Eagle & Fein - December 2020

Eagle & Fein - December 2020

DECEMBER 2020

E AGLE A ND F EIN . COM

317-726-1714

How Do We Find the Good in the World? A HOLIDAY MESSAGE OF HOPE FROM BRIAN EAGLE On the sixth day of creation in the Book of Genesis, God made all of the animals on Earth, and he also fashioned mankind in his image. When he was finished, he sat back to admire his work. The Bible describes the moment this way: “So it was; and God saw all that he had made, and it was very good.” Sometimes looking around us today, it can be difficult to see the world as the same “very good” place God viewed during creation. Between the pandemic and politics, things feel very divided right now, even with the holidays approaching. Still, I know there is plenty of good in the world, and so does the rest of our team here at Eagle & Fein.

I would highly recommend downloading

your own copy of “The ‘Scary Times’ Success Manual.” You can access it at Resources.

StrategicCoach.com/ guides/scary-times- success-manual . It just might give you a fresh perspective on how to recenter yourself, refocus your energies, and find the good in the world this holiday season.

In the spirit of the holiday season, we have spent these last few weeks asking ourselves, “Can we find that good? Can we find it in one another? Can we find it in all of the challenges we have faced in 2020?” As topsy- turvy as this year has been, I think the answer is, “Yes, we can.” When I have trouble sustaining my positive outlook, I turn to the “The ‘Scary Times’ Success Manual.” This collection of tips for surviving the complexities and confusions of life’s journey was written by Dan Sullivan, the founder of the entrepreneurship program Strategic Coach, and it is absolutely packed with wisdom. Sullivan originally put his 10 tips together in response to the fear, anxiety, and uncertainty that pervaded the world after Sept. 11, 2001, but they are just as relevant today as they were back then. Here are a few of my favorites, which he explains in more detail in the document: • Forget about yourself; focus on others (read more about this on Pg. 2). • Forget about your losses; focus on your opportunities. • Forget about the “future”; focus on today. • Forget about your difficulties; focus on your progress. • Forget about who you were; focus on who you can be.

In the meantime, remember this: God

found good in us on the very day we were created. Thousands of years later, Christ was born on Christmas and rose on Easter, proving there was still good in the world. Looking around, I see that same good today. It lives on and in us no matter where we live, whether we are conservatives or liberals, doctors or doubters. As we approach the end of 2020, let us look forward rather than back. A COVID-19 vaccine is on the horizon as I write this, about to enter the pandemic fray like the long-hoped-for cavalry finally riding over the hill. This Christmas, it is up to all of us to remember and share that message of hope.

Wishing you the happiest of holidays,

–Brian Eagle 317-726-1714 1

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HOLIDAY HACKS FOR THE BUSY PROFESSIONAL 4 Tips for a Less Exhausting Holiday Season

Take frequent breaks. When you have a lot going on, frequent 5–10 minute minibreaks can go a long way in easing the mental pressure. Do not hesitate to take brain breaks throughout the day. Go for a quick walk around the building or neighborhood. Read a chapter of your book. Play a quick game on your phone. Say no to the kitchen. When your time is precious, why spend a lot of time in the kitchen? While some find cooking a joy, others find it burdensome. If you are in the latter group, it’s okay to go the boxed or prepared meal route when time is short. Boxed meals can still be prepared with love, and you can get high-quality frozen dishes or freshly prepared meals from your favorite grocery store. The time and energy you save is worth the investment. In 2020, we have more options than ever to make life easier. So, enjoy the holidays a little more by doing the things you love and using these tips to make the most of your time and energy this season.

The holidays are an incredibly busy time of year. Between work and home, it can feel like there is not enough daylight to get everything done. We have projects to complete, emails to answer, dinners to plan, gifts to buy — and family is coming in from out of town. Is it possible to take care of everything and not be completely exhausted by the end of it? While we cannot answer that definitively, we can share a few “holiday hacks” to help you get more out of your time. Put work aside. Give yourself blocks of time to focus on one thing at a time. You may be tempted to multitask, but for your mental health, do not do it. Focusing on one thing at a time produces better results (this applies equally to cooking as it does to client work) and you’ll feel better through the process. Delegate — at home! You delegate assignments at work, so why not do the same at home? Start with your immediate family and work your way out. Give everyone a task: Someone does the grocery shopping. Someone is in charge of a main course dish. Another is on side-dish duty. Others get dessert. Do not forget to assign a clean-up crew. Save yourself for the tasks you REALLY want to do.

Wait! Do You Really Need to Do More Christmas Shopping?

