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The Process Of Selling Gold

Hello, I'm Ron Breckenridge. As a hobby, I refinish broken jewelry I find at thrift stores and pawnshops. The jewelry often features major faults that ruin the structure and finish of that piece. While performing the repairs, I remove a lot of gold and replace it with new materials. The gold I remove sits in a little jar until I can use it again. Every once in awhile, I come across gold I just cannot use. The gold is still good for other purposes, but doesn't work well for jewelry repairs. I save this gold until it fills up another little jar, and then I take it down to the gold buyers. I'm provided with a small stipend depending on its market price, which is awesome. I want to discuss the process involved with gold buying on this site. I will also explore other ways to obtain gold to sell. Thanks.

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The Process Of Selling Gold

Trust Fund Basics for Grandparents

by Ruben Bailey

You don't need to be extremely wealthy or own a lot of assets to set up a trust fund for your grandchildren. You may not want to leave behind cash gifts, even if they are moderately sized, if the children are still young or if you prefer to earmark the gifts for a specific use, such as for college funds. Setting up small trusts may be just the solution. This guide can help you learn more.

Trust Fund Basics

A trust fund is essentially an investment vehicle that allows your money to continue to earn interest long after you are gone. These funds are paid out to the beneficiaries you designate when they meet the conditions set by the trust. The fund is managed by a trustee, which may be a bank, attorney, or investment firm. Wealth management companies often specialize in trust funds. They handle both the legal aspects and investment specifics of managing the fund.

Types of Funds

Although there are many types of trust funds, the main two types that you will likely encounter when setting up a modest fund for the grandkids are the following:

Irrevocable trust: Once set up, this trust can't be dissolved unless the fund is completely emptied. This can be a living trust, which may start paying out to your beneficiaries even if you are still alive, or the trust may not begin until after your passing.

Revocable trust: If you set up the trust while you are still living but you know that you may want to modify it or remove assets, a revocable trust provides these options. Generally, revocable trusts revert to irrevocable trusts upon your passing.

Payout Options

You will have to decide how and when to pay out the money to your beneficiaries. You can set up your trust to pay in perpetuity. This means that your beneficiaries will receive a set percentage of the interest earned on the trust each year. This trust may continue to pay future generations, so your great, great-great, and even great-great-great grandchildren may continue to collect dividends.

You can also choose to pay out a set amount of the trust as a single payout, such as when the beneficiary hits the age of majority. The trust is closed when all beneficiary payments are made. The trust can also make several payouts. For example, you could set it to pay a stipend annually while the beneficiary is in college. You can even add certain stipulations, such as issuing payments for only major life events, such as education expenses, home purchases, or marriage costs.

A wealth management firm collects their fee from the interest earned on the trust, so it is in their best interest to make sure that even a modest-sized trust performs well. If you are interested in starting a trust fund with such a firm, consider getting in touch with a representative from an establishment like JKL Wealth.

 

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