Monthly Tips November 2020

Monthly Tips

November 2020


TIP 1 Pennsylvania

We have received permission from The Pennsylvania Department of Banking and Securities to do business in Pennsylvania. We are extremely pleased to be able to provide our trust, estate and investment management services to Keystone State residents, and look forward to providing support in their wealth management plans.

Learn a little about masonry and how a keystone keeps an arch together, fiduciary duties, and additional fun facts about why Pennsylvania excites us in our blogpost: The Keystone State


TIP 2 Telehealth

We have seen health providers rise to the challenge of an already growing marketplace of telehealth this year, and some reports show as much as 20% of visits this year were virtual.

What about our furrier members of the family, though, were they left out the picture?

In fact, there are services for virtual veterinarian visits as well! Not only that, but one of the largest providers of petfood online,, just announced a new service called Connect with a Vet that allows their Autoship customers to connect with a licensed veterinarian from 8 a.m. to 8 p.m. EST at no additional cost.


TIP 3 Thanksgiving

In a year with so many new challenges to face, we’ve also found so many reasons to come together, and be thankful to one another. These challenges have been remarkable, and the perseverance even greater. We are grateful that we are not alone. We can and will succeed with personal and community goals, and support one another. We will miss those who are not with us, and honor them as their impact continues to improve our lives.

At Garden State Trust Company, we are grateful for our clients, team members, partners, and communities for trusting us and allowing us to have an impact in their lives. Happy Thanksgiving everyone!


TIP 4 Max Out Your Contributions

As year-end approaches, it can be helpful to consider whether or not you’ve utilized tax-preferred accounts as much as you could have. Two important ones to consider, are an IRA and HSA (for those that have high-deductible health plans). You may be reducing your penalty-free access to the funds, but if you have a long-time horizon for the investments the tax savings can become substantial.

For 2020:

The IRA contribution limits are $6,000 for an individual and $7,000 if you’re over 50 years old.

The HSA limit is $3,550 for an individual plan or $7,100 for family coverage (plus $1,000 if you’re over 55 years old).

Depending on your tax bracket and anticipated tax bracket, it may be beneficial to consider whether a tax preferred account would be more suitable for your situation.