Christmas is the season of giving. But what does that really mean? Purchasing gifts for your friends and relatives, wrapping them in shiny paper, and placing them under the Christmas tree? In the eyes of Eagle & Fein managing attorney Brian Eagle, giving should extend beyond our immediate circles — and perhaps we could do with buying fewer Christmas and Hanukkah presents, particularly this year. “A while ago I heard a great speaker, Nathan Dugan, talk about how in America we are taught to spend, spend, spend,” Brian says. “But he had a different philosophy regarding what we should do with our money, which put spending in third place: share, save, spend.” Dugan is the founder of the money management and education company Share Save Spend, and its lessons live up to its name. The philosophy that captured Brian’s attention teaches that once we acquire wealth, our first priority should be to share it — to give back to our communities with our treasures and our time. Then, our second priority should be saving money for life’s emergencies and opportunities, including traveling and retirement. Lastly, once sharing and saving have been taken care of, we should consider spending. During the holiday season, we each have a unique opportunity to put these lessons into practice. Rather than buying an excess of presents and the latest must-have decorations, we can show our friends and family that our

community comes first by donating money to good causes, volunteering, or giving back in other ways. This is particularly important this year because many people have fallen on hard times. If you have the resources to give, this is an ideal moment to do so. “It is so important for children to learn at a young age the diligence of sharing and saving more and spending less,” Brian says. “Society is always focused on what you do not have and how you need to spend money to obtain those things, but in reality, we often have everything we need and more.” This holiday season, consider joining us in embracing the “share, save, spend” philosophy. Together, we can bring our community closer and usher in a bright new year.

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SUDOKU

Protect Your Wealth From the Whims of Politics

With a Spousal Lifetime Access Trust

Russian Tea Cakes

As we write this, the presidential election results remain uncertain, and control of the U.S. Senate hinges on two Georgia run-off elections. There is a famous legal clause used in contracts known

as “time is of the essence,” which means that certain actions required by the contract must be completed by mandatory deadlines. Right now, time is of the essence for you to use your “Excess Exemption Amount” by Dec. 31, 2020. If you are married and your estate (including the death benefit of your life insurance policies) is greater than $10 million or projected to grow to that amount, consider creating a Spousal Lifetime Access Trust (“SLAT”) and making a one-time gift using your “excess” gift and estate tax exemption by that deadline. The current gift and estate tax exemption (2020) is $11.58 million (the “Exemption Amount”) and will be reduced to approximately $6.5 million on Jan. 1, 2026 (the “Sunset Provision”). The Democratic Party platform calls for reducing the Exemption Amount to $5 million or even $1 million. Depending on events, the Excess Exemption Amount may range from $5.08 million to $10.58 million (the “Excess Exemption”). If Democrats control the federal government in 2021, they may act to eliminate the Excess Exemption amount. If they decide to make the change in the law retroactive to Jan. 1, 2021, any planning done after Dec. 31, 2020, will not be beneficial. If Republicans hold on to the Senate, the change in the Excess Exemption will not occur in 2021 but will almost certainly change in 2026. If you do not use the Excess Exemption Amount prior to a change in the law, then you lose it. This may increase the estate tax costs of transferring your client’s wealth to your children by more than $2 million based on a 40% estate tax rate. You will also miss out on additional estate tax savings related to future appreciation on assets transferred from your taxable estate. We recommend an immediate analysis to determine if a SLAT is appropriate for your clients. If you schedule a Zoom meeting with us, we can review your wealth report, customize the template SLAT diagram for your estate plan, and develop a timeline to implement the strategy prior to Dec. 31, 2020. To schedule a Zoom meeting for your clients, please call 317-726- 1714 and ask for our office coordinator, Gabrielle Cobb. We look forward to seeing you and your clients soon.

Make your tea time extra special with these tasty cakes that are easy to make.

INGREDIENTS

•

1 cup butter, at room temperature 2 tsp vanilla extract 1 cup powdered sugar, sifted (plus extra for rolling cookies)

• • •

2 cups flour 1/4 tsp salt

• •

1 cup pecans or walnuts, finely chopped

DIRECTIONS

1. Preheat oven to 325 F. 2. Using a mixer, cream butter in a large mixing bowl. 3. Add the vanilla, then gradually add sugar, beating until light and fluffy. 4. Sift flower, measure, then sift again with the salt. Add gradually to the butter mixture, then add nuts and mix well. 5. Shape dough into 1-inch balls. On an ungreased baking sheet, place tea cakes 2 inches apart. 6. Bake for 20 minutes or until edges are lightly browned. 7. Let cool slightly, then remove cakes from the baking sheet and roll in powdered sugar. Place on a cooling rack to cool completely. 8. Before serving, roll cookies in powdered sugar again.

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INSIDE THIS ISSUE

1 How Do We Find the Good in the World? 2 Want to Make Your Holidays a Little Easier? Why ‘Share, Save, Spend’ Should Be Your Holiday Motto 3 How to Protect Your Wealth From the Whims of Politics Russian Tea Cakes 4 Tactics for Making the Best Business Choices

As a business leader, you’re likely well- versed in making decisions, but in the midst of a global health crisis, a political minefield, and environmental disasters, planning for the upcoming year is different territory for even the most seasoned business professionals. So, how do you make the right decisions for your 2021 plans? Start with these three steps. NO. 1: LOOK AT THE >Page 1 Page 2 Page 3 Page 4

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