Category: Ask Garden State Trust

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…

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…

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…

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…

Dear Garden State Trust: The Federal Reserve cut interest rates by half a percentage point on March 3. What does that mean for my portfolio? —Skittish Investor Dear Skittish: Normally the Federal Reserve makes interest rate adjustments at its regularly scheduled policy meeting. The rate cut on March 3 was between meetings, which is the…

Dear Garden State Trust: My wife and I each have IRAs. I was born May 1, 1949, she was born September 1, 1949, so we will both be 71 this year. I’ve heard that required minimum distributions from IRAs are no longer required until age 72, is that right? —Confused Retiree Dear Confused: You are…

Dear Garden State Trust: When should I talk to my children about their inheritances? —Thoughtful Parent Dear Thoughtful: As a general rule, sooner is better than later. An inheritance should not come as a surprise; it is something that requires preparation and planning. In that way, an inheritance may prove to be more than a…