Monthly Tips

Monthly Tips

October 2020

 

TIP 1 Living Philanthropy

Without desire for publicity or recognition, Chuck Feeney spent the last 36 years giving away 8 billion dollars to various philanthropic goals. His story is inspirational and heartwarming, a Forbes exclusive on it can be read here, from being a self-made success to the impact he made and inspired others to make.

Perhaps most unusual was his desire that his fortune all be spent on creating positives during his lifetime, rather than pass it along after death. This way he could see the difference he was making first-hand, and encourage others on the same path.

At Garden State Trust Company, we work with many clients on the best ways for them to meet philanthropic goals. In 2020, the CARES act has provided some additional charitable giving opportunities too. If you feel inspired by Chuck Feeney’s story and are considering a larger gift, we’d be pleased to meet and discuss how trust services could ensure anonymity if desired, and creating tax-efficiency so that the benefits are maximized.

https://gstrustco.com/trusts-estates/charitable-trusts/

 

TIP 2 The New Millionaire’s Tax

New Jersey has adjusted its income tax to include a new “millionaire’s tax” in 2020 with this recent budget. Read our latest blogpost: The New Millionaire’s Tax… Applies To Who Exactly? for information on how much the tax will be, who it applies to, and how it compares with nearby New England States.

https://gstrustco.com/solutions-services/boomers-beyond/

 

TIP 3 Stock Market Rollercoaster

The stock market drop and growth earlier this year have both been unprecedented, and riding those waves can make any investor feel a bit queasy. That’s why it’s important to have a disciplined approach to investing, with guidelines and instructions to follow so you’re not making it up on the go.

Regardless of whether you’re a DIY investor or have a professional like those at Garden State Trust Company, it can be worthwhile to sit down and define goals and assess potential risks for your resources. We recommend reviewing your investment guidelines annually to see if your risk tolerance, time horizon, or liquidity needs have changed, and we would be pleased to review these factors with you.

https://gstrustco.com/investments/investment-policy-formulation/

 

TIP 4 Halloween Safety

The Toms River Halloween Parade has been cancelled in order to continue the efforts to provide safety for all during this pandemic. The Halloween celebrations don’t have to stop completely, and trick or treating is still being supported by the Mayor and Police Department.

They have asked that those that wish to participate wear masks, and practice social distancing. Due to the need for high-risk individuals to reduce exposure possibilities by opting out, please be considerate and respectful of participants by turning your porch light on or off to let them know if your house should be approached.

Fun Trick-or-Treating fact: Halloween accounts for 10% of Hershey’s annual sales. They’ve coordinated with the CDC to set up this website with additional suggestions of how to continue celebrating Halloween safely.

Stay safe, and happy Halloween!

https://gstrustco.com/about/why-garden-state-trust/