Monthly Tips August 2021

Monthly Tips

August 2021

 

TIP 1 National Immunization Month

In August we celebrate National Immunization Month. Both developing and implementing a vaccine are not an overnight process, but within 10 years of the chicken pox vaccine’s debut cases fell by more than 90%.

More people getting vaccinated gets us closer to herd immunity for the current strains of COVID-19, and we can check the progress of each state individually. The Mayo Clinic’s website tracking is easy to understand, and available here. Both New Jersey and Pennsylvania are leading the nation in the top 10 in percentage terms as of this writing, and interesting additional data is available such as number of doses across age demographics.

Garden State Trust Company sends our caring thoughts to all those working tirelessly to continue safeguarding our health every day.

https://gstrustco.com/about/meet-our-team/

 

TIP 2 The Family Meeting

Talking about wealth can be awkward. Talking about wealth transfer even more so.

However, a little awkwardness now may prevent a lot of awkwardness later. It can be easier if the process is formalized with a family meeting and defined roles and priorities. Utilizing the experience of a Trust Officer from Garden State Trust Company creates an opportunity to address objections and clarify reasoning with a disinterested professional posing the questions, or ready to jump in to support with nuance as you lead the meeting. Read more about what the family meeting entails in our blogpost: Having the “Money Talk”.

https://gstrustco.com/solutions-services/trustee-services/

 

TIP 3 Auctions Setting Records

Last month we learned that consumer spending has surged 11.8%, the highest jump since the 1950s. It wasn’t just regular spending that surged though, collectors also set new records at auctions for non-artwork items one might not have expected to be so valuable. Here are three fun examples to share with friends:

A rare houseplant sold for $19,200 in New Zealand breaking the record for house plants.

A high school Jersey from LeBron James sold for $512,000 breaking the record for high school jerseys.

An original cartridge for Super Mario 64 sold for $1.56 million breaking the record for vintage video games.

https://gstrustco.com/investments/managing-preserving-wealth/

 

TIP 4 Referrals

We know future clients are out there. Helping them is going to be fulfilling, and wonderful. There will be more people that would benefit by having someone ready to step in should incapacity strike. More people that would enjoy having more financial privacy within their estate plans. More philanthropists that want to maximize the benefits associated with charitable giving.

We need help connecting with them, so we can do our part. If you know someone that might benefit from our services, let them know where we are. We are excited for the opportunity to connect, introduce ourselves, and demonstrate the value we create. Regardless of their situation or how they decide to proceed, we’ll provide helpful information and ensure that they are glad they took the time to see us.

https://gstrustco.com/about/why-garden-state-trust/