Independent advice for Personal Trust and Retirement Planning.
Our experienced Trust Department provides a high level of expertise as both a trustee and investment manager. Our clients benefit from the personal one-on-one attention that is often lacking in very large organizations. And you may be surprised how reasonable the costs are when you work with us.
Planning for retirement doesn’t have to be overwhelming. Our Trust Department can help you get started with sensible, effective investment strategies aimed at growing your assets leading up to retirement and more income-oriented strategies when you get there.
Here are some frequently asked questions (FAQs) we receive:
I’d like to learn more about estate planning. Can you help? What does it cost?
Yes we can. GSB provides free consultation regarding wills, estate planning, revocable living trusts as well as special needs trusts.
I’m not “wealthy”. Do I need a trust?
Contrary to what you may think, a trust can be very beneficial for people who are not “rich”.
Do I need a trust to take advantage of your investment services?
No. In fact many of our customers hire us solely for our investment management expertise. Customers turn to us for our independent, unbiased investment advice whether assets are being managed for their current use or growing them for retirement or the next generation.
My spouse and I are drafting our wills and are considering naming our children as executors.
What’s your advice?
Serving as an executor is very time consuming and requires a level of expertise regarding filings, possible tax returns as well as legal and fiduciary responsibilities. Unless a family member has experience in these areas it’d be wise to consider a corporate fiduciary like GSB.
Do you charge for being named a trustee even if you are not currently acting?
No. In fact we often recommend GSB not be the current trustee unless the situation calls for it. Many of our clients have peace of mind knowing we are named as a successor in their estate plans and ready to step in should they die, become incapacitated or simply don’t want to bother any longer.
How much money do I need to retire?
Conventional wisdom says you’ll spend 70-80% of your pre-retirement income each year. That may hold true for some but many people actually spend more money in retirement on travel and health-care, especially in the early years of retirement, despite work-related expenses disappearing.
I got nervous and sold my stocks. What should I do now?
Don’t panic. Many people did the same because they either misunderstood the risks involved or lacked the discipline to stick to a sound plan. That’s not uncommon. GSB portfolio managers go to great lengths to understand each individual’s financial needs and risk tolerance. Then we help you stay the course which is a key to long-term success.
I just retired. Should I leave my 401(k) with my former employer or roll it over into an IRA?
We have to analyze each situation separately but generally we advise to roll your 401(k) balance into an IRA. This can often be more cost-effective and flexible, providing a greater range of investment choices.
I’m getting close to retirement. Should I sell off my stocks and invest conservatively from now on?
No. Retirement is a major life change yet you want to take reasonable steps to make your portfolio last. Determining the proper mix of conservative bonds to help meet your retirement cash needs along with stocks for longer-term growth potential is something GSB portfolio managers can help you with.
For more information contact:
Sr. Executive Vice President