Category: Ask Garden State Trust

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…

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…

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…

Dear Garden State Trust: I’m going to make a major charitable gift to my alma mater, but I also need to provide for my heirs. How can I balance these competing interests? —Budding Philanthropist Dear Budding: Explore a split-interest charitable trust.  Such a trust has both private and charitable beneficiaries (hence, the “split”). You contribute…

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,…

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…

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…