DuPont Wealth - April 2021

LIFESTYLE ADVOCACY FAMILY FINANCE LAFF is a publication of DuPont Wealth Solutions and The Law Offices of DuPont and Blumenstiel, blending original and curated content, and is intended to educate the general public about investing, finance, estate planning, personal injury, and small-business issues. It is not intended to be legal or financial advice. Every situation is different. The information in this newsletter may be freely copied and distributed as long as the newsletter is copied in its entirety.

21 APR

IT’S SPRING, A SEASON FOR RENEWAL, REBIRTH, AND RECOVERING FROM GRIEF

A TRIBUTE TO LOVED ONES LOST April brings the arrival of spring, which is the season for renewal and rebirth. That’s also a good spirit for 2021 as a whole because, when bad things happen to us, we often feel like the world is against us. We can feel trapped. There’s a good quote by Martin Luther King Jr. that comes to mind: “We must accept finite disappointment but never lose infinite hope.” Maybe the best antidote to a disappointing reality is asking ourselves, “Should I give up my infinite hope?” And you’ll usually find the answer is, “No.” When I work for local mental health boards, I hear stories about people who are in the hospital or need help to get into the hospital. One such story was about a fellow who was roaming the country. He constantly felt like a cough was chasing him, and it was all part of a plot to kill him. Of course, explaining to him that a cough was just a symptom — and not an entity working for the government — wouldn’t have helped. The reality of COVID makes the thought that a mysterious cough is following you a little less of a delusional belief. Reality is not always comforting. In last year’s April newsletter, I talked about how I gave up my passion for gardening and then reflecting on it because I had hired a client of mine to take over landscaping. I recently found out that he died. It’s a tragic story of premature death because he was relatively young and had a young family. Others around me have died recently, as well, and not necessarily from COVID-19. I’ve found that, as an Estate Planning Attorney, people don’t realize how arbitrary tragedy can be. In the past two years, two friends of mine were out biking, getting their exercise, before they were killed by a hit-and-run driver. You might think these two friends were out biking together, but they died in completely separate incidents — one happening a few miles from my home, and another in Cincinnati. It’s hard to imagine a more random act than dying from a hit-and- run while biking.

want to close this newsletter on this note, however — many others have experienced the deaths of colleagues, friends, and family this past year. This includes Ray Dalio, a renowned entrepreneur and philanthropist, whose son died in late 2020. He wrote a blog post about how he processed his loss, and there’s one passage I’d like to share with you: “There is still a painful void and probably will be for some time, but there is also a lot of joy. We walked where [our son] walked and visualized him being there with us, and we watched a couple of his favorite movies, including comedies, so we laughed with him. In doing these things, I realized that we shouldn’t be so focused on the ‘now.’ That life is like a movie and what we are seeing now is just the latest episode. We can both replay memories of him any time and can make new ones in the future that he will be part of in this new form, and that whether we keep him with us or leave him behind is up to us.” No matter how painful this past year has been, I hope that you’ve had a chance to find a lot of joy, and — no matter what — infinite hope. May joy and hope drive a new growth of spirit this spring.

Although many people live life as though they have no chance of premature death, unfortunately, it could happen to any of us. I didn’t

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Is there anything as great as spring? The sun is shining (sometimes), the birds are singing again, and — is that mud on the floor? As great as springtime is, let’s be honest: The wet weather that makes the grass and trees green also makes for a few muddy months. And if your family likes to recreate outdoors, you’ll want some tips for keeping the outside, well, outside . The easiest way to prevent having mud tracked through your home is by simply taking off your shoes at the door and asking your family and guests to do the same. This is a custom in many cultures around the world, but here in the U.S., developing the habit might be an adjustment. It’ll pay dividends all year long, though, especially in spring. Failing that, you should at least keep an old towel by the door to deal with your dog’s muddy paws or your kids’ mud-caked shoes! Outside of the house, use a hose to wash off mud on pavers, flagstones, or patios; this will help prevent it from being tracked indoors. Other particularly tricky outdoor patches might benefit from a push-broom scrubbing or even a pressure washing. If someone does track mud inside onto a hard surface, such as a finished hardwood floor, you have two options to clean it up. The first is to wipe it up immediately with a paper towel, which you’ll MUD, MUD EVERYWHERE!

have to do if it’s bad enough. But if the mud isn’t caked on too thick, you might want to let it dry and then hit it with a dampened towel or scrubber. In either case, you’ll want to follow up with a cleaning product designed for use on that surface, whether it’s wood, stone, or linoleum. Of all surfaces, carpet presents the biggest challenge. Mud stains on carpet should always be left to dry completely — hard as it might be to look at! Once it’s dried, hit it with the vacuum then blot the area with a 1-to-2 mixture of laundry detergent and water. Repeat until the stain is gone, and flush with cold water to finish. You can follow a similar process for upholstery. Now you’re a mud cleanup master! EPISODE 12 Estate Tax Planning in the COVID Era EPISODE 11 Hey, What’s on Your Mind? EPISODE 10 Taking Out the Trash - Getting Out of Your Own Way EPISODE 9 Biden Our Time - The Impact of the Change of Administration EPISODE 8 Let’s Go Back to Basics: Part 3 Estate Planning WHAT HAVE WE BEEN TALKING ABOUT IN THE PODCAST?

