DuPont Wealth Solutions - October 2021

DuPont Wealth Solutions - October 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 OCT

YOUR FUTURE IS BRIGHTER (AND LONGER) THAN YOU THINK

Dr. Robert H. Goddard, born on Oct. 5, 1882, was regarded as a true “mad scientist” of his time. Because his scientific peers and national media mocked him, nobody believed Dr. Goddard’s ambitious research would prove to be worthwhile. He later became known as the “Father of the Space Age,” as the first man to design a liquid-fueled rocket powerful enough to reach space. It occurred to me that, although it will be his 138th birthday this

month, if Dr. Goddard had been born later, perhaps he would’ve lived long enough to see his technology fly.

“Nowadays, my conversations with clients are not just planning for 20–25 years of retirement. … What about 30, 45, even 50 years?”

Lately, I’ve been listening to a podcast called “Exponential Wisdom” hosted by Peter Diamandis

Personally, after many years of

goals and belief structures and force us to assess the biggest question of all — how do we live our best life? If Dr. Goddard were born later in time, he would have seen his childhood dreams come true — which inspired his lifelong obsession with space travel — with the launch of Apollo 11 in 1965. Unfortunately, life expectancy wasn’t that long in his time. As years pass us by, however, technology is only getting better and better, and your knowledge of ways to stay healthy will grow, too. Maybe it’s reasonable to believe you have another 100 years left. Maybe, by then, I’ll see you on Mars.

fitness and dietary changes I’ve talked about in the newsletter before, I’ve grown to expect to live well past

and Dan Sullivan. One of the hosts, Sullivan, is very much living his life with the vision that he will live to 150 or more. (He’s currently 77 years old

100, hopefully. And when you start to think about life from a perspective of healthy longevity, it changes your perspective on so many things, especially in my business. Nowadays, my conversations with clients are not just planning for 20–25 years of retirement. It’s time to ask ourselves questions like, “Do I have money for a longer journey than that? What about 30, 45, even 50 years? Do I want to spend that whole journey without being in a position where I’m financially contributing and growing?” These questions all depend on our individual

and head of a multimillion-dollar enterprise, and he’s my personal coach.) In a recent episode of the podcast, they talked in great detail about the changes in medicine and the way scientists are learning to reprogram the human genetic code to prolong a healthy life. Note that I said “healthy life,” not just “life.” For Sullivan and many others, it’s not enough to live a long life. He wants to live a healthy life. Plenty of trends support the idea that many of us want the same thing, whether evident through new diets or household fitness products.

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STAFF SPOTLIGHT: Administrative Assistant Sarah Stakely

HOW LONG HAVE YOU BEENWORKING AT THE LAW FIRM, ANDWHAT DOYOU DO HERE? I started working at DuPont & Blumenstiel in 2018, and I actually started as the receptionist for the litigation department for Attorney Braden Blumenstiel. I handled intakes and updated clients about their cases as well as answered any questions that they had. Since then, I’ve transitioned into the estate planning side of things under Greg DuPont. I answer incoming calls, schedule appointments, and handle client follow-up. WHAT IS YOUR FAVORITE PART OF YOUR JOB? My favorite part about working here is my team. Everyone is extremely respectful and helpful and will jump in at a moment’s notice when anything is needed. It’s a refreshing change in a work- culture environment. WHAT WOULDYOU SAY TO SOMEONE WHO IS HESITANT ABOUT CREATING AN ESTATE PLAN? To anyone who is feeling hesitant about estate planning, I would recommend just making that initial phone call and starting the process. I know it’s a scary topic to think about, and not fun to talk about, but it will take a great burden off your family should you pass away. My father didn’t have any documents prepared when he suddenly passed away, and it was very difficult for my mother to make those decisions for herself, for him, and for my sister and I.

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WILL THE NEW OHIO LAW PROTECT YOU? IT’S NOT A ‘CATCHALL’ — HERE’S WHY

A new Ohio law, passed in February 2021, now attempts to impose “best interest” fiduciary standards on life insurance and annuity providers. While this initially might spark hope, unfortunately, the “best interest” standards are extremely vague. If a salesperson is able to argue why their product benefits their client, then they are allowed to sell whatever they want. Below are two cautionary tales from clients who have come to us for help in the past. If any of these situations have happened to you or a loved one, or are currently happening, we encourage you to seek additional financial tools and professionals. PUSHING ANNUITY SALES, NO MATTER THE AGE Some financial advisors will sell annuities to people in their 20s! While they can make the argument that money will grow in an annuity, there are many more downsides to purchasing an annuity as a young adult. For one, if you need to get that money out

before retirement age (at age 59 1/2), you will have to pay penalties.

