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Utilizing estate planning strategies to mitigate death taxes can be important, but it’s not the only, or in many cases, primary reason to reach for the estate planning toolbox. From making sure that your estate passes to your chosen beneficiaries to ensuring financial privacy, there are several ways estate planning can be beneficial. Need a…

The size, speed, and frequency of shifts in the market this year have been enough to make many investors reel, and reeling from the markets tends to shift a person away from their standard decision making into emotional decision making. Emotional investing may not be a new idea, yet the associated feeling still feels new…

Two-time Oscar winner Gene Hackman and his wife of 34 years, Betsy Arakawa, were found dead in their home in February. An investigation revealed that she had died first, and Mr. Hackman about a week later. Their wills, filed in probate court two weeks later, reveal a thoughtful estate plan. Simultaneous deaths. Under the common…

Most estate planning discussions are about the transfer of wealth in order to create a lasting legacy. Although this might be the most important thing to consider for those that remain, a question that doesn’t get quite as much attention may be a bit more personal and even harder to think about – What will…

There are three primary methods for distributing an inheritance: Outright. The simplest approach is to give the heir full control of the inheritance, without restrictions. For heirs with sufficient financial maturity and investment savvy, this may be appropriate. General needs trust. Trust planning comes immediately to mind when planning for a surviving spouse or an…

Choosing the right trustee for your estate plan is one of the most critical decisions you’ll make. Many individuals initially lean toward appointing a family member due to familiarity or cost-saving assumptions. However, this decision can lead to unintended challenges. Instead, selecting a corporate trustee, such as Garden State Trust Company, can provide long-term benefits…

Traditional IRAs and 401(k) and similar retirement plans have the wonderful feature of using pre-tax income to maximize the retirement nest egg. Eventually those deferrals—and their earnings—must face the tax man. For those turning 73, or those that are older than 73, Required Minimum Distributions (RMDs) must occur every year. The minimum amount that must…