Monthly Tips December 2020

Monthly Tips

December 2020


TIP 1 Charitable Giving

The holiday season and end of the year often bring out extra generosity from already philanthropically minded Americans, and this year there are additional benefits available that have come from the CARES Act regarding the deductions for charitable gifts:

  • For those who itemize their deductions, the cap on the charitable deduction for gifts of cash has been lifted to 100% of adjusted gross income, up from the usual 60%.
  • For those who do not itemize, a $300 adjustment to income for their charitable giving will be permitted with them still able to get the full standard deduction.

Those considering even larger gifts may want to consider creating a charitable trust, and the professionals at Garden State Trust Company would be pleased to elaborate on the benefits for the creator and beneficiary.


TIP 2 Paid Endorsements vs. Influencers vs. Referrals

As a fiduciary and trustee, Garden State Trust Company is held to the highest legal standard of putting their clients’ interests first. With other businesses and services, it may be harder to figure out who to trust.

Online reviews from anonymous or semi-anonymous sources can only do so much to encourage trustworthiness, so companies may seek to establish credit with those willing to put their reputation on line. Take a look at the evolving landscape of establishing influence in our latest blogpost: Leveraging Reputation: Not Just for Athletes Anymore.


TIP 3 Special Needs

2020 has been a year of having the unthinkable suddenly become reality. For some, this caused reflection and reassessment of risk. For others, perhaps a renewed sense that we must live each day to its fullest.

For those with special needs who rely on a caregiver’s support, every year has the potential to be like 2020. For affluent families, some of that stress can be mitigated through the use of a special needs trust. Although it can’t replace love and devotion, it can help to ensure the maximization of state support at the same time as providing quality of life improvements. Our Trust Officers would be pleased to elaborate – please let us know if you’re interested.


TIP 4 New Year’s Resolution

Have you made a New Year’s resolution yet?

If New Year’s resolutions don’t last very long, one suggestion is to consider smaller goals with action-oriented trackable metrics. Another approach is to change the mindset about goal-formation to create a different result. One way might be reinforcing something you like instead of getting rid of something you don’t like. For example, instead of hoping to lose 30 pounds, plan to hike for 30 hours throughout the year.

Garden State Trust Company’s resolution is simple, but effective for us: to provide great service and grow our communities further. We’re excited to extend our services to Pennsylvanians, and are looking forward to enjoying the relationships and culture we form there. We look forward to being of service in 2021.

Happy New Year everyone!