TIP 1 IRA Rollovers
According to the Investment Company Institute’s 2018 Fact Book, 401(k) plan assets grew from $900 billion in 1995 to $5.3 trillion by the end of 2017. If you were able to save through your employer’s 401(k) or other qualified retirement plans, there are important tax and investment implications to consider before receiving distributions.
Because you have some latitude in deciding when to pay income taxes on distributions, a Rollover IRA can provide an important, tax-advantaged foundation for greater financial security. However, to avoid tax traps, advance planning is essential, and Garden State Trust Company can help.
TIP 2 Who Really Made It?
The Museé Terrus in Elne, France, recently cut its collection by more than half when it was revealed that 82 of the museum's 142 works were fakes or forgeries.
Authenticity in artwork is a real concern to collectors, especially with estate planning. Sometimes artwork can be worth more than expected too, when its provenance and authenticity is discovered.
Click here to see our favorite NJ art discovery from last year, and to learn a little about steps taken by collectors to determine authenticity.
TIP 3 Digital Memorials
A new aspect for estate planning today is to consider a digital memorial. Many online companies have formed to develop this service, the largest currently being www.legacy.com, but some funeral homes are starting to offer a digital component as part of their services. The goal is to create a place where friend and family can honor and remember those that pass even if they can’t get geographically close.
This is one of many new challenging aspects of digital estate planning, which also includes creating provisions for digital assets and accounts. If you haven’t updated your estate plan recently, let our professionals fill you in on new things you may need to consider.
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