TIP 1 Mother’s Day
Mother’s Day is coming up again next Sunday, and as businesses are opening safely many of the traditional restaurant extravaganza experiences are available again that might have been foregone last year. Personalized postcards from Hallmark or PostSnap are still appreciated, and one could always consider creating a coupon book of activities using free templates such as those available on justsimplymom.
We love our mothers and grandmothers who guide us throughout our lives, and look forward to another excuse to show appreciation, and express gratitude. All of us at Garden State Trust Company wish all moms a Very Happy Mother’s Day!
TIP 2 Retirements On the Rise
Last year we saw a big increase in retirements as work dynamics changed. We may see another big wave of retirements as work dynamics change back, and travel opportunities become available again.
It isn’t easy to know if you’re ready for retirement, or for a switch to part-time work. Big hurdles need to be overcome in time management and planning, and the looming question needs to be addressed: “will I run out of money?”. Garden State Trust Company may not have all the answers, but we do help clients address that question through a financial overview of their situation. Read about what we help clients take into consideration in our blog: “Is Work An Obligation, Or An Option I Choose?”
TIP 3 Estate Tax Considerations
South Korea’s richest man, Lee Kun-hee, died in October 2020 with a fortune that was estimated to be $23 billion. South Korea has one of the world’s highest taxes at death, and Lee’s heirs have announced a plan for meeting the $10.78 billion tax obligation that involved giving away a 23,000-item art collection over 5 years. One doesn’t need to have billions in assets for the U.S. federal and state estate taxes to have impact, and even if one has a plan in place, it should be reviewed from time to time. There are several proposals right now in Washington, D.C., that would dramatically increase taxation of affluent families at death.
If you are worried about how these changes could affect your family’s financial security, we’d be pleased to discuss whether or not it would be appropriate to consider a trust to lock-in the current exemption. Click here to schedule a meeting with a Garden State Trust Company professional.
TIP 4 Memorial Day Commemoration
We are pleased to salute our veterans, and extend our appreciation to those that have been willing to serve our great nation.
As part of this Memorial Day, one might consider making a charitable gift to a national or local charity, or volunteering as appropriate. Many of our clients are philanthropically minded, so we receive questions about the benefits of charitable trusts. We also receive questions about evaluating and finding suitable charities that align with the intent of the donor. Though from 2018, give.org has a great cover story that is still relevant on veteran’s charities for those interested in learning more about what they look for and how they make an assessment.
Have a safe Memorial Day!