Category: Ask Garden State Trust

Dear Garden State Trust: 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 is…

Dear Garden State Trust: I have read that the age limits on IRA contributions have been removed. I’m 71, so does it really make sense for me to make an IRA contribution now? —Retired Saver Dear Retired: Probably not, but more of your financial information is needed to be certain. The tax benefits for IRA…

Dear Garden State Trust: Recently, a friend of mine was suddenly taken ill. Her recovery is slow, so we are trying to do all that we can to help out. A court appointed a guardian to handle her finances because, we gather, she hadn’t made any formal arrangements. From our conversations, we knew that the…

Dear Garden State Trust: How much higher do think interest rates will go? Inflation has already damaged my household budget this year, and higher interest rates on my debts will just make it worse. Isn’t there a chance these interest rate increases could trigger a recession or worse? —Wounded Already Dear Wounded: Interest rates will…

Dear Garden State Trust: Before he died, my husband rolled his $1 million 401(k) account into an IRA, naming me as surviving beneficiary. Now he has died, and I’m not sure what to do next. —Newly Widowed Dear Newly: You need to consult with a tax attorney or an accountant about your inherited IRA. This…

Dear Garden State Trust: Can a trust be changed after it has been funded? —Seeking Permanence Dear Seeking: Yes and no.  What kind of trust are you talking about? A revocable living trust may be changed by its creator at any time and in any way, even cancelled completely—that is what “revocable” means, after all.…

Dear Garden State Trust: My head is still spinning from the explosion in prices, and now I’ve been reading that many CEOs are expecting a recession, perhaps this year. Is a recession really very likely? —Nervous About the Economy Dear Nervous: As a wise man once said, it’s tough to make predictions, especially about the…