Monthly Tips August 2020

Monthly Tips

August 2020


TIP 1 Fun Facts

Did you know that August is observed as National Immunization Awareness Month?

Here are some fun facts to share about vaccines and the tremendous benefit they can bring:

The first vaccine for smallpox made its debut more than 200 years ago in 1797.

Vaccines have been responsible for the near eradication of Polio and Measles.

In ten years after the chicken pox vaccine was introduced in the US, reported cases dropped by 90%.

We look forward to the day when a safe vaccine is developed and available to eliminate or reduce the threat COVID-19 virus, and Garden State Trust Company sends our caring thoughts to all those working tirelessly to develop one.


TIP 2 Estate Planning – Should the Exemption Be Locked In?

A lot of the gains from estate planning do not have to do with minimizing taxes, they involve creating family harmony, financial privacy, and a smoother transition when the inevitable happens.

For wealthier families, tax planning does come into play, and substantial tax liabilities can create difficulties when trying to transfer illiquid assets such as a business. Some death and inheritance taxes can be mitigated or eliminated by making gifts and transfers ahead of time. Our latest blogpost, Can No Tax Liability Suddenly Become Big Tax Liability?, explores actionable options that could save your estate substantial tax liability.


TIP 3 Learning to Delegate

Delegating isn’t easy for most of us. It involves risk, and a loss of control.

Here’s a rhyme to remember: The more that’s at stake, the harder to delegate.

On the other hand, delegating gives us the freedom to do other things, and may put work into someone’s hands who is more suited to do it for our benefit. Garden State Trust Company understands how difficult it can be to delegate financial management to a provider. We act not only as a fiduciary, but as a trustee, and are legally bound by our duty of loyalty to our clients. We would be pleased to explain what this means, and suggest the questions one should consider asking us and others when making that leap to start delegating.


TIP 4 Newsletter Sign-Up

Ever sign up for a newsletter to get a coupon, and then have your inbox inundated with daily messages from a story you would only use every few months?

Garden State Trust Company’s monthly newsletter won’t do that. It’s once a month, has interesting updates about events in the trust industry, and links to helpful articles. Just information we think our clients and subscribers would gain value from. Share a newsletter with your heirs, or share this link to sign up here and see what we mean – there’s no cost, and a one-click unsubscribe link if they ever get tired of them.