TIP 1 Gift Card Giving On the Rise
According to the global branded payments provider Blackhawk Network, gift card giving is on the rise this year. Beyond the most conventional reason of not wanting to give the wrong gift, consumers are worried about gifts being out of stock or shipping delays due to supply-side shortages.
Gift cards create a designated usage for the funds that prevents the money from going into a general fund. Having a designated usage for funds doesn’t need to be limited to gift cards and physical gifts, and affluent families can use trust services to fund particular values and goals. By designating the usage in the trust rather than giving cash you can promote an experience. For example, a trust could be set up to cover the travel expenses for a family reunion each year to ensure that finances wouldn’t be the barrier that prevents that get-together, or it could be the gift of college education.
At Garden State Trust Company, we know the ins and outs of how trusts can be used to protect and promote family values across generations to provide a lasting legacy. Please let us know if you’re interested in learning more.
TIP 2 Scams On the Rise
Con artists, flimflammers, hustlers, scammers. They are working diligently to come up with new ways to bamboozle everyone. In the movies they target bad guys that made their money through illegitimate means. In real life their favorite targets are seniors who spent a lifetime of hard work supporting their families and creating a nest egg for retirement.
What we hold sacred at Garden State Trust Company — a person’s trust — is what con men rely upon for their criminal plans to succeed. Their scams can be as lengthy and elaborate and involve a cast of people as large as in the movie “The Sting”. Read about red flags to look for to protect yourself in our article Scams Are Becoming More Elaborate.
TIP 3 Christmas Tidings
It’s difficult to believe, but there was a time less than 200 years ago when Christmas was hardly celebrated in the United States. Today it sometimes seems that plans for the coming Christmas begin on December 26th! No matter how the holiday has changed over the years, there has been one constant: the coming together of family and friends to celebrate in the manner they feel is most appropriate. For some it’s an elegant feast, for others it’s seeing a movie, and for others it means helping those who are less fortunate in the community.
At this time of year our thoughts turn gratefully to those who have made Garden State Trust Company a part of their lives. It is in this spirit that we say thank you and send best wishes for a very Merry Christmas.
TIP 4 Mega IRA Tax Changes Still Under Consideration
Some in Congress are unhappy that some taxpayers have accumulated larger IRAs than anyone ever expected. Read about the significant tax changes proposed for “Mega IRAs” in the Build Back Better Act.
Happy new year, and good luck with additional resolutions!