Dear Garden State Trust: I turned 70½ in 2019, so I had to take my first required minimum distribution in early 2020, before April 1. I did. Now I’ve heard that I didn’t have to take that RMD after all? —Drawing Down Slowly Dear Drawing: You’ve heard correctly. The waiver of RMDs was included in…
Author: gstc
Reaction to Reality: Should I Reassess My Risks?
We all have a renewed sense of just how fragile we are, and are evaluating the steps we can take to reduce that fragility. In terms of family financial security, one could consider: More insurance (life, long-term care, or disability insurance); More savings in tax-preferred retirement accounts to protect against running out money. Portfolio changes…
Estate Settlement
Dear Garden State Trust: How long does it take to settle an estate? —Prospective Testator Dear Prospective: The short answer to your question might be, “It takes much longer to settle an estate than most beneficiaries think is reasonable.” To get to a more helpful and longer answer, we need to answer many more questions…
Are Movie Theaters Coming Back?
The adage “absence makes the heart grow fonder” doesn’t just apply to people. During the pandemic crisis we’ve all had to forego many routine experiences that we may have taken for granted, not have realizing how much we’d miss them when they are gone. People are anxious to see movies on the big screen again,…
Required Minimum Distributions in 2020
Dear Garden State Trust: I’m 74 and my wife turns 70 this year. I’ve been taking required minimum distributions (RMDs) from my IRA, and she should begin hers this year. However, we hate to sell our stocks at low prices. Any suggestions? —Comfortably Retired Dear Comfortably: If you have not yet taken your RMD for…
Charitable Giving During a Crisis
Americans have been noted to be the most generous on the planet in terms of charitable giving, and that generous nature has inspired us many times over when we face and overcome crises as a community. The Federal government is also trying to promote charitable giving, and has added incentives beyond what is generally provided…
Stock Prices
Dear Garden State Trust: The drop is stock prices has really hammered my portfolio. How much lower can prices go? —Terrified Investor Dear Terrified: No one knows. No one can know with any certainty at this time. I can only provide some context. The question for all investors will be, are stocks a good investment…