August 2016
August Insights
The Uniform Law Commission proposes model uniform laws for states to adopt or modify as appropriate. In 2000, the Commission proposed a Uniform Trust Code (UTC). Initially aimed at jurisdictions that had a relatively undeveloped law of trusts, the UTC has been adopted by additional states over time.   

On January 19, 2016, New Jersey joined 28 other states in enacting a modified version of the Uniform Trust Code, and on July 17, 2016 it became effective. The UTC generally also will apply to trusts created before July 17th.

In our mobile society, having uniformity and consistency in the law is a good thing. That is the greatest benefit of the adoption of the Uniform Trust Code, meeting the expectations of beneficiaries and grantors now and in the future. Another advantage is that some trust administration will be possible without going to court for supervision and approval. These activities include, for example, moving a trust from one jurisdiction to another, accepting a trustee’s resignation, reforming mistakes, approving trust accounting, and terminating a trust, in some circumstances. 

We have developed a one-page summary on the New Jersey Uniform Trust Code that became effective July 17, 2016. If you are interested in receiving a complimentary copy, please e-mail: and we will be happy to forward it to you.

Hoping that you enjoy the rest of the Summer!

Below are a few articles which we hope you find useful. Let us know your thoughts and reach out with any questions. 
Clinton  v. Trump on Estate Taxes

The federal estate tax has remained unchanged since 2012, giving estate planners and their clients' time to adjust to the permanent larger exemption and the portability of the exemption between spouses.That comfort level could change in 2017, as both presidential candidates have called for major changes in the federal estate tax. Learn More.

Variable Medicare Premiums

Beginning in 2007, the amount a retiree must pay for Medicare Part B had a new component put into the mix: adjusted gross income (AGI). Higher income retirees began paying more, and the highest income retirees had to pay more than double for the same coverage. Similar rules began to apply to Medicare Part D in 2011. The table on page 2 outlines the dollars for 2016. Learn More.

529 Plans: Advanced Questions

During the presidential primary campaigns, the cost of higher education and the burden of education loans upon recent graduates has been a recurring theme. Families with higher incomes have addressed these costs by contributing to tax-preferred savings vehicles, such as the 529 plan (named for a section of the tax code).  Learn More.
Because of the rapidly changing nature of tax, legal or accounting rules and our reliance on outside sources, Garden State Trust Company makes no warranty or guarantee of the accuracy or reliability of information contained herein nor do we take responsibility for any decision made or action taken by you in reliance upon information provided here or at other sites to which we link. © All rights reserved. 
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