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Financial Management

Do I Want To Be A Trustee? Trusts can be set up inter vivos, while you are alive, or can be established, testamentary, upon death by Will. Administering a trust can be a daunting challenge, especially if you are unfamiliar with the responsibilities and complexities that this might require. When considering a trustee for your trust in your estate plan, it is important to appoint someone with the depth and breadth of experience needed to properly oversee the trust. You may also want to think twice before you accept being someone’s trustee. The following shows you the components of a trust.

One benefit to establishing a trust is that you are planning in advance for the proper management of assets to protect against future unknown circumstances. Establishing a trust is a responsible way for you to care for the financial future of family members upon disability or death.

Other Benefits Include

• Assurance that the distribution of assets to designated beneficiaries are made according to the trust document in an unbiased manner. • Protection of assets in the event of such situations as litigation or a divorce • Availability of assets to beneficiaries for such needs as education expenses, living expenses and health care. • Potential for substantial tax benefits. As Trustee you will... • Ensure investments are properly managed. Establishing an Investment

You may have heard of the terms “revocable trust” and “irrevocable trust:’ A revocable trust is one that can be changed or rescinded by the grantor. An irrevocable trust generally cannot be changed, altered or amended after it is established.

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Policy Statement from the onset is strongly recommended. Review distrubutions in accordance with the trust document. Approve and arrange for discretionary distributions. Take steps to minimize, as best as possible, income taxes. Coordinate tax preparation, planning and consulting and verify tax return filings. Pay taxes and debts as required in the trust document. Monitor and update the trust document if necessary to conform to changes in the law.

Our focus is where it should be... On You. On Your Family. On Your Future.

Trust & Estate Services Investment Services Lifestyle & Money Management True independence and understanding are at the core of our unique value proposition. Caring for and thoughtfully guiding our clients has created the strong trusting relationships we have nurtured over many decades. That’s why so many people rely upon our independent company for wealth management and trust & estate services: Garden State Trust Company. To learn how we can focus on you and your family, contact Adam Brower or Siobhan Connolly. 1886 Hinds Road • Suite 2 • Toms River, NJ 08753 Toms River, NJ | Cherry Hill, NJ | Lebanon, NJ | Linwood, NJ

732.255.5000 | gstrustco.com

The County Woman Magazine www.TheCountyWoman.com

July/August 2018

Ocean County Woman - July/August 2018  

The County Woman ™ is part of a nationally syndicated publication and has been around for over 31 years. There are over 371 other counties t...

Ocean County Woman - July/August 2018  

The County Woman ™ is part of a nationally syndicated publication and has been around for over 31 years. There are over 371 other counties t...