Benjamin Klein, Senior Portfolio Manager and CFP, joins Barry for our monthly financial planning podcast. Benjamin and Barry have a fascinating discussion 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.
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.
Long Term Investing Podcast can also be found on Spotify & Apple.
