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May Insights gstrustco.com May 2016 May Insights In April we allread about the passing of the musical celebrity, Prince. Prince is the latest example of a celebritywho died without a Will. Recent celebrities dying without a will include Philip Seymour Hoffman, James Gandolfini, Amy Winehouse, Heath Ledger, to name afew. You would think with all their monies that an estate plan would have beena priority. Accordingto the American Bar Association, recent statistical studies show that 55% ofAmericans die without a will or estate plan. These people don’t have up-to-date estate strategies to protectthemselves and their families in the event of illness, accidents, or untimelydeath. Are you one of 55%? Here aresome reasons you need an estate plan. And for those of you with an existingestate plan, reasons to update your plan: You probably will want to considerthe needs of a new child or grandchild in your estate plan. The death of your spouse or anotherbeneficiary can greatly affect your plan. So, too, can the death of your namedexecutor, your children’s guardian, or your trustee. An important part of an estate planis protecting yourself and your family against your possible incapacity ordeath. If you marry, you most certainlywill want to review your estate plan. Also when your children marry, you maywant to revise the plan. Most people review their estate planif they divorce, but many fail to consider the possible unintended consequencesof a beneficiary’s divorce on that beneficiary’s inheritance. For example, ifyour will gives your son and his wife joint ownership in your home, think ofthe problems that could arise if they divorce and you don’t revise your will. If you move to a new state, yourestate settlement could become more complicated, especially if you continue toown real estate in your “old” state. Consult with an attorney in your new stateto learn more. A substantial increase or decreasein the value of your assets in your estate plan may require a necessary revision. I was once told the late comedian Henny Youngman carried coins inscribed “a round tuit”. Any time someone told him that they didn’t have time to do a task he would hand them one of these coins. How many times have you said I’ll get around to it? Your estate plan can’t wait for you to get around to it! Sincerely, Below are a few articles which we hope you find useful. Let us know your thoughts and reach out with any questions. Anothercelebrity may have died without a will Accordingto early reports, music superstar Prince died without a will. Just days after his funeral, his sister TykaNelson petitioned the probate court to appoint a special administrator for theestate, stating that she believed that there was no will or other testamentarydocument. If there is, in fact, no will,the heirs will be Prince’s siblings and half-siblings in equal shares. Learn More. The eternal optimist Theannual meeting for the shareholders of Berkshire Hathaway has achievedsomething akin to cult status. In 2014 some 44,000 shareholders descended uponOmaha to hear the wisdom of Warren Buffett and Charlie Munger, the firm’sleaders. An estimated 40,000 were onhand on April30, 2016, to get the latest information and browse the convention center forproducts sold by the businesses that Berkshire Hathaway owns. Learn More. The “new” fiduciary rule Eversince the meltdown of the financial services industry in 2008, there has beenconcern about the standards to which investment advisors should be held. The longstanding rule has been one ofsuitability; that is, the recommended investment must be suitable for thecustomer. That sounds perfectlyreasonable. Learn More. Becauseof the rapidly changing nature of tax, legal or accounting rules and ourreliance on outside sources, Garden State Trust Company makes no warranty orguarantee of the accuracy or reliability of information contained herein nor dowe take responsibility for any decision made or action taken by you in relianceupon information provided here or at other sites to which we link.© All rights reserved. Three convenient locations: Toms River, NJ - 732.255.5000 | Cherry Hill, NJ - 856.281.1300 | Lebanon, NJ - 908.287.7188 www.gstrustco.com I [email protected] STAY CONNECTED Garden State Trust Company | 1886 Hinds Road, Toms River, NJ 08753 Unsubscribe Update Profile | About our service provider Sent by [email protected] in collaboration with Try it free today.
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