DuPont Wealth - August 2021

DuPont Wealth - August 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 AUG

THE DESCENT DOWN THE MOUNTAIN

REFLECTIONS ON APPROACHING END OF THE PANDEMIC Since the lockdowns last March, we’ve been deprived of certain basic human needs that we otherwise took for granted. But, finally, the moment we’ve all been waiting for is here — football season.

I’m kidding, of course, but only partly. The recent return to normalcy has brought a lot of joy and relief with it. My daughter will be entering her second year of college, and, finally, her first year of true college life on campus. As we’ve returned to restaurants without a mask and begin to enjoy the upcoming arrival of fall, though, it’s worthwhile to reflect on the path forward before going down it. In the financial world, we have a saying (albeit a little cliched): “The descent down the mountain is where the real danger lies.” It’s an analogy about retirement — not everyone realizes that saving for your retirement is actually the most secure part of your financial journey. As your retirement begins, your savings will start to drain without as many means of replenishment. So, when you “descend the mountain,” or retire, you’re actually in more serious danger of financial threats than if you were working. All of us have had challenges through the pandemic. For some people, it has threatened their finances, and for others, it’s threatened their sanity. I remember clearly the uncertainty we experienced during the pandemic, worried whether or not our daughter would be sent back home right away and taken from her college life. What happens now, as we “descend the mountain” of COVID-19? What should we do next to prevent a potentially worse scenario? I think the takeaways we’ve learned are all different, but equally important. For example, the pandemic has been a good reminder that our health — or the health of our neighbors — can’t be taken for granted. Cleanliness should be a priority in all homes and businesses, not just a wishful guideline. Another example is the various ways that our society’s relationship to social media and the news has changed. How do we navigate our social media circles, which are becoming increasingly popular platforms for political debate? How do we keep friends that belong to other belief systems, or do we at all?

One of the best things we can do right now is embrace everything with new energy, especially all the things we took for granted — whether it is a full stadium on a Saturday afternoon or dropping off our kids at schools without worry about their classroom experience being interrupted or canceled. However, as the nation recovers, I think another question we should all ask ourselves isn’t just about the ways COVID-19 paused our lives, but about how the pandemic has allowed us to confront important questions. I think we can use those important questions to navigate a safer descent down our individual mountains, and, hopefully, the shepherds in Washington, D.C. will consider the same to ensure a safer future for all of us. (We’ve spent a lot of money to recover the economy from the pandemic! Hopefully the positive trend continues.)

Thanks for reading, stay safe, and I’ll catch you all next month.

Wealth Solutions www.DuPontWealth.com | Law Office www.DandBLaw.com | 1

Published by Newsletter Pro . www.NewsletterPro.com

STAFF SPOTLIGHT: MEREDITH SMITH

COMMUNITY OUTREACH COORDINATOR

HOW LONG HAVE YOU BEEN WORKING AT THE LAW FIRM, ANDWHAT DOYOU DO HERE?

connections with clients and touch base with them, even about things going on in their lives that aren’t law related.

I also find the work environment here at DuPont & Blumenstiel very satisfying and productive. I love working with my coworkers. The team that we have here is amazing when it comes to working together and being there for each other. WHAT WOULDYOU SAY TO SOMEONE HESITANT ABOUT CREATING AN ESTATE PLAN? The most important thing I could say is to just do it. You never know how short life can be, and you never know what might happen to you or a loved one. Don’t wait 20 or 30 years from now to start the estate planning process. Get it done now. You can always come back and make a change later to the documents that you already have in place.

I started working for DuPont & Blumenstiel in 2018 and have since become the go-to client contact person. My typical workday consists of making outbound calls, checking in with current clients and prospects, and assisting in estate planning meetings. I also help out with marketing duties, including any

speaking engagements or webinars that Greg may have.

WHAT IS THE MOST REWARDING PART OF YOUR JOB?

Being able to help people plan for the future and make sure their families are taken care of is rewarding to me. I love to make lifelong

WHAT HAVE WE BEEN TALKING ABOUT IN THE PODCAST?

EPISODE 17: “The Future & Taxes”

EPISODE 18: “Being Ready for the Unexpected”

EPISODE 19: “The Art of Leadership”

EPISODE 20: “The Dangers of Annuities”

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!

