Truist Perspectives December Issue

Truist Perspectives
magazine
Ensure your legacy
Learn the 4 pillars of a successful
estate plan.
Protect yourself online
Our expert explains how to shield your
assets from cyberfraud.
Champions of philanthropy
3 NASCAR drivers inspire by giving back
to the community.
December
2021

Table of
contents
Planning for a bright
and purposeful future
06
COVID-19 has spurred
many of us to think about
a long-term-care plan.
The winter holidays are all about togetherness. They offer us a chance to gather
around the table with friends and family, celebrate, and reflect on our many blessings.
And as we approach the end of 2021, it is also an opportunity to consider what
matters most to us, to take stock of what drives us and gives us a sense of purpose,
and to consider how we can deliver on that purpose in the year ahead.
In this issue, Erich Holmes, senior vice president of our Business Transition Advisory
Group, recommends taking some time for a year-end systems check to reflect on your
core values and “reevaluate what you truly want to accomplish this coming year for
yourself, your business, your family, and your community.” I couldn’t agree more.
Safeguarding what’s meaningful to you
The end of the year is also a time to step back and make sure your assets are well
protected. You can’t be too careful when it comes to protecting yourself online.
In “Protect yourself from cybercrime,” learn about the latest sophisticated, often
targeted cyberfraud activities you might encounter, according to our cybersecurity
expert. And more importantly, find out how to protect yourself, your family, and your
business.
Another way to secure your legacy for future generations is with an airtight estate
plan, as senior wealth strategist Jacqueline Parks explains in “The 4 pillars of a
successful estate plan.” In our feature story, we delve into the importance of creating
a will and trust that are customized to your needs, as well as having open, transparent
discussions with your family about your plans.
Family and community
The holidays bring out the best in us: a sense of gratitude and a spirit of giving. Our
holiday gift guide offers six great ideas for unique experiences you can give to friends
and family—all of which can be enjoyed from the safety of home. And finally, in
“Beyond the winner’s circle,” read how three NASCAR racing stars and their families
are living their purpose and embodying the holiday spirit by giving back to their
communities in some truly amazing ways.
We wish a happy, healthy holiday season to you and your family,
Joe Thompson
Chief Wealth Officer
Truist Financial Corporation
04
Pulse
News and
tactical tips from
the Truist team.
06
Insights
Cybersecurity,
leading through
a reset, and more.
12
Feature
The benefits
of a customized,
flexible estate plan.
18
Community
Three NASCAR
stars give back to
their communities.
20
Lifestyle
Our unique gift
guide to virtual
experiences.
22
Inspire
Words that
offer a fresh
perspective.
Investment and Insurance Products:
4 | Truist Perspectives Copyright © 2021 Truist Financial Corporation, 214 N. Tryon St., Charlotte, North Carolina, 28202. Find us online at Truist.com/wealth. December 2021 | 3
• Are not FDIC or any other Government Agency Insured • Are not Bank Guaranteed • May Lose Value

Pulse: News
Pulse: Expertise
What’s new from Truist
The new 2022 Annual Outlook, a purposeful
read, and a strategic media partnership.
Our take:
Tips from the Truist team
The Annual Outlook is here
The Truist 2022 Annual Outlook offers realistic-yet-positive expert analysis on what you can expect
in the year to come from strong equities, the somewhat volatile bond market, and the continually
growing economy. For a deeper understanding and key takeaways, download the full PDF.
The end of the year is a perfect time to assess the past 12 months and to plan ahead for
what 2022 will bring. Right now, you have a lot on your mind, including the COVID-19
variants, political turmoil, and possible tax code changes. We turn to our Truist advisors
for wisdom amid uncertainty and complexity.
A prosperous partnership
Truist is excited about a content partnership with Bloomberg Media.
Bloomberg proudly states that it aims to “change the world for the better”
through its products and its people. It’s not surprising, then, that Truist is
partnering with Bloomberg Media to create a series of in-depth articles aimed
at the Wealth sector under the banner of “The Winding Road to Prosperity.”
Topics include:
• Splurging and saving
• The lure of alternative investments
Check out this exceptional content today across the Bloomberg ecosystem,
including digital, mobile, and print.
The story of Truist
• Building wealth equality
• Tax anxieties and strategies
The book “On Purpose” shows how organizations can uncover their purpose and drive positive change.
Prepare for uncertainty
There is always uncertainty in the markets, even during bull
market periods. Today, we feel uncertainty surrounding
COVID-19, the threat of inflation, possible tax hikes, and the
political landscape—domestic and worldwide. As we head into
the new year, it is important to remind clients that the market
will have continued volatility. Each client has a unique comfort
level; I work with my clients to develop a proactive instead of
reactive investment strategy, openly discussing how much
market exposure they are comfortable with during turbulent
times in the market.
Do a year-end systems check
I would encourage everyone to reflect on your core values and
reevaluate what you truly want to accomplish this coming year
for yourself, your business, your family, and your community.
Engage stakeholders and trusted advisors in these discussions
so they are aligned with your vision. In addition to assessing
your current financial state (cash flow needs, estate planning
documents, etc.), assess your nonfinancial state—health,
education, happiness, relationships— to understand where you
are currently as well as what barriers may be standing in the
way of achieving your goals.