WE APPRECIATE YOU

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Patrick Henthorne Prakash Peram Yash Lunkad Brady and Dawn Rich Sean Nemec

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BEST SAFE, LOCAL EXPERIENCES FROM DUBLIN!

MAKE NEW MEMORIES THIS SPRING

WOODHOUSE DAY SPA 19 North High Street Dublin, OH 43017 614-790-8822

It might be tough to make the most out of any extra time we have this spring, but there are plenty of local spots that can make it so much easier. Here’s just a few of our ideas to get you started. COLUMBUS ZOO AND AQUARIUM 4850 West Powell Road

Located in Dublin’s Historic District, you’ll love stepping into this local getaway. This two-story, 22-room spa will help you relax, escape, and be indulged with a variety of services, including massage therapy, facials, seaweed wraps, body treatments, and much more. Feel properly pampered as the spa also utilizes an entire line of organic Irish skin care products and seaweed. CAPITAL AXE THROWING 6124 Busch Blvd., Columbus, OH 43229 614-987-6125 If this doesn’t help let off some steam, we’re not sure what will! Get your friends and family together for a unique treat: throwing axes at targets. You’ll learn everything

Powell, OH 43065 800-MON-KEYS

Get away from human civilization to explore the animal kingdom! This zoo was made famous by director emeritus “Jungle Jack” Hanna’s memorable appearances on the “Late Show with David Letterman” and “Good Morning America.” Their newly constructed Adventure Cove is a 4.1-acre, Pacific Northwest-inspired exhibit that’ll be a blast for you to explore. It includes new animals and a one-of-a-kind Jack Hanna’s Animal Encounters Village.

you need to know from specialized safety coaches, then jump into one of the practice rooms to try it yourself! Supporting your local businesses plus having a great time with your family is what we call a double win! From everyone at DuPont Wealth Solutions, have a wonderful April.

WORD SEARCH

SPRING VEGETABLE AND CHICKEN PASTA BAKE

Inspired by TheSeasonedMom.com

INGREDIENTS

1 cup cooked chicken, diced 1 14-oz can artichokes, drained and quartered 1 cup fresh asparagus pieces 1/2 cup carrots, grated 1 1/2 cups uncooked penne pasta 1 3/4 cups chicken broth

1/2 cup fresh chives, chopped and divided 1/4 cup fresh parsley, chopped and divided 2 tsp minced garlic

• •

•

•

•

• • •

1/4 tsp salt

• •

1/4 cup grated Parmesan cheese, divided

•

DIRECTIONS

1. Preheat oven to 425 F and grease an 8-inch square baking dish with cooking spray. 2. In the prepared dish, stir together cooked chicken, artichokes, asparagus, carrots, uncooked pasta, chicken broth, half the chives, half the parsley, garlic, salt, and 2 tbsp Parmesan. 3. Cover the dish tightly with foil and bake for 35 minutes. 4. Uncover and stir. At this point, check the pasta to make sure it is al dente. If it’s undercooked, cover the dish and return to the oven until pasta is tender. 5. Remove from oven and garnish with remaining Parmesan, chives, and parsley.

ARBOR ARIES

CHOCOLATE DAISY DIAMOND ENVIRONMENT

GARDEN KITE RAINBOW SHOWERS

BASEBALL CHERRIES

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INSIDE

A Tribute to Loved Ones Lost PAGE 1

Cleaning Tips for Spring Mud Podcast Info We Appreicate You PAGE 2

Best Safe, Local Experiences From Dublin! Spring Vegetable and Chicken Pasta Bake PAGE 3

Vacations That Pay PAGE 4

VACATION DESTINATIONS THAT WILL PAY YOU TO VISIT In the wake of COVID-19, tourist destinations worldwide have been hit hard. To lure travelers back, some places are offering steep discounts and other incentives throughout all of 2021. With cheap airfare and great deals on accommodations, tours, food, and more, you can take a luxury vacation on a dime this year. MEXICAN CARIBBEAN

THAI PARADISE Although it’s no longer the hidden destination it once was, there are still a lot of good reasons to visit Thailand. In addition to being an affordable place to travel, Thailand also has great food and an amazing climate. To make up for the financial hit due to suspended travel because of the virus, the Cape Fahn Hotel is offering incentives into 2021 including a complimentary upgrade to the next class of care, which gives economy spenders access to executive accommodations. Other incentives include free meals, round-trip airport service, and discounted beach picnics and boat tours. Check out CapeFahnHotel.com/offers for more information. WHISTLER, BRITISH COLUMBIA Although this destination in British Columbia might be known for its winter activities, there’s a lot to love about Whistler in late spring and early summer! One great thing? The amazing array of money-saving options you can find here. The Riverside Resort, for example, is offering mountain-view cabins at a 3-for- 2 discount — pay for two nights and get a third for free! Traveling to Canada can be tricky at the moment, but if you use a good travel agent, you can take advantage of some great deals. Other incentives in the region include free meals (or a per diem meal rebate) as well as discounts on guided tours.

