Monthly Tips

Monthly Tips

JANUARY 2020

TIP 1 New Year’s Resolution
https://gstrustco.com/investments/ira-rollovers/

At Garden State Trust company, we encourage making one of your New Year’s Resolutions to max out your IRA contribution (set at $6000 for 2019 and 2020, and an extra $1,000 for those 50 and older).

The SECURE Act was signed into law last month in order to improve retirement planning options both approaching retirement and during retirement such as changing when required minimum distributions happen. Click here to read more about the changes from the Act in our summary article.

TIP 2 One Decade at a Time
https://gstrustco.com/investments/managing-preserving-wealth/

From 2009-2020 we experienced the longest bull market of all time, but it wasn’t without it’s dips or concerns. What will the next decade bring? Should we believe that we might be able to achieve similar returns in the coming 10 years as we have in the last 10?

Read about some of the contributing factors to stock market records in our blogpost: One Decade at a Time.

TIP 3 Agent for the Executor
https://gstrustco.com/solutions-services/boomers-beyond/

Feeling overwhelmed by being an executor or trustee?

Given that it’s a rare position for the majority of people, all the difficulties and responsibilities can come as a surprise. Did you know that you can share some of that responsibility without giving up the role you were entrusted with?

Garden State Trust Company can act as the agent for the executor or the agent for the trustee, handling some of the administrative parts of the job. We’d be happy to share our experience, and be of service to the degree that you find appropriate. Please contact us for more information.

TIP 4 Tax Facts
https://gstrustco.com/about/why-garden-state-trust/

Scammers never stop trying to scam people, but their technique can change based on the time of year to try to capitalize on reality to endorse their falsehoods. As tax season approaches, keep in mind – The IRS will not call and demand immediate payment, or request payment via a credit or debit card, or threaten to bring in police or other agencies to arrest you for not paying.

If you’re curious about the new tax brackets and numbers for 2020, they could be found on the IRS’ website, and an overview is also available in our handy reference guide for 2020 on our website.