Page 10 - Martin Downs Bulletin - June '20

Page 10, Martin Downs

lEgal talk

Is A Trust Right For Me?
need a trust?” This presumes that a “level of wealth” must deceased spouse’s children. In this way, a trust can be
By Ryan Abernethy be reached before this type of planning is appropriate. used to provide insurance that a client’s spouse and their
The word “trust” brings On the contrary, one shouldn’t look at wealth solely in children are both provided for upon their death.
several images to mind. terms of “dollars and cents”; for estate planning purposes, Trust planning is important when a client’s child isn’t
One is the “trust fund an individual should see his or her wealth – whatever the mature enough to manage an inheritance should that client
kid” stereotype portrayed level – as a legacy. pass away in the immediate future, or if a client wishes to
in movies or TV. We encourage clients to implement an estate plan have a child’s inheritance pass to them in way that protects
Another is seeing that ensures that their legacy passes to their heirs and that inheritance from that child’s potential “creditors and
words like “revocable” beneficiaries in a “smart way” – a time- and cost-efficient predators” (for example, a creditor resulting from a car
or “irrevocable” while way that offers protection from life’s “bumps in the road.” accident or debts from an ex-spouse).
doing research or hearing Trust planning is critically important for “blended Trusts also serve as a means to avoid opening a probate
discussions involving families” when one or both spouses have children from proceeding upon an individual’s death.
probate avoidance. prior relationships. Here, a typical goal is to allow a These are a few examples of instances in which trust
Since a huge amount of information exists on this surviving spouse the ability to use the deceased spouse’s planning is advantageous. Because individual goals vary,
subject (not all of it relevant), many people feel confused assets upon that first spouse’s death (usually subject to you should discuss your personal estate planning goals
when trying to determine if a trust is “right” for them. restrictions), while simultaneously ensuring that the and needs with a qualified trust attorney to determine
When we meet with our clients, we often hear some surviving spouse cannot direct that these assets pass to how this type of planning may benefit you.
version of the following: “I’m not wealthy – why would I their children upon his or her death at the expense of the

financial focus

Know Risk Tolerance at working on at least a couple of financial goals, such as However, you can further reduce the future risk of being
saving for retirement and possibly for your children’s college
overly dependent on selling variable investments by devoting
Different Stages of Life education. So, you still need to be investing for growth, a certain percentage of your portfolio to cash and cash
which means you’ll likely need to maintain a relatively high equivalents and designating this portion to be used for your
By Bryce Buchanan, risk tolerance. Nonetheless, it’s a good idea to have some daily expenses during the years immediately preceding, and
Edward Jones balance in your portfolio, so you’ll want to consider a mix possibly spilling into, your retirement.
As an investor, you’ll of investments that align with each of your goals. When you’re retired … Once you’re retired, you might
always need to deal with When you’re a few years from retirement … Now, you think you should take no risks at all. But you could spend
risk of some kind. But how might have already achieved some key goals – perhaps your two or three decades in retirement, so you may need some
can you manage the risk kids have finished college and you’ve paid off your mortgage. growth potential in your portfolio to stay ahead of inflation.
that’s been made clear by This may mean you have more money available to put away Establishing a withdrawal rate – the amount you take out
the recent volatility in the for retirement, but you’ll still have to think carefully about each year from your investments – that’s appropriate for
financial markets? The how much risk you’re willing to take. Since you’re going to your lifestyle and projected longevity can reduce the risk
answer to this question may retire soon, you might consider rebalancing your portfolio of outliving your money. Of course, if there’s an extended
depend on where you are in to include some more conservative investments, whose market downturn during any time of your retirement, you
life. value is less susceptible to financial market fluctuations. may want to lower your withdrawal rate temporarily.
Let’s look at some different life stages and how you might The reason? In just a few years, when you’re retired, you As you can see, your tolerance for risk, and your methods
deal with risk at each of them: will need to start taking withdrawals from your investment of dealing with it, can change over time. By being aware of
When you’re first starting out … If you’re early in your portfolio – essentially, you’ll be selling investments, so, as this progression, you can make better-informed investment
career, with perhaps four or even five decades to go until you much as possible, you’ll want to avoid selling them when decisions.
retire, you can likely afford to invest primarily for growth, their price is down. Nonetheless, having a balanced and This article was written by Edward Jones, member SIPC,
which also means you’ll be taking on a higher level of risk, as diversified portfolio doesn’t fully protect against a loss. for use by your local Edward Jones financial advisor.
risk and reward are positively correlated. But, given your age,
both inevitable and a normal part of investing. Consequently, Treasure Coast Outdoors
you have time to overcome the market downturns that are