Hilary Kosloske
Senior Managing Director/
Financial Advisor
Winston-Salem, NC
Erich Holmes
Senior Vice President/
Business Transition
Strategist
Business Transition
Advisory Group
Cleveland, OH
To learn more about how
to find your purpose, read
the “On Purpose” e-book
or listen to the audiobook.
As the leaders of two financial institutions
based in the South, Kelly King
of BB&T and Bill Rogers of SunTrust
connected in many ways. But what
really lit a spark between them was
their shared purpose: that financial
institutions should change people’s lives
for the better.
Both believed that future success would
belong to companies and organizations
willing to disrupt tradition—in particular,
banks that pursued the purpose of
building better lives and communities.
And they realized that by combining
their companies, their impact on those
communities would be even greater.
How they made that vision a reality is
the focus of “On Purpose,” a new book
about the origin story of Truist, one of
the world’s first purpose-driven banks.
It shows how decisions become easier
when made through the lens of purpose.
As Truist CEO Bill Rogers says, “Purpose
doesn’t lend itself to Monday morning
quarterbacking.” Each chapter ends with
lessons on purpose that readers can
apply to their lives, work, family,
or community.
Consider life insurance
As we consider planning strategies, we cannot ignore the
importance of asset protection. More clients who are seeking
tax-efficient solutions are turning to life insurance because of
the tax-deferred growth in a life insurance policy, and also for
potential living benefits during the life of a policy. The cash
value derived in a life insurance policy can be distributed during
a lifetime, often tax-free, and used as an alternative to other
retirement solutions. Speak to your wealth advisor for more
information and to ensure it’s in line with your overall planning
goals and objectives.
Rajeev Dhillon
Wealth Advisor
New York, NY
This communication does not, nor should it be construed to, provide tax advice. Tax consequences resulting from transactions described herein are dependent on the particular facts and circumstances.
No direct or indirect recipient of this communication should rely on any portion of this communication for the protection from penalties related to any tax. Likewise no direct or indirect recipient of this
communication shall promote, market, or recommend to another party any transaction or matter addressed herein.
Any comments or references to taxes herein are informational only. Truist and its representatives do not provide tax or legal advice. You should consult your individual tax or legal professional before
taking any action that may have tax or legal consequences.
4 | Truist Perspectives
Hilary Kosloske, Registered Representative, Truist Investment Services, Inc.
December 2021 | 5

Insights: Family
Insights: Family
3 keys to an effective
long-term care plan
Long-term care planning can help preserve your legacy
and ensure you can live out your life in an atmosphere
where you have choice, dignity, and control.
The pandemic has
caused us to come
to terms with the
unexpected. More
people have been
spurred to update
vital documents
such as wills, powers of
attorney, and living wills—opening
up the conversation to an
often-overlooked topic:
long-term care (LTC).
It may be difficult to imagine
needing 24/7 care at some point, says
Amanda Harms, senior vice president and
trust advisor for Truist Wealth. That’s why it’s
helpful to talk with your financial advisor before
broaching the topic with family. “No matter what
long-term care plan you choose,” she says, “it’s my
job as your advisor to help you figure out what’s
important to you and how to get there.”
For Harms, the biggest hurdle is often convincing
clients that they need a plan. For this, she turns to
Genworth’s Cost of Care Trends & Insights data,
which has been tracking LTC stats for almost two
decades. According to Genworth.com, 70% of
people over the age of 65 will need LTC support at
some point, and the likelihood increases with age.
The cost of a room in a nursing home has risen 62%
since 2004 and is being driven higher by pandemic
issues like rising demand, labor shortages, and
regulatory changes for care facilities. In terms of
dollars, a private room in a nursing home ran about
$106,000 for the year 2020, but if you consider
what that money could have made if invested, the
net cost becomes even greater.
It’s not (just) a matter of money
Harms notes that most of her clients still choose to
self-fund LTC, but Kristin Beard, regional director of
Advice and Planning for Truist Wealth, asserts that
finances aren’t always the most important part of
this conversation. “Money isn’t what most people
talk about,” she says, when she asks them, “If you’re
going to need long-term care, what do you want that
to look like?”
“People’s concerns really revolve around three
things: choice, dignity, and control—and the
intersection of these,” she says. “That’s the richest
part of the conversation around planning, not the
break-even.”
Here’s how each of these
categories can guide
your planning.
1Choice: Keep your options open
There are more choices to make than you might
think (see sidebar). “When you’re facing an emergency,
expediency takes precedence over rationality,”
says Beard. And the sooner you start planning, the more
options you’ll have. Many companies now offer hybrid
plans, such as a universal life insurance policy with an
LTC rider—which pays out unused LTC funds as a death
benefit—but these are costlier as you age. Your financial
advisor can help you explore levels and types of care, as
well as how you’ll pay.
2Dignity: Make your own decisions
When you’ve spent your whole life being independent—and
having others depend on you—it can be
difficult to let go of the reins. Long-term care planning
allows you to make your own decisions in advance, so
you’re not relying on someone else. It also allows you to
control the dignity with which you are treated when you
need care. Documents outlining your long-term care plan
can help ensure your wishes will be met.
