Page 14 - Talk of Tequesta - February '23

Page 14, The Talk Of Tequesta

finanCial foCus

Passing Assets Through A Trust: What To Know

By Sally Sima Stahl

As the year winds down, When are distributions made? As the grantor, you can One final note: Although you clearly have great control
your thoughts might drift choose when assets will be distributed to the beneficiaries over what your trust can accomplish, its effectiveness will
to the future. And, as part you’ve named. You could decide to keep the assets in the also depend, to a great extent, on its asset level. With this in
of that future, you may trust until a beneficiary reaches the age of majority; note mind, you’ll want to pay close attention to your investment
be thinking of where your that the age of majority is not the same in all states. Or you decisions throughout your life and your withdrawal strategy
financial assets will end could choose to “phase in” the distributions at particular during retirement. The better your choices in these areas, the
up. You’ve worked hard to ages – e.g., 30, 35, 40 – or after a certain number of years. more options you’ll have with your trust – and the greater
accumulate them, and you’ll You could even hold assets in the trust for the lifetimes of the potential benefits for your beneficiaries.
certainly need some of them the beneficiaries. These types of choices will depend on This article was written by Edward Jones for use by
to support your retirement, several factors, such as your feelings for how responsible your local Edward Jones Financial Advisor, Edward Jones,
but what about the rest? a beneficiary might be in managing money. Member SIPC.
What’s the best way to pass For what purposes can the trust assets be used? Edward Jones is a licensed insurance producer in
them on to your loved ones? In addition to choosing when your trust should make all states and Washington, D.C., through Edward D.
There’s no single path for everyone to follow. But you distributions, you can decide how these assets should Jones & Co., L.P., and in California, New Mexico and
might consider establishing a trust, which offers some key be used. You could designate some broad categories, Massachusetts through Edward Jones Insurance Agency
benefits. For example, your estate can avoid the time- such as health, education, maintenance and support. A of California, L.L.C.; Edward Jones Insurance Agency of
consuming, and highly public, process of probate. Plus, beneficiary’s request for distributions in these areas is New Mexico, L.L.C.; and Edward Jones Insurance Agency
you can be highly specific about how your assets will be usually granted. But you could also structure the trust of Massachusetts, L.L.C.
distributed. to provide mandatory income, perhaps once a year, Edward Jones, its employees and financial advisors
To establish a trust, you will need to work with a or include a provision that provides incentives, such cannot provide tax advice. You should consult your qualified
qualified estate-planning attorney. And while you’ll as distributing certain amounts of money once the tax advisor regarding your situation.
discuss many issues, here are three key questions that beneficiary has achieved a milestone, such as finishing a Contact us at (561) 748-7600, Sally Sima Stahl, AAMS,
will certainly need to be addressed: degree or purchasing a first home. 1851 W. Indiantown Road, Ste. 106, Jupiter, FL 33458.
Who will serve as trustee of the trust? As the grantor,
or creator, of your trust, you will pick the trustee – the
individual or corporate entity that will manage the trust’s
assets and carry out the purpose of the trust. You could
choose a trusted loved one, but this individual might
not have the knowledge or experience to manage the
responsibilities of a trustee. As an alternative, you could
choose a corporate fiduciary, such as a bank or trust
company. These entities are typically regulated by outside
agencies and provide significant public matter expertise.
Of course, they charge for their services and often have
account minimums.

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