States are facing the issue of how to manage spending given declining tax revenue due to the pandemic, so they are taking another look at the taxation of residents and non-residents. How does a state tax a nonresident on income? For the majority of states, nonresident income tax applies only to those wages that are…
Author: gstc
Travel Trusts
Dear Garden State Trust: I immigrated to this country from Norway as a child, and I have relatives there with whom I remain close. One of my children lives in Oslo now and may be settling there permanently. For several years, I’ve helped fund some family reunions. The get-togethers alternate between the U.S. and Oslo,…
Leveraging Reputation: Not Just for Athletes Anymore
We may all be familiar with the idea of paid endorsements by athletes, thinking of Michael Jordan’s 1984 deal with Nike to create Air Jordans, but he’s certainly not the only celebrity that has been paid a substantial sum to get behind Nike product. In recent years, Nike has made a 5-year, 100-million-dollar endorsement deal…
Where Are Stocks Going Next?
Dear Garden State Trust: What are the chances that the wild ride for stocks will end soon? What does the latest GDP figure suggest for the future? —All Shook Up Dear Shook: The U.S. Gross Domestic Product grew at a record 33.1% annualized rate during the third quarter of the year. The previous one-quarter record was…
The Keystone State
Garden State Trust Company has been granted permission to provide our services to Pennsylvanians, and we are excited about the prospect. Although Pennsylvania has many nicknames, the most well-known may be as the Keystone State. A keystone (or capstone) is the part of an arch that is needed to keep the other stones from falling…
What Is a “Corporate Fiduciary”?
Dear Garden State Trust: I understand that you are a “corporate fiduciary.” What is that exactly? Aren’t you just a different flavor of stockbroker or financial planner? —Shopping For Advice Dear Shopping: “Fiduciary” is a legal term that describes the duties that one party owes to another in a business relationship. A fiduciary duty is…
The New Millionaire’s Tax… Applies To Who Exactly?
Looking to create additional tax revenue to offset the losses from the pandemic and provide additional relief, New Jersey has opted to implement a “Millionaire’s Tax”. Does the millionaire’s tax affect all millionaires? New Jersey has a lot of millionaires, with some estimates showing over 250,000 households with over a million dollars in investable assets.…