According to Pew Research, there was a big increase in baby boomer retirements last year, 1.2 million over the historical average! Although there are no reasons cited for the increase, it’s likely that many of those who had been holding off decided to go ahead with retirement when the work dynamics they enjoyed and were…
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The Home Office Dedection
Dear Garden State Trust: I’ve been working from home during the pandemic, and my employer has indicated that will probably continue for me at least part time this year as well. Can I take a tax deduction for my home office? —Former Commuter Dear Former: You are most likely not eligible to take a deduction…
Myths About NFTs
When Beeple’s artwork sold last month for a record-breaking $69.3 million, one may have thought that NFTs have gone mainstream. When Saturday Night Live aired a spoof of the NFT market last month, one may have thought that NFTs have gone mainstream. When Rolling Stone Magazine published an article with the headline “Music NFTs Have…
Warren Buffett’s Annual Shareholder Letter
Dear Garden State Trust: Have you read this year’s Berkshire Hathaway shareholder letter from Warren Buffett? What did you think? —Fan of the Oracle of Omaha Dear Fan: I read the letter, as I do every year, and I loved it. Mr. Buffett has a remarkable talent for communicating complicated financial ideas in language that…
The ABCs of Traditional and Roth IRAs
Both Traditional and Roth IRAs (Individual Retirement Accounts) have tax advantages that can lead to enhanced asset growth. It may not seem like much in the beginning, but it adds up over time, and if you don’t need the liquidity of the assets immediately it is something worth considering every year. What are the benefits…
Roth IRA Versus Traditional IRA
Dear Garden State Trust: I have $6,000 to put into an IRA before I file my tax return for 2020. Which is better, the traditional IRA or the Roth IRA? —Tardy Saver Dear Tardy: There is no simple answer to your question, unfortunately. Do you qualify for the tax deduction for the contribution to a…
Revocable. Living. Trust.
Garden State Trust Company provides investment management services. These may be delivered through an investment management account (IMA), or through administration of a revocable living trust, which might be thought of as IMA+. Let’s unpack the name of this service. Revocable means that this account is not permanent, it may be altered or cancelled at…
Important information about COVID-19.