Monthly Tips
January 2026
TIP 1 Trusts for Financial Privacy – Matthew Perry
It’s been over a year since Matthew Perry passed away, and although his estate has been estimated at $120 million or more, all that is really known is what has passed through probate. That was about $1.6 million and various properties. Why don’t we know more? Most of his estate was placed in a trust, and in most cases, trusts can provide financial privacy for the family.
Financial privacy may seem most important for famous people, but it also provides a financial moat for ordinary individuals to ensure the whole world doesn’t suddenly start jumping on them for money should they receive an inheritance. In fact, the majority of trust services are not used by celebrities. If you’d like to know how you can keep your family’s financial privacy intact after you pass away, let us know, we’d be pleased to share more information.
https://gstrustco.com/trusts-estates/revocable-living-trusts/
TIP 2 Sudden Wealth
Last month you may have noticed signs in gas stations reading $999 for the Powerball jackpot. The signs weren’t designed to go into the billions, so that’s their max readout, but the winning ticket (should it be an individual ticket) moved from millions into billions!
Many of us dream of being suddenly wealthy, and though it may not be billions of dollars, that dream is becoming a reality for many Americans. Most sudden wealth comes not from the lottery, but an inheritance or a lump-sum payment from a retirement plan, and many people with successful careers are charged with a new, unfamiliar task of managing a fortune. That’s where a professional can come in and help. With reported record numbers of 401(k) millionaires, more and more people should get a gameplan in place in case they end up with a fortune to manage. Read more in our latest blog: The Gameplan for Sudden Mllions
https://gstrustco.com/investments/managing-preserving-wealth/
TIP 3 Renew Failed New Year’s Resolutions
According to the Baylor College of Medicine, 88% of people give up on their new year’s resolutions in the first two weeks. That means if you are still going strong, your willpower is likely either greater than 4 out of 5 people, or your goals are more realistic.
Even if you haven’t succeeded yet, there is still time to reaffirm the resolution instead of giving up on it. No failure is a failure if it leads to a future success, it’s just part of the process of creating success. When it comes to wealth management and retirement planning, there is still time to make an IRA contribution for 2025 until April 15. You could become part of the minority that has already revisited your will planning (best to do this every year) or has put a will or trust in place to make it easier for grieving beneficiaries to focus on their grief. Getting around to the things we put off doesn’t happen overnight for most of us, even in a new year, but the Baylor College of Medicine report suggests not tackling that new year’s resolution alone, so if your resolution is in regard to wealth management, let us know so we can share our expertise.
https://gstrustco.com/about-us/why-garden-state-trust/
TIP 4 Tax Folder
Our Tax Facts brochure for 2026 is out, and this year there are some additional updates because of the major tax legislation signed last July.
Namely – we have a new section called “New tax breaks at a glance” that breaks out the maximum deduction and phase-outs for the no tax on tips, overtime, and car interest payments among other things. Click the link below to check out the online version.
