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September 10, 2017

The Fed Finished

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Do you know something else formed from a Napkin? L Do you know something else formed from a Napkin? Let us know below!
We've talked about #Trusts, now let's talk about # We've talked about #Trusts, now let's talk about #Trustees. A trustee can be an institution or an individual that is given the power to manage and administer someone’s financial affairs or a pool of assets. This can include managing property, overseeing financial accounts, or other types of financial decision-making. Trustees most commonly administer trusts, but they can also: ✅ Manage the assets of a charity. ✅ Oversee the investment of certain types of retirement plans or pension funds. ✅ Help manage the finances of a person who has filed for bankruptcy to ensure the person meets his or her obligations to creditors as dictated by the court. A trustee’s responsibilities include: ➡️ Investing and managing trust assets ➡️ Distributing trust income or assets to beneficiaries according to the terms set out ➡️ Approving or denying beneficiaries’ requests for money For example, if a young beneficiary wants to withdraw $20,000 from his or her trust to go to @coachella, the trustee has to decide whether or not to approve the withdrawal. Have you ever been a Trustee? Click the link in our bio or today's stories to learn more, as well as other Finance Facts in 30 seconds or less!
Always drive safely. 😉 Did you know that New Ha Always drive safely. 😉 Did you know that New Hampshire and Virginia are the two states that don’t require drivers to carry insurance? (Though in Virginia you have to pay a $500 annual fee to drive uninsured.)
A trust is a legal document that allows a person ( A trust is a legal document that allows a person (the trustee) to hold the assets of someone else (the grantor) and eventually give that property to a beneficiary at some point in the future. Many people view trusts as only for the uber wealthy who want to leave their riches to their kids. However, there are many reasons anyone might want to create a trust, including: ✅ Providing for family and friends in the future ✅ Paying education expenses for children or grandchildren ✅ Establishing a charitable fund ✅ Controlling how beneficiaries care for certain property and how it’s distributed ✅ Managing assets in case of disability or incapacitation ✅ Maintaining privacy after death ✅ Protecting assets from creditors ✅ Avoiding a lengthy probate process There are usually fees involved in setting up a trust. And, while you can go it alone with an online template, experts recommend meeting with an estate planner or attorney to make sure it’s exactly what you want. The process tends to look something like this: Choose what you’re putting in the trust (real estate, stocks, money, life insurance, etc.) ↓ Pick out the beneficiary or beneficiaries ↓ Set rules for asset distribution (e.g., after a child turns 18 or graduates college) ↓ Choose a trustee (family, friends, or even a professional) and talk through your plans ↓ Meet with an attorney to discuss your plan, review any tax issues, and draft the trust document ↓ Sign the trust document, preferably with witnesses, and get it notarized (if required or preferred) Click the link in our bio or today's stories to learn typical types of trusts and more.
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