https://padlet.com/nicholaskavoukis/Bookmarks Assignment #2 - GNED-1119, Money Matters en-us 2021-11-28 16:35:31 UTC 2021-11-29 18:18:41 UTC hello@padlet.com nicholaskavoukis https://padlet.com/nicholaskavoukis/Bookmarks/wish/1916973951 Hi, and welcome to my Padlet.  In this Padlet, the topic of conversation is Trust Funds - How to Manage.  In this Padlet, you can expect to learn about certain concepts of Trust Funds as it relates to How to Manage them including;  1) What is a Trust Fund?  2) What are different types of Trust Funds?  3) Who needs a Trust Fund?  4) How does a Trust Fund work?  5) How to set up a Trust Fund?  6) How to Manage a Trust Fund?  We will accomplish this through the use of selected videos, websites and images with accompanying analysis to explain further the topic to help answer the preceding questions.  Let's dive in!]]> 2021-11-29 03:02:39 UTC https://padlet.com/nicholaskavoukis/Bookmarks/wish/1916973951 nicholaskavoukis https://padlet.com/nicholaskavoukis/Bookmarks/wish/1917000604 In this video, Trust Funds are summarized for what they are in terms of defining them and establishing a meaning in simple terms.  Along with an explanation, comes examples of Trust Funds and Tips on how to use them and why they would be useful in certain situations.
I chose this video, because it's a simplistic, short explanation of a topic that many find complex. I also liked the use of cartoon characters to make the topic fun and invite learning. I found useful in this video particularly that illustrates Trust Funds are not just for "rich people", they serve a purpose for everyday folk like you and me as well.]]> 2021-11-29 03:21:57 UTC https://padlet.com/nicholaskavoukis/Bookmarks/wish/1917000604 nicholaskavoukis https://padlet.com/nicholaskavoukis/Bookmarks/wish/1917031122      In this video, Trust Funds are explained on the fundamentals of how they work.  Important concept here is that Trust Funds help manage and protect hard earned assets for any type of individual like a home owner, business person or investor.  Also, within a Trust Fund, various items can be placed inside of one like Cash, Mutual Funds, Bonds and Real Estate.  It goes on to list advantages of Trust Funds and why you need them which helps explain the reasoning behind setting one up in the first place.
     I chose this video because it identifies the 3 key principles of a trust fund, that is; 1) Grantor, 2) Beneficiary and 3) Trustee.  I found it useful to show these 3 key people as to how a Trust Fund is set up and I really enjoyed the inclusion of music as it makes the topic fun all over again and keeps you engaged.]]> 2021-11-29 03:44:17 UTC https://padlet.com/nicholaskavoukis/Bookmarks/wish/1917031122 nicholaskavoukis https://padlet.com/nicholaskavoukis/Bookmarks/wish/1917081918      In this video, it dispels the myths of who really needs and uses trust funds.  It brings together nicely the information presented in the two previous videos with pictorial illustrations of how Trust Funds work, who benefits from them, what they are made of and the different types of Trust Funds.
I chose this video because it really encompasses a holistic view of all the facets of Trust Funds from creation, purpose, benefit and execution for all walks of life. I found it useful how the illustrations helped you to "visualize" the concept for people that learn through interaction more so than just reading text. ]]> 2021-11-29 04:27:24 UTC https://padlet.com/nicholaskavoukis/Bookmarks/wish/1917081918 nicholaskavoukis https://padlet.com/nicholaskavoukis/Bookmarks/wish/1917117994      In this video, you will get an example of how setting up a family trust fund in Canada will help alleviate tax on capital gains in Canada.  This illustrates exactly how a trust fund can be beneficial as we all like to pay less taxes in Canada where we are so heavily taxed it seems on everything.
I chose this video because I am super interested in this topic of saving tax on potential capital gains and it gives everyone a means to use as these situations apply to many people. I found it useful how working with an accountant and lawyer can help navigate this topic and again, put money back in your pocket having to avoid levied tax on realized capital gains over a lifetime.]]> 2021-11-29 04:59:36 UTC https://padlet.com/nicholaskavoukis/Bookmarks/wish/1917117994 nicholaskavoukis https://padlet.com/nicholaskavoukis/Bookmarks/wish/1917129030      In this website, Trust Funds are explained and addressed on topics of, what they are, who needs them, how they work, how to set up, how to manage, etc. Consider it a tutorial of the basics covered whether you had knowledge of trust funds or not previously.
I chose this website because it comes from a reputable source, www.wealthsimple.com, for content and validity. I found it useful how the questions were asked and answered in a structured format that allowed for easy following and learning.]]> 2021-11-29 05:10:12 UTC https://padlet.com/nicholaskavoukis/Bookmarks/wish/1917129030 nicholaskavoukis https://padlet.com/nicholaskavoukis/Bookmarks/wish/1917141561      In this website, as the title says, it's Trust Funds for Dummies.  This series of internet content has always been very popular to help illustrate to people topics in a "funny" way.  Bullet points are made and explained on various topics as they relate to Trust Funds.