3Control: Know what you’re willing to give up
Being in a long-term care facility has always involved
giving up some measure of control, but that has
been magnified over the past two years. Now, concerns
like “Will I be safe? Can I have visitors?” are right up there
with “How nice are the rooms and grounds?” Making your
own choices and conveying them to family can also help
prevent family from squabbling over what you “might”
have preferred.
Location questions
to consider
There are many layers to long-term
care discussions. Here are a few
issues related to the question of
where you want to receive care:
Do I prefer in-home care,
assisted living, or a
private room?
Do I want to be able to room
with my spouse if we need
different levels of care?
How close do I want to be
to my family? Am I willing
to move?
What services do I need to
maintain a sense of home
or community?
These are just a few
things you can cover
in long-term care
planning with your
financial advisor.
A room of one’s own
$105,850
The median yearly cost for a private
room in a nursing home in 2020
Source: Cost of Care Trends & Insights, Genworth.com
62.38%
The amount that cost
increased between 2004
and 2020
70%
Percentage of people
over age 65 who will
need long-term care
Get the conversation started
Harms says that it’s wise to review LTC plans as part of
your yearly portfolio review. That means sharing information
on anything that can impact future needs, such as
how long your grandparents lived, what conditions run in
the family, and how your health is today. Then, if you’d like,
your advisor can refer you to a licensed insurance agent for
quotes on various options. “We can run the numbers and
see what makes sense for you,” says Harms.
Once you have a plan in place, share it with your family,
she adds. “The sooner you do, the better they’ll be able to
respect and go along with the plans you put into place.”
Ask your advisor about Truist’s ‘Survivor’s Guide,’ a
comprehensive tool to help you navigate after the loss
of a loved one.
6 | Truist Perspectives
December 2021 | 7

Insights: Risk management
Insights: Risk management
Protect yourself
from cybercrime
This year, it’s estimated that there will be
a ransomware attack on businesses every
11 seconds—and that doesn’t include
attacks on individuals, which occur even
more frequently.1
The intent of almost all cyberattacks
is to get money—either yours or
your company’s. At Truist, we deploy
a layered, in-depth approach to
security measures to protect you and
your accounts.
“One of the biggest trends we’ve
seen lately is attackers going after
clients and suppliers,” says Jorge
Perez, divisional chief information
security officer for Truist Wealth.
Being aware of the evolving, sophisticated
way hackers are committing
cyber fraud is the first—and often
best—line of defense.
Perez explains what he sees as the
biggest threats for Truist Wealth
1 “Global Ransomware Damage Costs Predicted To Reach $20 Billion (USD) By 2021,” Cybercrime
Magazine, October 21, 2019.
2 Internet Security Threat Report, Symantec, February 2019.
8 | Truist Perspectives
clients, and what you can do to
protect yourself.
Ransomware
Ransomware is a form of malware
designed to encrypt files on your
device, rendering your computer
systems unusable.
Here’s how it works. Cyberattackers
send you an email getting you to
either click on a link or download a
file that unleashes the malware. The
malware then encrypts your files,
making them inaccessible; typically
they also then take your information.
Then, they demand ransom (often
in cryptocurrency) in exchange for
release of your files (and often for
not posting your information to the
dark web as well). Perhaps the most
notable ransomware event in recent
history was the Colonial Pipeline
cyberattack in 2021.
“We’re seeing high-profile individuals
and companies targeted, where the
attackers steal the most money in
the least amount of time,” says Perez.
“From that perspective, clients who
may be executives, business owners,
or high-net-worth individuals are
a big target because of their status
within their companies and also
personally.”
How to protect yourself: When it
comes to avoiding ransomware,
3 Fraudsters Posing as Brokers or Investment Advisers – Investor Alert, SEC.gov, July 27, 2021.
4 “Cybercrime To Cost The World $10.5 Trillion Annually By 2025,” Cybercrime Magazine,
November 13, 2020.
Perez says the best thing you can do
is to limit your “attack surface.” “The
more things you ‘touch,’ the more
vulnerable you are on the internet.”
Practicing good cyber hygiene is
important: Doing things like running
antivirus programs to catch malware,
only visiting reputable websites,
using a spam/ad blocker, keeping
your computer system up to date—
these are all steps that will limit your
cyberattack surface.
Another tip from Perez is to not
use an account with administrator
permissions in your day-to-day
computer work. “A lot of people set
up their PCs on default settings, as an
administrator,” he says. “That means
we can install anything we want to.
But in your day-to-day work, you
typically don’t need that. If you just
create a general account that’s not
an administrator and use that, you’ve
severely limited the attack surface.”
When you do click a bad link on a
nonadministrator account, this will
severely limit the damage an attacker
can do because they don’t have the
required permissions.
