DuPont Wealth Solutions - December 2021

DuPont Wealth Solutions - December 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 DEC

How the Grinch Might Try to Ruin 2021 SAY ‘NO’ TO THE GRINCH

Despite every imaginable crazy thing happening in the past, turbulent two years (just a few months short, at least), there’s one thing we can always count on — Christmas movies. This is probably about the time of year that you’re starting to plan when and where you’ll rewatch all your favorite classic Christmas TV episodes and movies, isn’t it? Isn’t it funny how, as soon as December hits, we can’t help but to curl up with our family and watch “Christmas Vacation”? I have to wonder: Why is that? Perhaps it brings up certain pleasant family memories. As we fall into the Christmas spirit, you might feel impenetrable, invincible even. The only thing that really ruins our Christmas spirit is, well, the Grinch.

Luckily, there’s a great movie all about the Grinch.

My favorite Grinch movie, which is also my favorite holiday movie, might not look right to some kids. Many kids are more familiar with the live-action Grinch. As for myself, my favorite is the classic, Dr. Seuss-styled cartoon Grinch movie. But the Grinch isn’t just a furry green monster in a book. As adults, we’re faced with the Grinch every day. He’s always groaning and complaining, even after good, generous things happen to him. He replaces joy with self-pity, and gratitude with bitterness. He might not even know it, but he wants to ruin your life.

“[Don’t] let the Grinch take your

Christmas spirit away. The season of giving can also be the season of tremendous stress, but try to replace that stress with compassion and joy.”

due to the scarcity caused by supply chain issues in nearly every single industry.

Even with these challenges, don’t let the Grinch take your Christmas spirit away. The season of giving can also be the season of tremendous stress, but try to replace that stress with

Keeping tabs on news stories doesn’t help. For one, the Grinch, also known as the “government,” is currently working on a bill (at time of writing) that aims to reconcile the budget with major tax law changes. They may even try to pass the bill in the dead of the night, like the Grinch sneaking down to Whoville and stealing all the roast beast Another way that the Grinch is striking our Christmas season is that it’ll be harder than ever to find the right toys for our kids. Many parents know the feeling of hunting down the latest “it” toy, and how hard it is around the holidays — now, it’ll be impossible

compassion and joy. Spend a little extra time with someone you care about, or sing while holding hands with all of your friends, family, and neighbors. It might surprise you just how easy it is to remedy a lonely Christmas experience.

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HOW LONG HAVE YOU BEENWORKING AT THE LAW FIRM, ANDWHAT DOYOU DO HERE? I’m an Attorney here at DuPont & Blumenstiel for the litigation department. I started working here fairly recently, in August of 2021. Before that, I graduated from the University of Alabama School of Law. My extensive background in teaching and tutoring helps me connect with clients as well as help them understand their legal rights and cases. My typical workday consists of calling clients to update them about their cases and gather more information from them, draft legal documents, and help Attorney Blumenstiel develop new practice areas for the firm. WHAT IS YOUR FAVORITE PART OF YOUR JOB? My favorite part of the job is getting the opportunity to engage in real legal problem-solving. Attorney Blumenstiel will often give us the freedom to approach a variety of legal problems how we see fit, and it is exciting to figure out the best possible solution together. STAFF SPOTLIGHT: NATHAN JAMES LAW CLERK

WHAT WOULDYOU SAY TO SOMEONE LOOKINGTO PURSUE A LITIGATION CASE? To anyone who has been injured due to no fault of their own and is looking to pursue a litigation case, I would say two things. First, take copious notes and write things down. This will help you remember certain events and facts that may be vital to your case in the future. Secondly, just be honest with your attorney so they can help you in the most effective way possible.

WE APPRECIATE YOU

We want to use this space to express our gratitude to the following members of the community who have recently left us a review or have referred someone to our care. Thank you! Anil Gupta

Randy Badersnider Shaun McCloskey

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How Life Insurance Affects Your Estate Planning

With all of the choices available, considering what type of life insurance is best for your situation can feel overwhelming. Here are just a few different types and how they may benefit your current financial situation. Term insurance will pay the death benefit only if the insured dies within the specified period (term) spelled out in the insurance contract. For example, if the policy is for a 10-year term but the insured dies in year 11, no death benefit is payable to the beneficiaries. Terms are typically 10–25 years. Term insurance is more affordable (and profitable for companies) than other types of policies.

