Monthly Tips
November 2024
TIP 1 Veteran’s Day
Veteran’s Day is November 11 and is a time for us to remember and honor those men and women who devoted their lives to safeguarding the freedoms we enjoy on a daily basis. One way to honor veterans is to donate to an organization or charity that supports veterans and if you have a family member or friend who is a veteran, you can make the donation in their name. Another way to show your appreciation is to simply say “thank you” to a veteran so they know that you recognize and are grateful for all they have done for us.
It is important that we never forget all the sacrifices our veterans have made to protect our freedoms, and it is our duty as fellow Americans to continue to honor them and their service. At Garden State Trust Company, we want to say thank you to all our veterans for their service.
https://gstrustco.com/about-us/our-founders/
TIP 2 Increase In Estate Tax Exemption and Getting Closer 2026
The IRS has released inflation adjustments for next year regarding the estate tax exemption and annual exclusion amount, and they have gone up. The estate tax exemption will be increasing to $13.99 million (so a married couple could have up to $27.98 million if they both died next year), and the gift tax exclusion will be rising to $19,000. Utilizing this exclusion over multiple years among multiple beneficiaries can result in significant preservation of the family fortune.
It’s important to remember that we are getting closer to 2026, when the estate tax exemption is scheduled under current law to drastically decrease. Congress may decide to extend the current exemption amount, or adjust it in some way, but steps could also be taken now to lock in the larger amount through the use of a trust. If you’re interested in tax-efficient strategies for transferring substantial wealth, a Garden State Trust officer would be pleased to elaborate. We specialize in that.
https://gstrustco.com/trusts-estates/executor-services/
TIP 3 Solo Aging
Those who have been caregivers become familiar with the needs of the aged and know caring for them can be time intensive. Should one not have family to rely on, concerns may grow about who is going to fulfill that role of caregiver. However, as the number of people aging alone has grown substantially, so has the industry to support them.
If you think you may be aging alone at some point, it’s worthwhile to plan ahead to ensure care in the case of incapacity. Consider adjustments in your living environment to accommodate anticipated changes to your abilities. Read more about this issue in our blogpost: The Large Community of People Aging Alone.
https://gstrustco.com/solutions-services/solo-agers/
TIP 4 Thanksgiving
Thanksgiving is a time for traditions to shine, the greatest of which is to take time to verbalize all the gratitude that is so often left unsaid. It may already be known, but it’s also nice to say and hear. At Garden State Trust company, we appreciate our clients. We appreciate our employees. We appreciate our vendors. We appreciate being able to do the work we do, that gives us purpose and joy. We hope you all have a wonderful Thanksgiving, and that you have a moment to cherish your traditions.