Business Email Compromise (BEC)
In BEC, hackers will carefully craft an
email pretending to be an executive
or a position of authority that you
know (like your CEO), asking you to
wire or move money into another
account. There is no compromise
of your network, but the sense of
urgency (or emergency) can make
you act fast. Perez says hackers do
their homework, and typically “they
figure out who the players are, who
they need to send this message to,
what they need to say, and even the
correct writing style in order to make
it the most successful.” According to
the cybersecurity software company
Symantec, this type of emailing,
known as spear-phishing, is the most
popular avenue for attack and is used
by 65% of all known cyber fraud
groups. 2
How to protect yourself: Perez says
if you receive a suspicious or unusual
email, get offline and pick up the
phone. “Call your boss or whoever’s
emailing you and say, ‘Hey, did you
mean to send this? Are you serious?
What’s going on?’ That typically
catches a lot of this, because the person
on the other end won’t recognize
the request if it’s illegitimate.”
In terms of personal banking, many
banks—including Truist—offer
dual approval for large transfers of
money. With dual approval, you need
two parties to approve a financial
transaction to a third party. The first
person creates the transfer, while the
second authorized person checks and
approves the activity. This can add
an extra layer of protection against
cyber fraud, and even if the transfer
is legitimate, it can cut down on
mistakes.
Advisor impersonation
Because of COVID-19 and the shift
to more phone and virtual meetings
with financial advisors, there has
been a huge increase in financial
advisor impersonation, says Perez.
Fraudsters will impersonate real
investment professionals with
spoofed websites, fake profiles
on social media, and more. 3 And
while they’re using the likeness and
credentials of a real advisor, their
contact information directs you to
the hacker. “These days, you’re not
always meeting face-to-face, and
hackers are exploiting that trust,”
he says.
How to protect yourself: Do your
homework on a potential advisor’s
contact information. “Truist Wealth
Advisors will have a published page
Good digital hygiene checklist
• Double down. Utilize two-factor authentication
when possible.
• Be complex. Use a variety of passwords; keep
track by using a password manager.
• Stay up to date. Keep your computer system and
antivirus software updated.
on Truist, so go back to the source,
the institution, and contact an
advisor with that information,” says
Perez. “If you have any doubts, always
be willing to say, ‘I need to call you
back,’ and then look up the contact
information by calling Truist, or
whatever financial institution it is.”
It’s important to educate yourself
so you can identify suspicious cyber
behavior, Perez says, but know that
Truist has a whole team dedicated
With damages predicted
to hit $6 trillion this year,
if it were measured as
a country, cybercrime
would be the world’s
third-largest economy
after the U.S. and China. 4
Cybercrime Magazine,
November 13, 2020
to preventing fraud. If you notice
suspicious activity in your account,
“Reach out to us and we will investigate
and see what corrective actions
we may need to take.
“In conjunction with the FBI, we’re
monitoring changes in the cyber
fraud landscape on an hourly basis
to make sure we’re on top of it, and
we’re looking at how to address those
threats within the wealth landscape
and within portfolios, applications,
and with our clients.”
Keep your information and finances secure by regularly utilizing these best practices for safety:
• Save safely. Back up sensitive or important data
regularly.
• Check in. Monitor your financial accounts and
credit activity.
• Stay connected. Sign up to receive alerts for
your bank accounts.
December 2021 | 9

Insights: Leadership
Insights: Leadership
The pandemic forced us to change overnight. In our
business and personal lives, we were dealing with
rapid, intricate changes and instability. We were also
figuring out how to interpret everything that was
going on. And at the same time, we were still trying
to achieve our day-to-day goals at work.
It was the perfect
stress cocktail.
It’s easy to feel overwhelmed by pandemic challenges:
Our kids are at home, we might get sick with
COVID-19, and the way we work has changed. All
that stress can cause us to make quick decisions
even though we don’t have all the information. This
is what we call a limbic system flood. The limbic
system—the part of the brain involved in behavioral
“
Leading from crisis to reset
Duane McClure of Truist Leadership Institute explains how, as leaders,
we can help turn the lessons and challenges of the pandemic into a
chance to reset.
When an organization
(or family) is faced with
a major crisis such as the
pandemic, it’s a natural
time for unification and
alignment.
Duane McClure, DM, LCMHC, LCPC
Executive Consultant
“
and emotional responses and typically connected
to fight-or-flight responses—is telling you, “I don’t
know what to do next. There are too many decisions
to make!” This fight-or-flight moment often leads
to a reactive approach rather than an informed
response.
But in times of stress, when the limbic system is
hijacked into reactive decisions, I have also seen how
leaders can help bring about a positive reset. In fact,
times of crisis can present an ideal moment for a
reboot—from immense challenges come new ideas,
new technologies, and new collaborations.
A positive reset won’t come about by chance, though.
It takes self-awareness and purposeful leadership.
Here’s how I think leaders can help their teams
by prioritizing projects to actively slow down the
processes of the workday, exploring meaning and
purpose in the context of team and organizational
success, and unifying through collaboration.
First, set priorities
A good leader can help teams (whether it’s your
work team or your family) slow down and step back
by prioritizing and grouping the challenges as they
come. If I’m looking at 20 areas of complexity, I want
to ask, what are three things we can do right now to
help calm the chaos and clarify our mission?