higher than term life premiums because the insurance company maintains a reserve that helps keep the premiums level during the insured’s life. This reserve is an accumulated cash value within the policy that the policy owner can borrow against or cash out if they choose to terminate the contract before they die. A middle-aged working professional with a family may want to consider purchasing either a large term insurance policy or a whole life policy that has a guaranteed death benefit as long as the premiums are paid. If the insured develops a chronic illness, such as diabetes or cancer, that would disqualify them from obtaining a new term policy when their old term policy terminates. First-to-die life insurance policies allow the death benefit to be paid upon the death of the first of two insured individuals. Insuring

two individuals instead of one costs less than the total premiums for separate life insurance policies on the two individuals. For example, these policies can provide a surviving business partner with the cash necessary to buy the deceased partner’s share of the business from their spouse or family. For those who own large estates with significant assets that would be difficult to sell, such as a successful business, a second-to-die or first-to-die policy might be a better option for ensuring that there is sufficient cash to pay taxes or buy out a deceased partner’s business interests. There are many more types of life insurance than those mentioned here. Feeling overwhelmed? Don’t — just give our expert team a call to choose the best policy for you.

Young couples on a tight budget may find that term insurance fits their needs.

Whole life insurance typically guarantees a consistent premium throughout the life of the contract, but the premiums are typically

SUDOKU

DIY HOLIDAY EGGNOG

Inspired by TastesBetterFromScratch.com

Making your own eggnog is easier than you think! This creamy, delicious drink will be a hit with your holiday guests. INGREDIENTS

6 egg yolks 1/2 cup sugar

1/2 tsp nutmeg

• • • •

• • • •

1 pinch salt

1 cup heavy whipping cream

1/4 tsp vanilla extract Cinnamon and whipped cream, for garnish

2 cups milk

DIRECTIONS

1. In a medium bowl, whisk the egg yolks and sugar until light and creamy. Set aside. 2. In a saucepan over medium heat, stir together the cream, milk, nutmeg, and salt. Bring to a simmer. 3. Add a spoonful of the milk mixture to the egg mixture. Whisk vigorously and repeat, one spoonful at a time. 4. When most of the milk is whisked in, add the egg mixture to the saucepan. 5. Whisk until the liquid thickens slightly or reaches 160 F. Remove from heat and add vanilla extract. 6. Pour the eggnog into a glass container and cover. Refrigerate. 7. When the eggnog has thickened, pour it into glasses, garnish, and enjoy!

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INSIDE

Don’t Let the Grinch Ruin 2021 PAGE 1

Staff Spotlight: Nathan James We Appreciate You PAGE 2

How Does Life Insurance Affect Estate Planning? DIY Holiday Eggnog PAGE 3

Worried About Your Gut Health While Traveling? PAGE 4

Why Does Your Stomach Hurt While Traveling? QUICK GUT HEALTH TIPS FOR TRAVELERS

Picture this: You’re flying for a holiday reunion with your family. By the time you leave the airport after arriving at your destination, your stomach is already doing flips, and you haven’t even dug into your favorite family dishes yet.

of sugar, caffeine, or alcohol can irritate your gastrointestinal system, especially if you already have a sensitive stomach.

Instead, drink plenty of water, which can also help alleviate the risk of constipation. If that’s your main concern, keep in mind that Dr. Ravella says a lack of fiber is the main reason for constipation while traveling. An easy way to avoid this is to eat whole-plant foods, even at restaurants. FOLLOWTHESE TIPS WHENYOU NEED HELP FAST. Dr. Ravella says that over-the-counter medications, such as antacids, can help your heartburn. If you struggle with mild traveler’s diarrhea, try to keep bismuth subsalicylate (Pepto-Bismol) and loperamide (Imodium) in your carry-on, ready at all times. If your symptoms worsen into fever, bloody diarrhea, bloody vomiting, or severe abdominal pain, see a health care provider right away. Lastly, if you really want to be comfortable while traveling, it might be worth trying a magnesium (magnesium bisglycinate chelate) supplement, which has been shown to improve jet lag and promote relaxation and sleep while traveling. Best of luck!

If this situation sounds familiar, here’s how you can keep your gut healthy, no matter where you are this winter.

