Monthly Tips
October 2024
TIP 1 Financial Planning Awareness Month
Did you know that October is financial planning awareness month? One might ask, doesn’t financial planning happen year-round, and shouldn’t we always be aware of it? The answer is yes.
However, it’s good to have an annual review to make sure all the year-end tax and investment moves are being made when there is still plenty of time to make them, and to check to see if the younger generation is aware of how much goes into financial planning. Teaching kids about finances can be difficult, and even more so when a large inheritance is at stake. That’s where the family meeting can be helpful. Meeting with your trust officer and kids at the same time to go over common questions in a space where asking questions about finances isn’t taboo can go a long way toward creating a lasting legacy.
https://gstrustco.com/about-us/why-garden-state-trust/
TIP 2 Keeping the Mind Sharp
It’s said that playing games is good to keep your mind sharp as you age, so we are always on the lookout for new and interesting ones to try. Google came up with one recently in their Arts and Culture department, and it’s called What came first?
The game provides two images and items, and you need to identify which came first until you have had three incorrect guesses. At that point, your score is tallied so you can have bragging rights, but it also displays a timeline of the items below. If any of them intrigued you, you can click to learn more about it.
https://gstrustco.com/about-us/meet-our-team/
TIP 3 Pennsylvania Administrative Trustee Services
Our Regional Manager for South Jersey and Philadelphia, Sean Rice, Senior Vice President and Trust Officer, recently shared with us that in July 2024 Pennsylvania passed the Directed Trust Act which just became effective on October 13, 2024, making Pennsylvania the 20th state to adopt a directed trust act. Why is this important to us? Because this new law allows us to provide Administrative Trustee Services in Pennsylvania. Prior to this law, we were only able to provide Administrative Trustee Services in New Jersey because of the existence of New Jersey’s Directed Trustee Act but now we are excited to offer these services in Pennsylvania as well.
https://gstrustco.com/solutions-services/administrative-trustee-services/
TIP 4 Halloween
Halloween is on our doorstep again, and if you weren’t able to get your hands on one of the 12 foot skeletons or 7 foot skeleton dogs, you can always go a bit more traditional with carved pumpkins with candles inside. Donaldson Farms in Hackettstown NJ, who are probably more familiar with pumpkins than most of us, has published some tips and tricks for success with this artform. Two that stood out to us – in New Jersey wait until a minimum of a week before Halloween to start carving, and don’t carve out the top of the pumpkin since those nutrients will help preserve it for longer (instead carve a hole in the back or bottom).
From all of us here at Garden State Trust Company – Happy Halloween!
https://gstrustco.com/solutions-services/boomers-beyond/
TIP 5 The Sandwich Generation
Did you know that the sandwich’s supposed inventor was John Montagu, the fourth earl of sandwich? If John knew the extent to which sandwiches have progressed since he died in 1792, or even how we’ve expanded the use of the term beyond its culinary applications, he might be quite impressed by his legacy.
When it comes to caregiving responsibilities, more people than ever find themselves sandwiched between providing care for their parents and providing care for their kids. People in the category are referred to as being in the “sandwich generation”. Being the all-important innards of a sandwich can be gratifying, but can be taxing too. Read more in our recent blog, “Am I the Inside of a Caregiver Sandwich?”
https://gstrustco.com/solutions-services/the-sandwich-generation/