STI vs Polymorphic Associations

I have a MasterEvent model. It has attributes that is required by another model Event. The user selects the MasterEvent model and I create the Event model by merging the attributes of the selected MasterEvent with the attributes that were presented for the Event model in the form.

I have association declarations in the MasterEvent and Event models. If I use STI does the subclasses inherit the association declarationed in a superclass? Should I use polymorphic associations? I read the AWD book but still not clear on these issues. TIA.