TRAVELING IS STRESSFUL — EVEN FORYOUR GUT. Dr. Shilpa Ravella, a gastroenterologist at NewYork-Presbyterian and Columbia University Medical Center, told Healthline, “Travel can be a hectic time … You may be eating out more and eating new foods in new locations, including more processed foods, and it’s easy to overeat in this setting, placing more stress on your digestive system than at home.” The best solution is to take things slow to avoid overeating. Not only does overeating stretch your stomach, but also “research has found that people who overeat are 10 times more likely to need emergency medical attention for food obstruction,” Dr. Ravella says.

Also, even if you wake up at 4 a.m. for your first flight, don’t gulp down coffee all morning. Overconsumption of beverages with lots

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A Reminder From

As we approach uncertain times in our economy brought on by unprecedented spending, the Internal Revenue Service will need to get more aggressive than ever in its search for revenue. At the same time, most of you are getting less and less proper proactive tax guidance. This imbalance leaves you at a distinct disadvantage. We are trying to level the playing field or maybe even tilt it in your favor, legally and ethically. The Internal Revenue Service is coming after your income and your savings. Do you have a team looking for ways to protect you and your family from paying more than your fair share? Mathematically, our country must look for ways to increase future revenue. Most of you are the targets for the increased revenue necessary to fuel the federal, state, and local governments’ budgets. When the Internal Revenue Service comes looking for money, to whom will they look? They will be looking at you. Did you know …

• The top 1% of all taxpayers (those who have Adjusted Gross Income over $540,000) pay 40.1% of all federal income taxes. • The top 5% of all taxpayers (those who have Adjusted Gross Income over $217,000) pay 60.3% of all federal income taxes. • The top 10% of all taxpayers (those who have Adjusted Gross Income over $151,935) pay 71.4% of all federal income taxes. • The bottom 50% of all taxpayers (those who have Adjusted Gross Income under $43,614) pay 2.9% of all federal income taxes. When the Internal Revenue Service comes looking for more revenue, will they be looking at wage earners in the top 50% or the bottom 50%? You need to prepare now. I have learned many things over the years serving as a financially minded lawyer, and I have helped many of you make wise, proactive tax decisions. I

Can our team help you reduce your tax obligations now or in the future? I don’t know. Let’s find out. As we introduce the service to you, our family of clients, we are offering a free, no-obligation review of your tax returns to determine if we can save you any money now or in the future with your taxes. All you need to do to take advantage of this opportunity is to provide your most recent tax return and 30 minutes of your time. That’s it. Is it worth 30 minutes of your time to save potentially thousands of dollars in taxes now and in the future? If so, call us at 614-408-0004 to get started now.

have seen example after example where a few subtle shifts in your tax plan can lead to tremendous tax savings over your lifetime. As the inevitable tax changes occur in the upcoming years, these shifts are more important than ever. That is why I felt the need to step it up a notch to serve you in the future as we face these changes. One of the most important lessons I have learned from my years of preparing legal cases for trial is that an effective advocate does not need to be the expert on all areas. The effective advocates know who the experts are, and they know how to use those experts to build their client’s case. This is where Ohio Tax Advocates, Ltd. comes in. I have formed Ohio Tax Advocates, Ltd. as your portal to a carefully and meticulously vetted pool of tax-planning experts who are now part of your team, supporting a singular mission of providing you proactive tax planning services. These services may benefit you regardless of whether you are a business owner, a regular wage employee, or a retiree. I have found that there are almost always tax-planning opportunities for anyone who pays tax — don’t let the fact that you get a refund hide the amount of taxes you have paid. Most people have no guidance on basic ways to manage their current and future tax liabilities. Most accountants, CPAs, and tax preparers do not have the time to spend with you on these tasks, and, in all honesty, they don’t have the time to focus on proactive tax planning due to the growing demands of tax return preparation and keeping up with the IRS changes. Furthermore, many of you do not even use a tax preparer and do it yourself. For the record, any tax-planning advice built into these do-it-yourself programs is basic at best, misleading at worst. Proper proactive tax planning goes beyond such standard advice as “max out your 401(k)” and “contribute to an IRA.” Even though I have advanced training and 30 years of experience with tax planning, some of the situations I’ve seen my selected set of experts put together have been eye-opening and have expanded my view of the possibilities.

P.S. As with all the services we provide at DuPont Wealth Solutions and DuPont & Blumenstiel, our offers to you extend to your family and close friends as a courtesy to you. So, if you don’t think you will benefit from this offer but think you know someone who might, feel free to let us know, and we will treat them with the same level of expertise and care you have grown to expect from us.

P.P.S. Did you catch that this is a free, no‑obligation offer?

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