TIP 1 A Letter to Future Me
Have you ever been part of burying a time capsule, and later found that you couldn’t remember what you put inside? Sometimes, we change so gradually that we do not see it happening, but we would still like to know more about who we used to be. A new type of time capsule has appeared at https://www.futureme.org/, where you can write an email to yourself. It will be delivered in the future, after you’ve may have forgotten all about it.
Having desires achieved over time can be difficult, but some goals may be easier to reach with the use of trust services. At Garden State Trust Company, we help clients create lasting legacies by ensuring that the trust agreements that they have had carefully drafted based on their specific values and needs are observed in strict accordance with their wishes. We understand how important it is for our clients to have peace of mind that their wishes will not be forgotten, but followed, and their loved ones cared for as dictated in their trust agreement.
TIP 2 The Future is Coming
Every year it seems as though man and machine become a little more closely integrated. Some of these interactions may seem ominous; however, others may give people renewed access to the world. One of the more incredible inventions being worked on is a way to utilize computers using only your mind. Sounds like it could only exist in science fiction, but according to a recent press release by Syncron: “A patient with ALS in Australia is the first person to tweet a message to the world using only direct thought via the Stentrode™ brain computer interface”.
He tweeted: “Hello World”.
Interacting with the world when you have special needs is a tremendous challenge, and caregivers know the resources required to meet those needs can be substantial. Wondering about what would happen should you no longer be able to serve in that role? At Garden State Trust Company, our professionals can tell you about the special needs trust to provide the continuing financial support that special needs persons in your life may require.
TIP 3 The Year of the IPO
For twenty years, we’ve seen the U.S. stock market grow in value but shrink in choices. With mergers and acquisitions and delistings, the number of choices of companies to invest in on U.S stock exchanges for typical investors went down by nearly 50%. That trend may be changing. There was a new record set in 2020 for Initial Public Offerings (IPOs) of 480 in a single year. Last year that record was more than doubled with over 1000!
Learn more about what goes into an IPO and some of the risks associated with investing in IPOs in our latest blogpost: The Explosion of IPOs and New Investment Choices.
TIP 4 Digital Estate Planning
This recent article from the Daily Dot elaborates on the estate troubles of Matthew Mellon, who had almost 200 million dollars in a cryptocurrency known as XRP when he passed away in 2018.
The family had issues regarding access to the cryptocurrency assets, and, according to noted estate planner Gerry Beyer, were lucky to be able to gain access at all. Although access was attained, they couldn’t liquidate all the assets right away due to an agreement Mellon made with Ripple, the company that manages that cryptocurrency, which had a restriction on how much could be sold each day. All the while, the estate faced tax bills and creditors, and the possibility of the asset losing its value before they were able to sell it.
Digital estate planning is still a developing field, as there are still new types of digital assets that are being created. Dealing with them after a death can be quite complicated. Most estates don’t have any cryptocurrency, but they should still account for digital assets, so the family retains access to digital photos, social media accounts, memoirs, or something else entirely. Let us know if you’d like to learn more.