Think of it like the game Tetris: There are challenge
“blocks” coming toward us. We slow down the
process enough to select from the given options,
choose the proper fit, and use versatility and agility
to align with the organization’s purpose. When
another group of challenges comes, it’s OK because
we’ve slowed ourselves down enough, engaged
our rational and responsive approaches to begin
predicting or forecasting in ways that are more
manageable, preventing our limbic system from
being overwhelmed.
Align with mission
and purpose
When challenges come at us fast and furiously, how
do we set priorities? One way is to ask, “What can
we do now that’s crucial to our mission, vision, and
values? Something that’s going to be supportive of
customers, vendors, and stakeholders.” Your organization
is more apt to align behind your decisions
when priorities are set in a greater context.
During the pandemic, many companies pivoted to
support frontline workers and consumers in new
ways. Commercial airlines started offering cargo
services, grocery stores became fulfillment centers,
and many retailers started offering curbside pickup.
At Truist Leadership Institute, we saw an opportunity
to expand our content delivery in innovative ways
to offer a virtual team optimization program of new
course offerings to engage our clients. Now several
online offerings create more touch points to leadership
throughout the organization.
In addition, you can align your priorities according to
your leadership purpose. A leadership purpose is a
kind of core mission statement of who you are. Once
it’s established, it can be your North Star for dealing
with complexity and unpredictability. When you have
a leadership purpose, you know who you are and what
you want to do when change arrives, and you know
you can deliver regardless of the obstacles.
Finally, unify
When an organization (or family) is faced with a major
crisis, it’s a natural time for greater unification and
alignment. It can be a time for breaking down silos
among teams and departments, as well as rethinking
“business as usual” in new ways.
Just before COVID-19 hit, I was in Japan working as
a consultant with the Marines when two planes went
down in a tragic refueling accident. Several pilots
were killed, and their families were devastated. Then I
saw the leaders of the two separate squadrons as well
as various officers across the base come together to
collaborate because of this tragedy. Working together,
we were able to create training and engagement to
support the families of these downed servicepeople
and help mitigate the trauma of future catastrophes.
What would that kind of reset look like in the business
world? This pandemic creates the opportunity for
entirely new ideas and collaborations that could end
up resulting in, among other possibilities:
• new products
• new kinds of delivery services
• new offerings to customers and vendors
• efficient new processes
This is a unique moment we’re in. As leaders and
change agents, we want to make sure we don’t get
overwhelmed by challenges, and instead lead—and
lean into—a positive reset.
The time is right to ask ourselves, “Where
are we going? Who do we want to be?”
Then go for it.
10 | Truist Perspectives
December 2021 | 11

The 4 pillars
of a successful
estate plan
A customized,
flexible trust
means your
wealth goes
where you
intend it to.
With the holiday season approaching,
many topics will be up for discussion
around your dining table. One subject
that should be discussed among families
but rarely is: wills and trusts. In fact, studies show
that parents would rather discuss just about anything
with their kids—even sex—instead of money.
You can multiply that aversion when it comes to
wills and trusts, according to Carolann Grieve,
managing director of family governance for Truist’s
Center for Family Legacy.
“The heads of a family may have a lot of fears
surrounding their estate,” says Grieve. “Fear of end
of life. Fear of losing control of their wealth.”
In addition, there are substantive fears about the
heirs to an estate and how they will fare once they
inherit wealth.
“The matriarch and/or patriarch may worry that
their children will feel entitled, or that they will not
achieve their full potential because of the wealth
that they are going to receive down the road,” says
Emily Haenselman, director of family education for
Truist’s Center for Family Legacy. “Or they may feel
that their beneficiaries and children would be taken
advantage of because of the wealth that they stand
to inherit.”
Because of these worries, many choose to put off
estate planning—or at least the family discussions
surrounding it—which may breed uncertainty,
jealousy, and resentment among heirs.
To untangle some of these issues, it’s important to
have healthy, candid discussions with your family
about the estate planning process. You can invite
your financial advisor to facilitate discussions as an
impartial participant, or organize them as you like.
Second, it’s crucial to work with an estate planning
professional to create a plan that will be successful
for you. An estate plan consists of a will, financial
and healthcare powers of attorney and often a
revocable trust. The main difference between a will
and a trust is that a will goes into effect after you’ve
died, whereas a trust is effective immediately upon
signing and funding. The revocable trust is sometimes
called a “will substitute” because, like a will,
it expressly defines your wishes for the distribution
of your property after your death. But unlike a will, it
can also delegate authority to someone to manage
your assets during your lifetime, in the event you
become incapacitated.
To be successful, your estate plan should:
• Be customized
• Be flexible
• Provide long-term asset protection for your heirs
• Be entrusted to the right person or entity
>
Continued next page
The Center for Family
Legacy is here to help
For more information on how to
structure healthy, transparent,
and productive discussions
around estate planning, read
the white paper “Breaking the
Silence” by Truist’s Center for
Family Legacy.
Truist’s Center for Family Legacy
works holistically to prepare
high-net-worth families to pass
on wealth, in areas that include
financial education and family
governance. For more information,
read their white paper
“25 Best Practice*s for Families.”
