April Financial Planning Edition - All about Trusts

0:00: Introduction 1:27: Bare Trust Debacle 3:08: Why people set up joint accounts with family members 4:17: Explaining probate on non-registered accounts held jointly with family members 10:28: The pros and Cons of Formal and Informal Trusts and joint accounts with family members 13:53: Explaining formal trusts 15:48: Explaining Informal Trusts 19:10: Explaining “For” accounts 20:25: Which trust makes sense for you? 21:30: Real example of an informal trust account becoming a joint account with parents 22:22: What happens to the informal trust account when your child turns 18 24:32: What Grandparents/Aunt’s/Uncle’s should know when gifting money to minor family members. Benjamin Klein, Senior Portfolio Manager and CFP, joins Barry for our monthly financial planning podcast. Benjamin and Barry have a fascinating discussion all about trusts and joint accounts with family members. If you are curious about how they work, the pros and cons of each, and the differences between a formal and informal trust, then this episode will be enlightening.