TIP 1 Staying Ahead of Supply Crunches
When dealing with resellers, it can be difficult to know if a product is authentic, as we can see from our earlier blogpost about fake reviews and products being sold through online retailers.
According to this recent Bloomberg article, it may be even more difficult to get the hottest Christmas gifts this year as resellers are becoming more sophisticated and using bots to obtain all the available supply of items that companies are trying to limit to one per customer.
Many retailers are having their Black Friday sales early this year to reduce the last-minute supply crunch, so it may be worthwhile to order ahead before a shortage provides additional incentives for resellers to buy out the remaining inventory.
TIP 2 Charitable Giving
Americans are some of the most generous people in the world. Although one might have expected charitable giving to have decreased in uncertain times during a global pandemic, Americans donated a record $471 billion dollars to charity in 2020, according to a recent report in Giving USA.
Making substantial gifts may involve some uncertainty in how they could affect the families’ wealth management plans in the long term. That risk can be mitigated when using a trust to implement that plan. Learn some of the basics of how charitable trusts can be used in our latest blog: Trusts and Philanthropy.
TIP 3 Thanksgiving
Fun Fact about Thanksgiving turkey: The vast majority of turkeys sold today are broad breasted white turkeys that have been selectively bred for their large breasts (they may be preferred by many as well).
If one wants to experience a Thanksgiving turkey a little closer to one of the breeds they were eating over a hundred years ago, one may still be able to do so. However, there isn’t a huge availability on these birds, and an order months in advance is required by some farms. So – it might be a fun topic to bring up this year to gauge family interest on trying it next year. Learn more about heritage turkeys here.
We are blessed to be able to have wonderful clients, employees, and partners for trusting us and are grateful for the positive impact we create in their lives and our communities. Happy Thanksgiving!
TIP 4 Year-End Tax Planning
As December approaches, so does year-end tax planning. Those that have had a successful year in the stock market may have seen their asset allocations shift and certain stocks may have a higher weight in the portfolio. Rebalancing a portfolio to restore a previous asset allocation can have tax consequences, however.
At Garden State Trust Company, we can help you determine your appetite for risk, and help compose or rebalance a portfolio to meet your needs. Please reach out to us for a consultation.