12 | Truist Perspectives
December 2021 | 13

The 4 pillars of a successful estate plan
Customized for
your family
The more complex your estate,
the more desirable it is to have
an estate plan that is customized
to your particular goals and
desires. Each estate is different,
and so is each family. You want your will and trust
to reflect your specific circumstances, according to
Jacqueline Parks, Senior Wealth Strategist,
Truist Wealth.
There is a difference, for example, between equity
and equality, she explains. Perhaps you have four
children. If you had no will, under state law, they
would each inherit a 25% share of your estate,
but that might not be what’s ‘fair’ for your family.
Maybe one of your children borrowed a lot from
you, or you provided much more financial support
to them during your lifetime than you did for your
other children. You might want to ‘equalize’ things
by giving that child less than the others upon your
death. Or, you might want them to get a bigger
share, because you feel they need it more than
your other children. There’s no rule that everybody
has to be given an equal share. “What’s fair and
equitable for your family is up to you,” Parks says.
Provides long-term
asset protection
If you are a high-net-worth
individual, or if you own a
business (or both), one of the
most appealing aspects of a trust
is the long-term asset protection.
According to Parks, by including certain provisions
in a trust for your spouse and/or other heirs—you
can protect the wealth from personal or business
lawsuits, bankruptcy, and even divorce that could
otherwise diminish the wealth they inherit after
your death. This is accomplished by granting the
trustee discretion to distribute the trust assets
over the course of the beneficiary’s lifetime, rather
than having mandatory distributions or granting
the beneficiary an unrestricted power
of withdrawal.
“I like to think of a trust as a bucket,” Parks says.
“You’re putting assets—cash, securities, real estate,
businesses, etc.—into the bucket. The trustee
is the person holding the bucket with the power
to pull funds out and distribute them to people.
The trust agreement is essentially a contractual
agreement between you and the trustee (and
all successor trustees), in which you spell out to
whom they may distribute the funds, and for which
defined purposes. The trustee must follow the
terms of the trust agreement. “If properly drafted,
it can be an effective tool to protect the wealth
from future creditor claims.”
>
Continued next page
Flexibility is built in
How you would like to divide and
distribute your assets, and what
makes the most sense for your
family may change over your lifetime.
That’s where the flexibility
comes in. “I often recommend
that my clients create a revocable trust,” says
Parks. The revocable trust is amendable—you can
always update it. However, Parks notes that once
you die, it becomes irrevocable.
“For this reason,” says Parks, “if you want to build
in flexibility, then you might design your revocable
trust to include granting powers to other people
who can make changes to the plan and protect
assets for your heirs after you’re gone.” The trustee
can be granted discretion to distribute assets
among a pool of several people in accordance with
their needs (such as your children and grandchildren).
The beneficiaries themselves can be given
what’s called “powers of appointment” that allow
them to redirect how remaining trust assets will
be distributed after their own death. The powers
of appointment may be drafted very broadly (to
any person or charity), very narrowly (for example,
limited to your descendants), or anywhere in
between. As the grantor or creator of the trust, the
choice is yours.
Where there’s a will …
Some of us put it off. We don’t want to think about it. But we all must have a will (or a “pour-over will”
if you have a trust). That’s because if you die with no will (“intestate” in legalese), like Howard Hughes
and Prince, the probate court will need to determine who are your legal heirs, and distribute your
assets among them in accordance with state laws. Typically, this would be your spouse and children/
grandchildren (perhaps in proportions you would not prefer), but if you have neither a spouse nor
descendants, then it could be your parents, siblings, nieces/nephews, cousins, etc. The bigger your
estate, the more likely distant relatives will come forward to stake a claim.
Even with a will, you have to go through the probate process (tedious, open to
the public, sometimes expensive). The will is a document where you identify
who should inherit your assets and how much they get. The probate court
oversees the process, determining what assets are included in your estate at
your death, and dividing and distributing them in accordance with the terms
of the will.
A revocable trust, like a will, identifies who should inherit your assets and
how much, but it is managed privately by your trustee, without the additional
expense and procedural requirements that come with oversight of the probate court.
14 | Truist Perspectives

The 4 pillars of a successful estate plan
Choosing the
right trustee
When it comes to something
personal like overseeing a will
or trust, it’s understandable that
many people opt for a family
member—often someone within
the legal or financial profession. But there are times
when it may be wiser to choose a corporate trustee
such as Truist. Here are some reasons why:
• You can avoid conflict within the family. “If
you’re choosing a family member, it can impact
family dynamics,” says Parks. Imagine one of your
children needing to request funds from their
sibling who is serving as a trustee. His management
of the funds, and whether he is liberal or
conservative with distributions, may put a strain
on their relationship. This is true if the trustee is
administering the trust terms correctly and even
worse if they are not. A professional trustee can
impartially administer the trust terms, keeping
financial matters apart from personal matters and
limiting the risk of future disputes among family
members over the money.
• You’re not saving money. Administering a complex
trust is a big job, and the trustee is entitled to be
compensated for their work as a trustee. If your
trustee, “Uncle Joe,” is a corporate attorney or
CPA and is used to billing at a high hourly rate,
consider that she may be entitled to charge the
same rate for her services to your estate or trust.
