Trust Fund - How To Manage by Jessica Joensen https://padlet.com/jessicajoensen/kmowb4qjrhmg46xu Assignment #2 en-us 2021-11-29 19:13:54 UTC 2021-11-29 23:49:23 UTC hello@padlet.com Post #1 - Brief Description jessicajoensen https://padlet.com/jessicajoensen/kmowb4qjrhmg46xu/wish/1918837261 For this assignment I decided to dive deeper into Trust Funds and how to manage them properly. I am going to go into detail about some of the rules and ways to use trust funds. As well I want to talk about some of the ways trust funds can be accessed and when they are able to be accessed.]]> 2021-11-29 19:42:21 UTC https://padlet.com/jessicajoensen/kmowb4qjrhmg46xu/wish/1918837261 Post #2 jessicajoensen https://padlet.com/jessicajoensen/kmowb4qjrhmg46xu/wish/1918859153 This image I chose shows you the people involved within a trust fund and the different assets that can be included in the trust fund.

I wanted to include this image because it shows multiple aspects of the trust fund rather than just stating its a "money only" kind of fund.]]> 2021-11-29 19:53:31 UTC https://padlet.com/jessicajoensen/kmowb4qjrhmg46xu/wish/1918859153 Post #3 jessicajoensen https://padlet.com/jessicajoensen/kmowb4qjrhmg46xu/wish/1918866083 This image shows you all the different words within Trust Fund that have meaning to trust funds in the financial world.

I included this photo because there is a lot more depth behind trust funds. As well finance is a very broad term that trust funds is a part of just like all the other words included. It gets you thinking about what else is connected to this topic.]]> 2021-11-29 19:57:11 UTC https://padlet.com/jessicajoensen/kmowb4qjrhmg46xu/wish/1918866083 Post #4 jessicajoensen https://padlet.com/jessicajoensen/kmowb4qjrhmg46xu/wish/1918888715 This video is a short and simple version of explaining what trust funds are. It explains how they can help you direct your wealth to other individuals without it being in a will. It also says how trust funds can help you save on taxes depending on where you are located.
 
I wanted to share this video because it is a simple video that explains all the major aspects of a trust fund in a short amount of time. So anyone who wants to learn the basics quickly will have a good basic and beginner understanding of what a trust fund is and how you can use it to your own financial desire.
]]> 2021-11-29 20:08:27 UTC https://padlet.com/jessicajoensen/kmowb4qjrhmg46xu/wish/1918888715 Post #5 jessicajoensen https://padlet.com/jessicajoensen/kmowb4qjrhmg46xu/wish/1918900212 This video gives more background to what a trust fund is and how it works. It has more substance behind it talking about a bit of the history of trust funds as well. It discusses how more upper class families use trust funds but now middle class families are starting to use them more frequently as well. Talks about protecting assets from losses if a greedy law firm tries to take more from you. Tells us how the trust fund can even protect people from themselves so that if you do not trust yourself or a family member to spend it correctly you can put limitations on it.

I wanted to share this video because it gives more background info into trust funds and shows that you can put certain clauses within the trust fund. This is to protect the assets within that trust even after the trust fund is made available to the beneficiary.


]]> 2021-11-29 20:14:35 UTC https://padlet.com/jessicajoensen/kmowb4qjrhmg46xu/wish/1918900212 Post #6 jessicajoensen https://padlet.com/jessicajoensen/kmowb4qjrhmg46xu/wish/1919066617 This video talks about how trust funds can contribute to generational wealth. Generational wealth is basically the concept of helping your further generations; sons, daughters, grandsons, granddaughters etc.. stay financially wealthy and be able to live a fruitful life. Especially with all of our living expenses going up constantly being able to provide for your family and even extended relatives is a very nice thing to do. It also discusses how you can be put into a lower tax bracket if you use the trust fund properly so you will save on taxes as well.

I included this video because I think now more than ever especially with how much everything costs this generation is going to suffer financial hardship. If more people know about how trust funds can contribute to generational wealth maybe it'll save some younger generation a bit of hardship.]]> 2021-11-29 22:09:42 UTC https://padlet.com/jessicajoensen/kmowb4qjrhmg46xu/wish/1919066617 Post #7 jessicajoensen https://padlet.com/jessicajoensen/kmowb4qjrhmg46xu/wish/1919076564 This video I chose lets you know about all the benefits of using a trust to own shares within a company. It goes over a basic definition of a trust as well. Trusts can also help protect your shares within a company. So for example if a person was not able to pay off her company debt since the company can sometimes go for personal assets that persons shares will be protected. This is just one of the many benefits of using a trust for shares.

