The Palomar knot is an excellent knot to attach a hook, swivel or lure to the end of the line. Bass fishermen have used this knot for a very long time and saltwater fishermen have also taken note.
The knot tests well, is very easy to tie and forms a very compact knot. There are a few dissadvantages as well. I never use this knot for lures with multiple treble hooks. When I try to pass the line over the entire lure (especially during an exciting time when I am in a hurry) I inevitably get the loop caught on some of the treble hooks. I do like it for jigs, single hooks and swivels.
It's best application may be for bass fishermen using the Drop Shot Rig. I have used the Drop Shot Rig for Redfishvery effectively and have even had some pretty good success with tarpon using the rig. The Palomar is the go to knot to tie that rig whether fishing in fresh or saltwater.
This is a good knot to teach a kid or beginner because it is both really easy and very strong.
Here is a video showing step by step instructions to tie the Palomar Knot:
All the best,