I chose this website, because people relate to feeling "stupid" when it comes to topics they know little or nothing about. The "dummies" series has a cult following for valuable information in a creative way. I found it useful that this topic was covered in the dummies section as it is usually a very common search word when people are looking for information. ]]> 2021-11-29 05:21:39 UTC https://padlet.com/nicholaskavoukis/Bookmarks/wish/1917141561 nicholaskavoukis https://padlet.com/nicholaskavoukis/Bookmarks/wish/1917152451    In this website, types of Trust Funds are discussed in Canada.  This website brings to light the various types of Trust Funds and how each are unique in terms of their benefits and purpose.
I chose this website, because it is from a Canadian Law Firm that is both credible and informative for the purposes of this topic. I found it useful how each type of Trust Fund was described and presented for content purposes in a structured format.]]> 2021-11-29 05:32:38 UTC https://padlet.com/nicholaskavoukis/Bookmarks/wish/1917152451 nicholaskavoukis https://padlet.com/nicholaskavoukis/Bookmarks/wish/1917154952      In this website, the question of "what type of trust do I need?" is addressed.  So you understand Trust Funds now, but don't know which type to choose?  Then this website will help you make an informed decision at a time you can do your own research, or take it one step further and seek professional assistance.
     I chose this website because people need guidance on the topic of which type of Trust Fund to choose from.  There are various types with different purposes and strategies for execution.  From this reputable Canadian source, I found it useful that so many different types of Trust Funds are explained with examples to help in decision making.]]> 2021-11-29 05:35:19 UTC https://padlet.com/nicholaskavoukis/Bookmarks/wish/1917154952 nicholaskavoukis https://padlet.com/nicholaskavoukis/Bookmarks/wish/1917169766 In this image, you see the basic principles of a Trust Fund involving the Grantor, Trustee and Beneficiary, with an appropriate work flow as it passes from one person to another.
I chose this image because in its simplest form it illustrates how a Trust Fund is created by a Grantor for the purpose of a Trustee to manage and facilitate transfer of assets to a Beneficiary. I found it very useful to illustrate how exactly the process works.]]> 2021-11-29 05:50:02 UTC https://padlet.com/nicholaskavoukis/Bookmarks/wish/1917169766 nicholaskavoukis https://padlet.com/nicholaskavoukis/Bookmarks/wish/1917172288      In this image, I think Trust Fund is portrayed perfectly for which each particular impacted party involved is displayed for their role and what products are involved.  Again, the flow is explained from creation to execution with the products within a Trust Fund included as well.
I chose this image because within one image it captures the essence of who is involved in a Trust Fund, what financial instruments can be included in one and lastly how it is executed. I found extremely useful the simplicity of this like a math equation of combining the three impacted parties equals a completed Trust Fund transaction.]]> 2021-11-29 05:52:42 UTC https://padlet.com/nicholaskavoukis/Bookmarks/wish/1917172288 nicholaskavoukis https://padlet.com/nicholaskavoukis/Bookmarks/wish/1917981127 The thing I learned about my topic that surprised me the most is that Trust Funds are not just for the wealthy and famous. We have all heard the term "trust fund babies" for rich parents that set up trust funds for when their kids get to 18 so they don't ruin their riches before they become of age - but Trust Funds come in so many different types for different purposes, for common folk like you and I.]]> 2021-11-29 14:11:07 UTC https://padlet.com/nicholaskavoukis/Bookmarks/wish/1917981127 nicholaskavoukis https://padlet.com/nicholaskavoukis/Bookmarks/wish/1917997171   As I referenced earlier, Trust Fund creation for the purpose of establishing lifetime Capital Gains exemption in Canada is relevant to me as my parents have invested in real estate and put it in my name recently. I understand that if I ever sell this property and have not lived in it as a principal residence will be subjected to Capital Gains. My father is an accountant so he has explained the need and purpose for a Trust Fund to absorb or alleviate any possible tax levy in the future so we have taken the necessary step to create such a fund for this purpose.]]> 2021-11-29 14:16:33 UTC https://padlet.com/nicholaskavoukis/Bookmarks/wish/1917997171 nicholaskavoukis https://padlet.com/nicholaskavoukis/Bookmarks/wish/1918003176      I would have to say PLAN FOR THE FUTURE!  Meaning as it pertains to Trust Funds, create a living trust.  Like a living will, it basically is a Trust fund that is created while someone is living, for the purpose of transferring assets to children or grandchildren, the primary benefit being the assets avoid probate (complicated and tax involved process of asset distribution), which leads to faster asset distribution to the beneficiaries. This simplicity for the beneficiaries makes things a lot easier for assets to change hands without involving more people like lawyers and having to pay additional tax.]]> 2021-11-29 14:18:34 UTC https://padlet.com/nicholaskavoukis/Bookmarks/wish/1918003176