your risk tolerance may be relatively high. Still, even at this
stage, being over-aggressive can be costly. The Fish Aren’t Wearing Face
When you’re in the middle stages … At this time of your
life, you’re well along in your career, and you’re probably Masks Or Social Distancing

By Jim Weix
There have been steady
catch reports of cobia,
Captain’s was established in 1980 servicing mutton snapper and even
Palm Beach County and is a privately spinner sharks. Given the
owned and managed company. fact that the fish, particularly
Captain’s is committed to providing reef fish, got a temporary rest
dependable, reliable and professional
ground transportation to and from all from angling pressure, they
South Florida Airports and Seaports. PBCVH212 seem more than willing to
To reserve your vehicle: grab at bait.
561-798-2180 or 800-634-7890 www.captainsairport.com Tom Flynn and Jimmy
McDaniel, of Martin County,
tried a different type of fishing. They deep dropped for tilefish.
Answer for Tilefish are found along the outer continental shelf and
upper continental slope of the entire U.S. East Coast and in
Crossword Puzzle the Gulf of Mexico. On the Treasure Coast, you need to be Without a memory, you will often find that you can’t stop
in a depth of 600 feet or more. That means an electric reel
would be needed by most of us. the reel in time. That results in a host of problems, the worst
According to Flynn, a 40-pound test braided line, with a being your line snaps when the swivel hits your rod tip and
4- or 5-pound weight, a small underwater light and a four- breaks the line, when you have a nice fish on. Then you lose
hook snapper type rig works best. Line heavier than 40 pound the fish, plus the weight and light. I speak from experience,
will bow out too much in the current at depths over 400 feet. which is why I’m getting a new electric reel.
Tom uses squid for bait, although tile fish also eat shrimp, Since you need electricity, an electrical outlet on your
crabs, clams, snails, worms, anemones, and sea cucumbers. boat is your best and safest bet. If you are on a boat without
If you don’t have an electric reel, you might want to get one, you can use a lithium battery. I hang mine from the rod
one, as they have multiple uses. In addition to deep drop butt in a cloth bag.
fishing, I use mine as a downrigger and for kite fishing. I also Do not, under any circumstances, simply use battery
have used it for red snapper and snowy grouper. Although clamps and attach it to your boat’s enclosed battery. This
these fishing spots are 150 to 250 feet deep, an electric reel enclosed area can also have gas fumes. Sparks and gas fumes
is a lot easier to bring lines in to change baits multiple times. will ruin your whole day.
There are many types of electric reels, but speaking from Editor’s note: Jim Weix is an avid hunter, angler,
experience, I would recommend one with a memory and a conservationist, as well as an outdoor writer.
reel that also allows you to also manually bring in line. The Jim is included in the Wisconsin Waterfowl Association’s
one with a memory allows you to preset the stop point when Hall of Fame, for his work in helping restore thousands of
bringing in the line. You simply hit the up button. The ability acres of wetlands. Jim is a broker associate with The Keyes
to manually bring in line is handy if you have a fish that takes Company. He can be reached at (772) 341-2941 or by email:
line out close to the boat. jimweix@jimweix.com.