I used this video within my assignment because trusts have many benefits that people don't know about. I personally never knew that trusts can protect your personal assets even when you are being sued to pay back some sort of debt you owe.]]> 2021-11-29 22:17:59 UTC https://padlet.com/jessicajoensen/kmowb4qjrhmg46xu/wish/1919076564 Post #8 jessicajoensen https://padlet.com/jessicajoensen/kmowb4qjrhmg46xu/wish/1919089634 This website differentiates between the different kinds of trusts ranging anywhere from Living or Estate trusts. It also talks about the 4 kinds of trusts within that topic; Alter ego, employee, master, and real estate. Then states the basic rules or how each of those trusts work so you can get a better sense of which would work well for you in your current situation.

I included it because it doesn't only talk about one kind of trust and it is also specific to how trusts work in Canada. This just makes the post more useful for any classmates reading it since we are all residing within Canada as of right now. It was a very basic website so it was easy to understand most terms. I find when you are able to understand something better you become more interested within that topic rather than wondering what it is you are researching.]]> 2021-11-29 22:29:34 UTC https://padlet.com/jessicajoensen/kmowb4qjrhmg46xu/wish/1919089634 Post #9 jessicajoensen https://padlet.com/jessicajoensen/kmowb4qjrhmg46xu/wish/1919099624 This website talks about a multitude of trusts giving you many options to choose from research wise. It also talks about the codes that are used based on what trust you have chosen so it's almost like a short form abbreviation for the full trust name. These codes also relate to taxes for when filing a tax return with your accountant so they are very helpful.

I included this website because it is a Government of Canada link. Which means that all information is constantly updated and valid so you wont have to second guess the information posted here. Also because it gives a list of over 15 kinds of trusts and you can click on each trust and itll take you to another page which will further dive into that topic. I think that this is very helpful for people who are just trying to learn more and further their knowledge about trusts with this helpful and trustworthy link.]]> 2021-11-29 22:38:50 UTC https://padlet.com/jessicajoensen/kmowb4qjrhmg46xu/wish/1919099624 Post #10 jessicajoensen https://padlet.com/jessicajoensen/kmowb4qjrhmg46xu/wish/1919121520 This website goes into detail about considering a trust fund for your kids even if you aren't rich. So this means if you are middle class or lower class you should look into trust funds. As well it discusses incentive trusts where the beneficiary will only receive the contents of the trust left to them if they meet the requirements. These requirements can vary but some of the more common ones include having an education so that they are not simply just living off the trust aka a degree or diploma of some sort.

I included this website because I thought the information was very useful as well I liked how it still explained the downfalls of trusts like the fees associated with it (taxes and lawyer fees) instead of just glorifying the entire process.]]> 2021-11-29 23:00:37 UTC https://padlet.com/jessicajoensen/kmowb4qjrhmg46xu/wish/1919121520 Post #11 jessicajoensen https://padlet.com/jessicajoensen/kmowb4qjrhmg46xu/wish/1919155694 This website talks about the different roles that are assumed through having a trust; trustee, beneficiary etc... Also goes into detail about wills and how they compare to trusts. Trusts are better for privacy reasons while wills are a bit more public in that matter.

I put this website into my assignment because it also tells you the steps to start a trust fund so you can see how to manage everything and if a trust is well suited to your needs you will know the steps to get it started. It also makes you start to think of who you are going to designate as your trustee.]]> 2021-11-29 23:36:48 UTC https://padlet.com/jessicajoensen/kmowb4qjrhmg46xu/wish/1919155694 Post #12 jessicajoensen https://padlet.com/jessicajoensen/kmowb4qjrhmg46xu/wish/1919169481 1. What did you learn about your topic that surprised you the most?

I learned that you can attach conditions onto your trust where the beneficiary has to reach certain requirements in order to obtain the benefits of the trust.

2. Provide a real-life example of how this topic is relevant or interesting for you.

This topic is relevant to me because my mom had a small trust fund that she was able to access when she was 25. It didn't have much in it but I was always curious behind the whole premise of a trust fund.

3. If you could pass on your knowledge to a family member or friend, what do you think is the most important thing to pass on?

I think the most important thing I could pass on from everything I learned would be to choose someone for your trustee that you fully trust and know will not betray you and your wishes.]]> 2021-11-29 23:49:23 UTC https://padlet.com/jessicajoensen/kmowb4qjrhmg46xu/wish/1919169481