Monthly Tips July 2022

Monthly Tips

July 2022


TIP 1 Trusts for the Charitably Minded

You may want to respond in a substantial way to a worthy cause seeking your financial support but are concerned about how a major gift will affect you and your family in the long run. Deciding upon a beneficiary for your charitable contributions is only the first step. You may be able to do more than you realize. See our new Charitable Remainder Trusts informational booklet for charitable planning ideas.


TIP 2 Where Will Deepfake End Up?

Computer generated images are getting better and better, and becoming indistinguishable from reality and meant to look like reality. When Peter Cushing was brought back to life in Star Wars, it was done with the consultation and cooperation of his estate.

However, this technology can make it more and more difficult to know what information is trustworthy, and the lines between right and wrong can become quickly blurred. Now, with Amazon’s Alexa being able to mimic dead relatives comes both the idea of being able to share that legacy voice signature with grandchildren and putting words in the mouths of people that may never have wanted them said. Some nefarious scammers have even used the technology to steal money through recognizable voice instructions.

It may be becoming harder to know what information is trustworthy, which is all the more reason to consider a fiduciary when looking for asset management. Garden State Trust company clients are like our family, and we are obligated by law to place their interests above our own. It’s our fiduciary duty. Please let us know if you’d like to know more.


TIP 3 Newsletter Sign-Up

Are you or anyone you know interested in reading more about trust services?

How about investment planning for those just starting out? Or tax planning? Or retirement planning?

A good place to start might be to read our monthly newsletter. It’s available to everyone, not just clients, and we’d be pleased to share it with you. You don’t need to provide any information other than your email, and you can look through some back issues to see if you’d be interested, or click here to sign-up.

If you’d like a particular topic discussed – let us know. We’re always on the lookout for ideas to elaborate on.


TIP 4 Digital Estates

Last year, Bob Dylan sold his entire catalog of music to Sony Records. His motivation for doing so is unclear, but it’s possible he wanted his estate to avoid some of the valuation issues that came along with Prince’s estate by valuing and liquidating those interests himself.

It’s not just music licenses that are digital assets which need to be cared for in an estate plan these days. Read more in Planning Ahead For the Digital Estate.