advisor, Edward Jones,
As the person who that position for many years, so you’ll want to name someone Member SIPC.
established the trust — known as the “grantor” or “settlor” who is in good physical and mental health. Of course, things Edward Jones is a licensed insurance producer in all states
— you can also name yourself as trustee. However, this may can change over time, so if you observe that your chosen and Washington, D.C., through Edward D. Jones & Co., L.P.,
not be the best move, particularly if the trust is irrevocable. An trustee has begun to suffer physical or mental decline, you and in California, New Mexico and Massachusetts through
irrevocable trust protects the assets in the trust from creditors may need to name a successor trustee in your trust document. Edward Jones Insurance Agency of California, L.L.C.;
and civil judgments, but if you serve as trustee, this protection • Conflict of interest – You want your trustee to carry Edward Jones Insurance Agency of New Mexico, L.L.C.; and
will disappear. It might be more advantageous for you to be out your wishes in a fair manner — so, you should pick Edward Jones Insurance Agency of Massachusetts, L.L.C.
the trustee of a revocable (living) trust, which can be modified someone who doesn’t have a conflict of interest with any Edward Jones, its employees and financial advisors cannot
without much trouble and allows you to move assets in and of the beneficiaries you’ve named in your trust. Of course, provide tax advice. You should consult your qualified tax
out of the trust and to change trust beneficiaries. You should this can be tricky if you want to name a family member as advisor regarding your situation.
work with a qualified estate-planning attorney to determine trustee. So, if you do, you’ll need to spell out your wishes Contact us at (561) 748-7600, Sally Sima Stahl, CFP ,
®
which type of trust, if any, is appropriate for your situation, clearly — to the trustee and to other family members. AAMS , 1851 W. Indiantown Road, Ste. 106, Jupiter, FL 33458.
™
Swing Into Summer

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clubs for The Park’s the game of golf. Players can register on a weekly basis
summer league! The for $50 per round, with the opportunity to win prizes.
Park in West Palm The Park’s summer leagues amplify its mission of “open
Beach is excited to golf” for all ages and experience levels, and to introduce
invite beginners and the sport to newcomers.
experienced golfers The league takes place every Tuesday at 5:30 p.m.
alike to join their new Dates include July 23 and 30; Aug. 6, 13, 20 and 27; and
summer ladies’ league. Sept. 3, 10, 17 and 24. To register for the ladies’ league,
The ladies’ league visit theparkwestpalm.com/the-park-events or email golf@
will take place on The theparkwestpalm.com.
Park’s picturesque, For more information, call (561) 530-3810 or visit
18-hole golf course. theparkwestpalm.com.
The format will be a Photos courtesy of The Park
nine-hole, two-person
scramble played from
June to September. Meet

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