Monthly Tips September 2021

Monthly Tips

September 2021


TIP 1 Life Insurance Awareness Month

Every September we celebrate Life Insurance Awareness month. At its core, life insurance is a tax-sheltered plan to leave a substantial inheritance to heirs to ensure that important goals can still be met, such as paying off a mortgage or college costs.

While life insurance can help with some of the financial hardships of losing a loved one, there are many additional obstacles when it comes to estate transfer. Obstacles regarding hard-to-value assets such as a business, ensuring familial understanding and harmony, and keeping the financials of the family private. Having a will addresses some of these additional issues, but when it comes to complex estates one might also want to consider a trust. Please reach out to us if you’d like a consultation.


TIP 2 Incentive Trusts

We are pleased that Rock The Farm is back in Ocean County after their hiatus last year. It will be held on September 25th, and you can also support the charitable efforts of CFC recovery directly through their homepage at too.

Addressing addiction isn’t easy, and doesn’t always have a clear path. One method some have tried to implement is creating financial incentives to stay sober though provisions in a trust. California may be trying to implement a similar approach according to this recent proposal. Read more about studies regarding using financial incentives to promote positive behaviors and the how trust services can help accomplish this goal in our latest blog: Financial Incentives to stay Drug-free.


TIP 3 Fall Equinox

Another summer has past, and it’s time for the splendor of watching the leaves change colors as we approach winter. The Fall equinox (mid-point between summer and winter) is on September 22nd, but the peak colors may not arrive until a week or two later depending on where you are in New Jersey and Pennsylvania.

One helpful tool to help predict the peak is located on the smoky mountains website here. While it was created initially for Tennessee, data for the whole country is aggregated, and you can see how the peak progresses over time by using the slider to shift the date under the geographic map of the US. There are also fun facts below.


TIP 4 Estate Plan Review

Thanks to an outdated estate plan, a ne’er-do-well nephew just became a millionaire.

While that thought might elicit a chuckle or two, the reality is both people and situations can change: is your estate plan still relevant? At Garden State Trust Company, we help ensure your plan is up to date and reflects your current wishes for beneficiaries through the use of trusts and other financial tools. Periodic reviews with a knowledgeable trust officer can spot pitfalls you may have missed, and offer options you might not know were available.

Contact us to learn how we can put our focus where it should be… On you. On your family. On your future.