Few words evoke the image of beaches, sun, and saltwater like “Cancun” does. This Mexican locale has become synonymous with leisure, as have other destinations in the Caribbean — beautiful places like Isla Mujeres or the Riviera Maya. Tourists can visit all of them at a steep discounted rate until the end of 2021 thanks to promotions

from the Hotel Association of Cancun and the Quintana Roo

Tourism Promotion’s council. Head to En.Come2MexicanCaribbean.com to

find vouchers for two free nights in a hotel for every two you pay for, steeply discounted airfare, and even options for free food and drinks.

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PILOT SPOTLIGHT

According to many sources, federal income taxes will increase from $3.4 trillion currently to $6.8 trillion by 2028. The U.S. Debt clock predicts that our government will have almost $87 trillion of debt by 2028. That is THIS decade! ACCORDING TO MANY SOURCES, FEDERAL INCOME TAXES WILL INCREASE FROM $3.4 TRILLION CURRENTLY TO $6.8 TRILLION BY 2028. THE U.S. DEBT CLOCK PREDICTS THAT OUR GOVERNMENT WILL HAVE ALMOST $87 TRILLION OF DEBT BY 2028. THAT IS THIS DECADE! We are building overwhelming debt at all levels of government. In addition to our federal government, the states, counties, cities, townships, and municipalities face crushing debt. Several states are already using streets as collateral for pension loans. We are building overwhelming debt at all levels of government. In addition to our federal government, the states, counties, cities, townships and municipalities face crushing debt. Several states are already using streets as collateral for pension loans. Demographically, won't government require more money for all our retirees -- ---• -�� than allowing the government to be in control of how much tax you pay, would you want to develop a strategy? When would you want to get started? Predict A “Stealth Tax” An additional tax is the “stealth tax” called inflation . Inflation is best thought of a “lost purchasing power.” It is

Demographically, won’t the government require more money for all our retirees who are increased debt and possibly higher interest rates cause living longer than they have ever lived? Finance experts see a tidal wave coming: The government continues to encourage our government to have to pay more and more interest on that debt? With this knowledge, the government continues to encourage Americans to take a tax deduction now on a small amount Americans to take a tax deduction now on a small amount of contribution while taxes are historically low. This way, Americans can build a fully taxable, much greater amount of money in the future that the government can tax at any level they require. of contribution when taxes are historically low, so Americans can

who are living longer than they have ever lived? Won't this dramatically

predicted that the M2 money supply will increase by almost $100 trillion in the next seven years. What does that do to the purchasing power of our money? Isn’t that a tax? Inflation is even more insidious than the increased income tax because increased income taxes will only impact 15% to 20% of Americans, but inflation will

25% Debt

build a fully taxable, much greater amount of money in th future that the government can tax at any level they require. Does that sound beneficial to you?

impact 100% of Americans. No matter whether you are poor, rich, or middle class, you will pay the stealth tax. How do we know for sure the stealth tax is coming? Mathematically, after raising taxes and lowering benefits, the government will have to print enormous POWERED BY THE ..-PILOT I )If PROCESS -THELAWOFFICESOF- 0UPONT & BLUMENSTIEL

That doesn’t sound beneficial to us. If you could be in control of how much tax you pay rather

TAKE ACTION NOW MOST PEOPLE LOOK AT TAXES ALL WRONG. DON’T BE LIKE MOST PEOPLE WHEN YOU CAN PLAN, AND PERHAPS … • Pay only $10,800 to eliminate taxes on $1,156,000 over 20 years, at an effective tax rate less than one-tenth of a percent. • Pay only $101,000 to eliminate taxes on $1,5444,000 over 20 years at an effective tax rate of 6.5%. • Pay only $298,760 to eliminate taxes on $2,777,000 over 20 years at an effective tax rate of 10.76%. • Pay only $712,440 to eliminate taxes on $4,611,000 at an effective tax rate of 15.45%.

amounts of new money. It’s the only way they can provide the promised benefits and services necessary to run a country. Protect Your Legacy When the government needs more money in the future, will they get that money from the 90% of Americans who don’t have any money, or the 10% that do? In order to be in the top 10%, you only need $200,000 or more. 90% of Americans cannot put $200,000 together. So, even though you did everything right — you saved, you invested, you lived within your means — the government will come and take your money to take care of all the people who were not willing to do what you did. Not only will they take it from you, won’t they be taking it from your children and grandchildren? Are you okay with building a legacy for the IRS and the government, rather than your family or business? If there was a way to be in control of how much the government takes, when would you want to implement a strategy for that? Before or after the government comes and takes your money?

Time is not on your side. Give us a call today, and let’s look at ways to get you out of the retirement tax trap.

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