Nominating someone as an executor or trustee is
not an honorary decision. There is a lot of work,
responsibility, and even risk of personal liability.
• You need an entity that will stick around. Your
trust may be designed to provide for your
grandchildren, and even their heirs. No one
individual that you designate will still be around to
administer the trust in 100 years, but a corporate
professional entity (or its legal successors) can
continue well beyond the lifetimes of your family
members.
• You need professional investment management.
Trustees may be very aggressive and invest all
the assets in something unsound. A professional
trustee would have to follow state and contractual
law and be a prudent investor.
Preparing your heirs
Your estate plan is your legacy. You want to have an
open dialogue with your kids and heirs about your
plans. Part of this means “having the conversations
around why you’re doing what you’re doing with
your wealth and the estate planning process,
communicating a sense of seriousness around the
estate plan, with an emphasis on stewarding the
wealth,” according to Emily Haenselman of the
Center for Family Legacy. “You want to create this
understanding with the next generation that with
this wealth comes a responsibility—and it’s more
than just the wealth.”
Keep close track of your assets. Update your estate
plan regularly. Keep it flexible, and make sure it
provides the protection you need. In that way, the
next generation—and even the one after—can be
sure to do the same.
Executor versus trustee
An executor administers your will, whereas a trustee administers your trust.
For either one, you would have a list of parties in order of preference. It can
be an individual or more than one person (co-executors or co-trustees).
It could be a family member or someone unrelated to you whom you trust,
like your attorney or your CPA. And, for large or complex estates, it could
be an institution, like Truist.
16 | Truist Perspectives
December 2021 | 17

Community
Community
Beyond the
winner’s circle
These NASCAR drivers are champions of philanthropy off the track.
Racing has given Kyle Busch, Brad Keselowski, and Martin Truex Jr. a lot to be grateful for, including
money, fame, and a platform with legions of fans. In return, these NASCAR drivers and their partners
are using that platform to give back to the community in some pretty amazing ways.
including elements such as reiki,
acupuncture, and art therapy—to
help patients through the process
and side effects of treatment.
Checkered Flag
Foundation
It began with a visit to Walter
Reed Medical Center. Visiting
recuperating veterans was one way
for NASCAR drivers to give back,
but this visit was different. Brad
Keselowski saw a friend getting
the crucial care he needed after
having been injured in a war zone.
It prompted Brad to ask, “What can
I do to help?”
our nation’s heroes who sacrifice so
selflessly to keep our country and
communities safe. While a simple
‘thank you’ can mean the world,
our goal is to go beyond that and
really make an impact in the lives
of our servicemembers and their
families.”
For more information, go to
checkeredflagfoundation.org.
Kyle and Samantha Busch
Bundle of Joy Fund
For Kyle and Samantha Busch,
supporting couples struggling with
infertility is an effort very close to
home. The famed NASCAR driver
and his wife tried for a long time to
get pregnant before going through
the process of in-vitro fertilization
(IVF) to conceive their son, Brexton,
now 6 years old.
“I think most people realize IVF
is physically and emotionally
straining,” says Samantha Busch.
“But I don’t think they think about
the finances; just one round can
cost $20,000.”
The idea that lack of money may
prevent hopeful couples from
becoming parents drove the
Buschs to launch the Bundle of
Joy Fund. Working closely with the
REACH Fertility Center in Charlotte,
N.C., the fund takes applications
(there is an extensive vetting
process) and gives out grants of
up to $20,000 to couples in need.
“Many couples that we help are
police officers, firefighters, former
military, public school teachers—
people who choose jobs that serve
their community,” Busch says.
Every year the fund invites its grant
recipients—regardless of where
they are in their journey—to a big
family play date.
“When we do the family play dates,
it’s a reminder we’ve been put
through this for a reason,” Busch
says. “It feels like, ‘OK, God, you
had this all along.’ Because you
see the joy of the parents and you
look at all these kids and it’s very
rewarding.”
For more information, go to
bundleofjoyfund.org.
The Bundle of
Joy Fund has
awarded $1
million in grants
to almost 80
couples.
Martin Truex Jr.
Foundation
Since 2007, Martin Truex Jr. and
longtime partner Sherry Pollex
have used their foundation to raise
money for underfunded childhood
and ovarian cancer initiatives.
For Martin and Sherry, their lives
changed forever in 2014 when
Sherry was diagnosed with stage
3C ovarian cancer.
“Cancer was the ultimate wakeup
call,” she says on her website,
sherrystrong.org. “It taught me
that I could use my voice and this
platform to help other women
battling this horrible disease.”
And that is what she and Martin
have done ever since. They
expanded the foundation’s mission
to focus on both childhood and
ovarian cancer, with an emphasis
on integrative medicine—
Every September, the foundation
hosts a Catwalk for a Cause
fundraiser in which NASCAR stars
walk the red carpet with kids who
have been diagnosed with cancer.
This year, the event raised more
than $600,000.
In November 2020, Sherry cut
the ribbon on the Sherry Strong
Integrative Medicine Oncology
Clinic in Novant Health’s medical
center in Charlotte, N.C. Sherry
hopes to open similar clinics across
the country. “This isn’t a hospital.
