TIP 1 A Better Year
Anniversaries are an acknowledgement of time passing, and a celebration of how that time was spent. We’ve all grown in many ways throughout the last year, and the lessons learned will serve us as we create an even better new year. New work dynamics have brought the idea of retirement to the forefront of many minds, and the question of whether one is financially stable enough to support that transition, whether it is by choice or because of changes to their employer.
The professionals at Garden State Trust Company can help assess your resources if you’re looking to transition into retirement, or a work-optional lifestyle. We would be pleased to review your financial situation and add perspective to prospective retirement income management, and suggest how you might adjust your plans to turn dreams into achievements.
TIP 2 Solo Aging
A little planning now can save a lot of hardship later. This axiom doesn’t just apply to estate planning. Being a “Solo Ager”, someone with no adult children or those without a support system of relatives to provide the kind of emotional, physical, and logistical support needed as we age is something that may be difficult to acknowledge. Realize that if you belong in this category, you are not alone, as this will be 1 in 5 Americans in coming years. You can create intergenerational support networks outside of familial ties.
Having a financial service provider familiar with this issue may be a step in the right direction. Garden State Trust Company is local with ties to local providers and our professionals have years of experience helping solo agers who lack a support system of relatives. We’d be pleased to share our experience.
TIP 3 Taxation and Residence
Last month, New Jersey joined a group of states in filing an amicus brief regarding the state taxation of income. With the change to remote working, hundreds of thousands of New Jersey residents who once commuted to New York for work are now working from their home. This could potentially change whose coffers billions of income tax dollars go into.
Read about how states have been determining residency for taxation, and more about the brief in our article: Taxation and Residence.
TIP 4 Agent for the Executor
Being an executor or trustee can be a difficult job with lots of administration and associated tasks that need to be fulfilled, yet is still often placed on a family member who has a full-time job to fulfill. That individual wants to make sure that it’s handled by someone who is familiar with their situation. Even though the receiver of that role is often glad to fulfill the obligation, it can be overwhelming. Did you know that an executor or trustee can share some of that responsibility without giving up the role they were entrusted with?
Garden State Trust Company can act as the agent for the executor or the agent for the trustee, handling some or all 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.