A Will is necessary no matter the size of your estate. Be aware, if you die without a Will, the laws of the State of New Jersey dictate who is to receive your estate. Wouldn’t you like to be the one who decides on the beneficiaries of your estate rather than let the state choose them? Lastly, consider if you have an only child or if there are other children or grandchildren that might inherit your estate. When minor grandchildren are involved there are other things you might want to consider. Continue reading “The Importance of Wills”
A living trust is an agreement in writing, in which you the owner (the Grantor) of assets transfers legal title (not ownership) to a trustee. The trustee then holds and manages these assets for the benefit of the owner (you) or someone designated by the owner. Continue reading “Benefits of a Living Trust”
This past October, our community was hit by one of the most destructive storms ever experienced on the East Coast. Our office in Toms River escaped without damage, but members of our staff and many of our clients were not so fortunate. Garden State Trust Company is proud of the resilience of our community and the generosity of all those that have donated their time and money to restore what was lost. We, like you, know that 2013 will be a year of rebuilding but also of renewed hope for all those affected. In the spirit of moving forward, we present our new monthly newsletter which was designed to provide our readers with valuable financial guidance. Each month we will present a newsletter filled with topics that we believe will be both informative and valuable to you as you plan for the future.
We wish you and your family the best in 2013.
I recently read an interesting article from Spectrem’s “Millionaire Corner” titled High Net Worth Wealth Management: Protection From Dementia. The article reports that the greatest fear of millionaires is losing the ability to make financial decisions. I would modify that to include all investors of an advanced age. According to a well-publicized study by Harvard University researcher David Laibson the Article reports that the ability to make effective financial decisions peaks in middle age and then declines substantially over time. In fact, significant cognitive impairment that is not dementia affects another 30% of seniors 80 and over. According to elder law specialist Jeff Marshall that leaves half of investors age 80 and older unfit to make complex financial decisions. Continue reading “Protecting Assets From Dementia”
No one likes to think about the possibility of not being able to manage their own affairs. Still, accidents and illnesses do happen. If you worry about who would manage your assets if you couldn’t do it yourself, then you might want to consider a Standby Trust. Continue reading “A Standby Trust To The Rescue”
Several years ago I was introduced to a retired couple From Ocean County, New Jersey who were starting to have health issues.
When the husband ended up in the hospital their daughter who lived out of state and from whom they were estranged, came to visit. She was shocked to find out that while her Dad was in the hospital her mother allowed the bills to go unpaid, dividend checks were not cashed or deposited to their checking account and no one was overseeing their investment portfolio. Continue reading “When a Living Trust Makes Sense”
In making the case for engaging an Independent Trust Company over a large bank or investment company one of the major considerations is the level of personal service offered by the independent trust company. Let me share a recent experience I had with a client as an officer of Garden State Trust Company, an Independent Trust Company. Continue reading “Personal Service Sets Independent Trust Companies Apart”
So many times when we review a will for a single individual or married couple we ask did the draftsman (attorney) just follow instructions or did he or she or ask you, “What If”….? More often than not the answer is the attorney just followed my instructions. You may walk away with a new will and a smile on your face when in reality you suffered a disservice. Continue reading “Wills: Planning For The “What Ifs” in Life…And Death”
As a good deal of my business is working with retirees, I am often asked by friends, sons and daughters of clients and for that matter, members of my own family, “ how will I know if I can afford to retire? “. Continue reading “When Can I Afford To Retire?”
Why would I want to leave my estate in trust for my child instead of leaving it outright with no strings attached? Why would I leave my estate in trust for my child when it is going to be very costly to manage?
Surely, leaving your estate outright to your child is easier and certainly less expensive than leaving it in trust. But is it really? Let’s look at some examples. When assets are held in trust these assets are usually not subject to creditors claims. Assume you leave your estate outright to your daughter and she decides to start a business by borrowing money. Should the business fail the creditor will attach her assets and there goes her inheritance that you had hoped that would one day be passed on to your grandchild. Continue reading “Is A Trust Too Expensive To Manage?”