This is a place to come to get well
and feel well,” Sherry says. “This is
a place of hope.”
For more information, go to
martintruexjrfoundation.org and
sherrystrong.org.
The Checkered
Flag Foundation
has raised more
than $3.8 million
for veterans and
first responders
since 2010.
And in 2010, the Checkered
Flag Foundation began. Over the
decade, the foundation’s focus has
grown to include first responders
such as firefighters and police
officers. But the mission remains
consistent—to give back to those
who risk their lives to serve us.
Some of the greatest moments
with Checkered Flag have been
through a program called the
Service Dog Fund. The foundation
sponsors procurement and
training for certified service dogs
for veterans who may be injured
or have PTSD. At the end of the
training, everyone attends an
emotional ceremony called Hero’s
Homecoming, in which the veteran
meets their dog for the first time.
Says Brad’s wife Paige Keselowski,
vice president of the foundation,
“For us, it’s all about giving back to
Left page, left: Photo of baby courtesy
Bundle of Joy Fund; left page, right:
Samantha and Kyle Busch (right) present
a grant to a happy couple (left); this page,
top: Martin Truex Jr. and Sherry Pollex at
Catwalk for a Cause; this page, bottom
left: kids walking the runway at Catwalk
for a Cause; this page, bottom right: Paige
and Brad Keselowski present a service dog
to Navy Veteran Matt Wheeler, Brittany
Butterworth Photography.
18 | Truist Perspectives
December 2021 | 19

Lifestyle
Lifestyle
Holiday gift guide:
6 virtual experiences
to give this season
1.
2.
A MasterClass membership
MasterClass offers courses in thought-provoking and popular areas,
from screenwriting to negotiation, taught by masters in their field: Gordon
Ramsey serves up cooking advice. Malcolm Gladwell offers writing tips.
Anna Wintour teaches creativity and leadership. The list goes on and on.
With this gift, subscribers can dive deeper into a skill they already know or
pick up something new that they’d never considered (wilderness survival,
anyone?). $180 for a one-year subscription, masterclass.com
Cooking classes
Give the gift of fun and experimentation in the kitchen as well as
instruction from top-tier chefs with cooking classes like the ones from
Sur la Table. Plus, Sur la Table’s live Zoom classes are fully interactive, with
90- to 120-minute classes during which participants can ask questions
as they follow along step by step. Fresh pasta, classic cocktails, and much
more are on the menu—all from the comfort of your kitchen. Starting at
$29 per class plus cost of ingredients, surlatable.com
3.
A virtual wine tasting
For the oenophiles on your list, Wine.com offers live virtual tastings—from
the acidic tastes of Germany to the bold flavors of Argentina—hosted by
winemakers, wine critics, and other experts spanning the globe. There is
no cost to join the tastings, but for a more interactive experience you can
buy the bottles that will be discussed in the class beforehand—with prices
ranging from around $10 to $60 directly from Wine.com. wine.com
4.
An art subscription
A truly unique gift for the passionate art lover, Saatchi online art gallery
offers an art subscription. First, the gift recipient collaborates with an
expert art curator to identify their tastes, preferences, and styles. Then
they select original pieces, which they will receive monthly over the
course of a year, from a curated collection to hang in their home. This
gift is an experience the recipient can feel, see, and appreciate every day.
Starting at $30,000, saatchiart.com
This year, give friends and family an experience to remember. Many
studies have shown that experiences can make us happier for
longer than material items, as we feel joy before, during, and long
after the event takes place.
And with the COVID-19 pandemic still lingering, these virtual experiences
were purposely chosen to be enjoyed at home. We’ve curated
a list of exceptional experiential gifts for this holiday season that
includes something for everyone, from the wine connoisseur to the
art lover and the lifelong learner.
5.
6.
A digital fitness subscription
If someone on your list would like to focus on their well-being in the new
year, an online fitness program may be just the motivation they need. Much
more than just spinning, a Peloton digital subscription provides access to
thousands of classes, from yoga to strength training and outdoor running,
all taught by its world-class, famously positive instructors. You can stack
classes into themed workouts according to difficulty level, instructor, or
even your favorite music. $12.99 per month plus tax, onepeloton.com
A Rosetta Stone lifetime membership
Give the gift of 25 languages, from Greek to Hindi, with a lifetime Rosetta
Stone membership. Members can learn any (or all) of the languages in the
Rosetta Stone program at their own pace. It’s the perfect present to give
in anticipation of (or in addition to) a trip to Istanbul, Paris, or Stockholm.
And it’s not only a gift of language, but also of confidence and connection.
$299 for lifetime membership, rosettastone.com
20 | Truist Perspectives December 2021 | 21

Inspire
Having the conversations
with your family around
your wealth and the estate
planning process, … with an
emphasis on stewarding the
wealth is crucial. You want
to create an understanding
with the next generation
that with this wealth comes
a responsibility—and it’s
more than just the wealth.
Emily Haenselman,
Director of family education
for Truist’s Center for Family Legacy
(from "The 4 pillars of a successful
estate plan," p. 12.)
Find our latest market commentary at
truist.com/wealth/insights
22 | Truist Perspectives
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