Page 6 - The Shores of Jupiter - August '24

Page 6, The Shores
Financial Focus

Whom Should You Choose As As the person who established the trust — known as someone who doesn’t have a conflict of interest with
the “grantor” or “settlor” — you can also name yourself
any of the beneficiaries you’ve named in your trust. Of
A Trustee? as trustee. However, this may not be the best move, course, this can be tricky if you want to name a family
particularly if the trust is irrevocable. An irrevocable trust member as trustee. So, if you do, you’ll need to spell out
By Sally Sima Stahl protects the assets in the trust from creditors and civil your wishes clearly — to the trustee and to other family
When drawing up your judgments, but if you serve as trustee, this protection will members.
estate plans, you might disappear. It might be more advantageous for you to be the Here’s something else to think about: Instead of
find it useful to create a trustee of a revocable (living) trust, which can be modified choosing an individual, you could name a corporate
revocable or irrevocable without much trouble and allows you to move assets in trustee. By doing so, you can receive some key benefits,
trust, either of which can and out of the trust and to change trust beneficiaries. You such as objectivity and potentially avoiding some of the
help your estate avoid should work with a qualified estate-planning attorney to family-related disputes that can arise when an estate is
probate court and give you determine which type of trust, if any, is appropriate for settled. Also, corporate trustees have the expertise and
significant control over how your situation, and to get some guidance on the wisdom resources to navigate the various tax and inheritance laws
and when your assets are of serving as your own trustee. affecting living trusts.
distributed. But who should If you decide to choose someone else as trustee, you’ll Whether it’s a trusted individual or a corporate
oversee your trust? want to consider the following factors: entity, the right trustee can make a big difference in the
• Trust – In thinking about whom you might want effectiveness of your living trust — and, by extension,
the outcome of your comprehensive estate plans. So,
to serve as your trustee, the most important attribute is
Autism Or Just trust. Do you trust that this individual will always act start your search, get the help you need and take the steps
in your best interest? If so, then they may be a good
necessary to arrive at a choice for trustee that’s right for
An Awkward Kid? trustee candidate, but you’ll also need to look at other you and your family.
considerations.
This article was written by Edward Jones for use by
• Financial management skills – The person you choose
your local Edward Jones Financial Advisor, Edward
to be your trustee doesn’t have to be an accountant or a Jones, Member SIPC.
By Jim Forgan, Ph.D., financial professional — but they should be skilled at Edward Jones is a licensed insurance producer in
Licensed School managing their own finances. And they should be well- all states and Washington, D.C., through Edward D.
Psychologist organized and good with details. Jones & Co., L.P., and in California, New Mexico and
A concerned mom • Mental and physical fitness – Your trustee could serve Massachusetts through Edward Jones Insurance Agency
came to me seeking in that position for many years, so you’ll want to name of California, L.L.C.; Edward Jones Insurance Agency of
insights on her son’s someone who is in good physical and mental health. Of New Mexico, L.L.C.; and Edward Jones Insurance Agency
behavior. She explained, course, things can change over time, so if you observe of Massachusetts, L.L.C.
“Sometimes Joseph can that your chosen trustee has begun to suffer physical or Edward Jones, its employees and financial advisors
seem zoned out and mental decline, you may need to name a successor trustee cannot provide tax advice. You should consult your
not always in tune with in your trust document. qualified tax advisor regarding your situation.
what is going on around • Conflict of interest – You want your trustee to carry Contact us at (561) 748-7600, Sally Sima Stahl, CFP ,
®
him. He can be socially out your wishes in a fair manner — so, you should pick AAMS , 1851 W. Indiantown Road, Ste. 106, Jupiter, FL 33458.
™
awkward at times. He can also be so hyper-focused
on something like his hobby and interest. He can get
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 might
have autism, ADHD, or anxiety so she knew how to
best support him.
Upon meeting Joseph for the first time, he presented
as a well-groomed and athletic adolescent. He was
slightly rigid in his social mannerisms as if he had been
taught skills such as greeting someone by looking them
in the eye and shaking their hand. While this was an
appropriate behavior, his interaction came across as
scripted or practiced. While talking with him I learned
he had an advanced vocabulary and could converse
about many different topics. He understood humor
and idioms such as, “She let the cat out of the bag.”
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
his way which created his social awkwardness. The CAMPBELL AND KARLIK, P.A.
second factor was slower processing speed which
helped explain why he seemed zoned out at times. In ATTORNEYS AT LAW
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
what was going on around him. Wills • Trusts • Estate Planning • Probate
I helped create a plan and recommended activities he
could do to improve these areas. Mom planned to share Taxation • Real Estate • Corporations
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.

Editorial copy appearing herewith is not necessarily the viewpoint of
Seabreeze Publications of Central Florida. Most editorial copy is created by
the homeowners and is edited by their appointed editor.

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