Monthly Tips August 2022

Monthly Tips

August 2022


TIP 1 National Immunization Month

In August, we celebrate National Immunization Month. It is not easy to develop and deliver a new vaccine, and as we can now see, COVID has not gone away. But keep in mind that the introduction of a chicken pox vaccine, for example, took time to get complete results, within 10 years new cases fell by more than 90%, so we can still be hopeful that COVID will be eventually quashed.

The World Health Organization recently released an update to its vaccination efforts and noted that estimates show 19.8 million lives have been saved thanks to COVID-vaccine efforts. More than 12 billion doses of vaccines have been given across the world. Truly extraordinary efforts leading to extraordinary results.

We appreciate all the continued efforts of healthcare employees and send our good wishes that nice things happen to them.


TIP 2 What Are The Odds?

What is the likelihood that you’ll be struck by lightning in your lifetime? It may be higher than you think. Winning the Jackpot of the Mega Millions lottery? Perhaps right about where you think it would be. Read about the odds and more likely scenarios for sudden wealth in our latest blogpost: What Are the Odds?


TIP 3 Charitable Remainder Trusts

At Garden State Trust Company, we help charitable contributors in many ways. The biggest is using Charitable Remainder Trusts (CRTs). We’ve recently added a calculator to our website, so you may see the basics of how utilizing these type of trusts can help both the giver and the charity.

Another thing to mull over is how to pass along your philanthropic spirit. If you are giving a substantial inheritance, you could consider adding an incentive for philanthropic efforts by the beneficiaries. We’re pleased to share our experience, and excited to facilitate charitable efforts. Please don’t hesitate to reach out if you’d like more information.


TIP 4 Electric Vehicles

Thinking of going electric with your next car? If so, New Jersey’s clean energy fund announced last month that it is planning to chip in for some of the cost of the car (up to 4K) and creating a charging station at home ($250). Add that on top of the possible $7.5K federal tax credit and some electric vehicles are starting to look more competitive, especially with the recent spiking of gas prices. The cars eligible for the federal tax credit can be found on the IRS website here.

There are still major considerations though, as long-distance travel might not be possible given a lack of charging stations, and the cost of time associated with waiting around a charging station isn’t negligible.