Our client was in their 60s and wanted to secure some safe financial growth for the future. Their former “advisor” in this situation was aware that this consumer had dementia and was heading toward long-term care in the future. The annuity they wanted to sell them did not even allow access to funds for a long-term care need. Plenty of other tools out there DO allow access to funds for long- term care needs and even provide enhanced benefits for long-term care. Unfortunately, the client would have to pay penalties to get money out of their annuity on a monthly basis to pay for long-term care. Annuities are not in themselves bad, nor is the financial industry as a whole. Many financial salespeople are simply trying to make a living like the rest of us. However, many also try to make their discipline work to the exclusion of other tools that will do a better job. If you are looking to ease some long-term care concerns and develop a retirement income plan, please call 614-389-9711.

One particular client in their 40s came to us as they were changing jobs and evaluating their personal finances. We found out together that all their retirement savings were slammed into a variable annuity! Having all your eggs in one basket is simply not a good idea, especially in a variable annuity with a large fee structure. This client’s former “financial advisor” sold annuities and didn’t bring other useful financial tools to the client’s attention. The continually accumulating fees greatly eroded their potential wealth and growth for the future. And this is still completely legal under the new Ohio law. PAYING MONTHLY FEES FOR LONG-TERM CARE This story is something that actually would not be allowed under this new Ohio law and is the most abusive action we’ve seen by a financial advisor.

SUDOKU

OKTOBERFEST SOFT PRETZELS

Inspired by Tasty.co

INGREDIENTS

• 1 1/2 cups warm water • 1 tbsp salt • 1 tbsp sugar • 1 packet active dry yeast

• 4 1/2 cups flour • 3 tbsp oil, divided • 2/3 cup baking soda • 2 eggs, beaten • Coarse salt, for sprinkling 4. Cut dough into 8 pieces. Roll them into thin ropes, then twist ropes into pretzel shapes. 5. In a large pot, boil water. Add baking soda, then boil each pretzel for 1 minute, flipping halfway through. 6. Transfer pretzels to a baking sheet. Brush them with egg and sprinkle with salt. Bake for 10–15 minutes. Enjoy!

DIRECTIONS

1. In a bowl, combine water, salt, and sugar. Add yeast and let rest for 5 minutes.

Add flour and 2 tbsp oil, then mix thoroughly into a dough.

2. Remove the dough from the bowl. Coat bowl with remaining oil, then return the dough, cover with

plastic wrap, and set it aside in a warm place for 1 hour.

3. Preheat oven to 450 F.

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INSIDE

‘Retirement’ Is Growing Longer — Are You Ready? PAGE 1

Staff Spotlight: Sarah Stakely We Appreciate You PAGE 2

Don’t Be Fooled by Your Annuity Provider Oktoberfest Soft Pretzels PAGE 3

3 Haunted Destinations to Visit This October PAGE 4

GHOSTS ACROSS AMERICA October is one of the best months for travel in the U.S. With mild temperatures and gorgeous, colorful leaves everywhere, there’s no better time for a cross-country road trip. Add some Halloween flair to your October vacation with these three ghostly attractions. STAY AWHILE AT HOTEL MONTE VISTA IN FLAGSTAFF, ARIZONA. 3 Haunted Spots Every Ghost Believer Will Love

Guests at Hotel Monte Vista have often enjoyed long stays at the downtown Flagstaff, Arizona, hotel, but not everyone leaves. Constructed in 1927, the hotel is host to a number of reported ghosts. The most well-known is an elderly woman who would spend hours rocking in the chair in her room. Today, her chair can be found moving on its own. Another popular visitor is the ghost of a bellboy who knocks on doors and announces that room service has arrived — only, no one’s there.

VISIT THE MOST HAUNTEDTOWN INTHE U.S. — WAYNESVILLE, OHIO. Sure, New Orleans may have a spooky past, but it doesn’t compare

to Waynesville. Many residents and visitors think this Ohio town is rife with ghosts. You may hear cries to “hurry up” at The Hammel House Inn, where many tunnels for the underground railroad came through, or you could see the apparition of a businessman from the 1800s who “never checked out.” Other sources report hauntings at the town’s historical society, Museum at the Friends Home, including a little girl who moves toys and sits on the porch. The society leans into the local fascination and hosts regular walking ghost tours and ghost hunting classes.

IS THERE A MONSTER IN PINE BARRENS, NEW JERSEY?

This one’s for those who love mysterious creatures. Pine Barrens is a mass of forested land that spreads across seven counties in New Jersey — and its most famous resident isn’t human. The Jersey Devil has a long, storied history and is said to be a combination of many animals: Its body is shaped like a kangaroo with wings. It has the head of a dog but the face of a horse. The creature is believed to have had a sickly start to life in 1735 and has stayed to haunt the forest’s inhabitants and even those who visit the area today.

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