Monthly Tips
April 2026
TIP 1 Financial Literacy and Tax Reminder
It’s financial literacy month again, which also means it’s tax filing month for most Americans. Those clients that have used the annual gift exclusion to gift stocks to their children or grandchildren might want to double-check that the recipients know how to handle the taxes regarding those gifts. One recent situation brought to our attention: a grandchild had been gifted a stock account over a period of years by a grandfather and received dividends for years before realizing that those dividends have to be reported to the IRS (regardless of whether they are large enough to trigger income taxes).
While audits may have become more focused on higher income taxpayers, those the IRS goes after, they go after hard. It’s always best to dot all your i’s and cross all your t’s and best to teach the kids to do so too.
https://gstrustco.com/solutions-services/the-sandwich-generation/
TIP 2 Death Cleaning
This is the time of year for spring cleaning. Some even suggest taking everything out of the house, doing a full clean, and putting everything back. This would be a great moment to realize how many things we don’t actually need in our lives. As difficult as it may be to get rid of our treasures, it may make things much easier for those left behind after we pass.
The recent passing of Margareta Magnusson last month, who wrote “The Gentle Art of Swedish Death Cleaning” reminds us of the responsibility to make the transition easier for kids by getting rid of clutter ahead of passing, and spring cleaning is a great time to do just that. While you are thinking about it, it’s a good time for an annual review of an estate plan too. Read more about both in our latest blog: “Do Your Kids Want Your Stuff?”
https://gstrustco.com/solutions-services/boomers-beyond/
TIP 3 Semi-Retirement
A recent article in Investopedia, “Americans Don’t Plan To Just Retire Anymore—Here’s What They’re Doing Instead”, has reiterated a trend that has grown even more significant: semi- retirement. According to a referenced survey, 61% of respondents suggested that they would be doing something to transition into retirement instead of retiring fully, some citing financial constraints as the cause.
At Garden State Trust Company, our experience has shown that financial constraints may be a barrier to heading into retirement, but retirement means filling your days with lots of unstructured time. Many find it nice to continue to work part of the time too, regardless of financial need. The best situation is when someone has the choice, which we like to refer to as a work-optional lifestyle. If you or someone you know is wondering about the adequacy of assets for a work-optional lifestyle or full retirement, let us know, we can help assess anticipated costs and what would be needed to meet them.
https://gstrustco.com/assets/GST-Wealth-Management-brochure.pdf
TIP 4 Request for Referrals
Do you know someone who might benefit from trust services? Perhaps someone who has been wondering about the best way to approach philanthropic goals? Perhaps someone who is wealthy and aging with a spouse who is likely to struggle handling finances? Perhaps someone turned to you to be a trustee, and you feel honored but don’t know the first thing about trusts?
We love referrals at Garden State Trust Company, and treat them with the utmost care. We understand that it’s not just our reputation, but that of the person that suggested us, on the line. We are pleased to share information regardless of whether the person decides to hire us. So, if you know someone meeting this description, please let us know, so we can see whether or not we can get to know and help them too.
https://gstrustco.com/about-us/a-case-for-an-independent-trust-company/