Author: gstc

DEAR GARDEN STATE TRUST COMPANY, MY ADULT CHILDREN ARE UPSET ABOUT MY UPCOMING REMARRIAGE.  I KNOW THAT THEY ARE WORRIED ABOUT THEIR INHERITANCES (AND ALSO WHO’LL GET THE FAMILY HOME, I’M SURE). I WILL PROVIDE FOR THEM, JUST AS I DID IN MY EARLIER WILL, BUT I HAVE TO TAKE CARE OF MY NEW SPOUSE,…

DEAR GARDEN STATE TRUST COMPANY,  I HAVE TWO GROWN CHILDREN, BOTH MARRIED.  ONE COUPLE IS FINANCIALLY SECURE; THE OTHER IS LESS SO.  CANDIDLY, I DON’T TRUST THE SPOUSE OF MY CHILD WHO IS STRUGGLING.  IS THERE SOMETHING I CAN DO TO KEEP THAT CHILD’S INHERITANCE FROM THE SPOUSE’S HANDS?  HOW DO I TREAT THE CHILDREN…

DEAR GARDEN STATE TRUST COMPANY,   WHAT’S THE STORY WITH ESTATE AND GIFT TAXES?  DO I NEED TO WORRY? —AWARE OF TRANSFER TAXES Dear “Aware”,  Most people don’t need to worry about estate and gift taxes, but for those who do, it can be a very important worry indeed. First, you have the annual exclusion…

DEAR GARDEN STATE TRUST COMPANY, I UNDERSTAND THAT YOU ARE A “CORPORATE FIDUCIARY.”  WHAT IS THAT EXACTLY?  AREN’T YOU JUST A DIFFERENT FLAVOR OF STOCKBROKER OR FINANCIAL PLANNER? —SHOPPING FOR ADVICE  Dear “Shopping”, “Fiduciary” is a legal term that describes the duties that one party owes to another in a business relationship.  A fiduciary duty…

DEAR GARDEN STATE TRUST COMPANY, I TURNED 70 ½ THIS YEAR, SO I HAVE TO START TAKING REQUIRED MINIMUM DISTRIBUTIONS (RMDS) FROM MY IRAS.  I DON’T WANT OR NEED THESE DISTRIBUTIONS, AND I’M CONCERNED THAT THEY MIGHT PUSH ME INTO A HIGHER TAX BRACKET, OR EVEN AFFECT THE TAXES ON MY SOCIAL SECURITY.  IS THERE…

DEAR GARDEN STATE TRUST COMPANY, HOW MUCH INCOME CAN I EXPECT FROM A LIVING TRUST?  WHAT ABOUT A TESTAMENTARY TRUST, WOULD THAT BE DIFFERENT? —PROSPECTIVE BENEFICIARY Dear “Prospective”, The very low interest rates in 2013 have meant that many investors have not been satisfied with their portfolio income.  Everyone would like more income, but without…