Srinivas Gunuku Nassima L

Ranju Mehta

Subscribe to our show on your favorite podcast platform:

2 | Wealth Solutions 614-408-0004 | Law Office 614-408-0529

SHOULD SMALL-BUSINESS OWNERS GET COMPANY CREDIT CARDS?

Nearly every financial tool can be beneficial if you use it right. (If it’s always detrimental, it’s probably illegal!) Although some business owners can be hesitant to get a company credit card, there are big advantages to doing so. Here’s what you should consider before getting a credit card for your business. PRO: KEEPYOUR PERSONAL AND BUSINESS EXPENSES SEPARATE. Whether your small business is a main or side hustle, you might find yourself accidentally using your personal credit or debit card for expenses. Make your tax season much easier by separating your expenses automatically by using completely separate cards. It’ll make it much easier for bookkeepers to reconcile your business spending. PRO: HAVE IMMEDIATE, SHORT-TERM SPENDING FLEXIBILITY. When unexpected expenses come up, it can be extremely stressful — but you won’t have to stress anymore by using your company’s credit as an emergency resource. PRO: RECEIVE UNIQUE REWARDS AND PERKS NOT AVAILABLETO CONSUMERS. There are plenty of credit cards with tremendous reward packages designed for small businesses. As a small business, if you charge a

significant (and payable) amount to your credit card, the rewards you receive back can be substantial, including cash with cash-back programs. If you travel frequently, you can also get business credit cards specifically for travel rewards. CON: YOU MAY RISK GETTINGTOO MANY CARDS. With a team of 50 employees or more, getting two or three business credit cards for different expenses might make a lot of sense. But if you’re using too many credit cards to pay for all your company bills and suppliers, it’s quite financially risky. Make sure you’re able to scrutinize your monthly statements across the board. CON: YOU MAY SPEND MORETHANYOU CAN AFFORD. As always with credit cards, using them responsibly (instead of impulsively or in a risky manner) is important for financial success. Make sure your company cards are always in good hands.

Credit cards for your business can offer huge benefits — and with a little care, you can enjoy those benefits right away! Thanks for reading, and we’ll catch you next month.

SUDOKU

EASY FOIL-GRILLED SAUSAGE AND VEGETABLES

Inspired by NutmegNanny.com

INGREDIENTS

4 sausage links of your choice

3 tbsp olive oil

•

• • • • • • •

2 cloves garlic, grated

1 lb green beans

1 tbsp thyme 1 tsp oregano

• • • • • •

1 red bell pepper, diced 1 yellow bell pepper, diced

1 tsp basil 1 tsp salt

1 red onion, diced 1 zucchini, diced

1 tsp crushed red pepper (optional)

1 yellow summer squash, diced

DIRECTIONS

1. Preheat your grill to medium heat or your oven to 425 F. 2. In a large bowl, add all of the ingredients and mix well. Divide into four equal portions. 3. Prepare four 16-inch pieces of foil and place a portion in the middle of each section. Wrap each foil piece tightly and avoid holes. 4. Grill each foil packet for 20 minutes, flipping halfway through. You can also bake each packet for 20 minutes at 425 F.

Wealth Solutions www.DuPontWealth.com | Law Office www.DandBLaw.com | 3

PRST STD US POSTAGE PAID BOISE, ID PERMIT 411

614-408-0004 www.DuPontWealth.com

DuPont Wealth Solutions, LLC 655 Metro Place South, Ste. 440 Dublin, OH 43017

INSIDE

Reflections on Approaching End of the Pandemic PAGE 1

Staff Spotlight: Meredith Smith Podcast Episodes We Appreciate You PAGE 2

Should My Small Business Have Its Own Credit Card? Easy Foil-Grilled Sausage and Vegetables PAGE 3

Want to Save on Your Next Vacation? PAGE 4

5TIPS FORYOUR NEXT AFFORDABLE GETAWAY Are you excited to explore the world again? Or maybe you’ve just gotten back from your latest vacation! In either case, the economic challenges of the pandemic might require travelers to plan their trips a little smarter. Here are five tricks to do just that. 1. CONSIDERYOUR BUDGET WHILE CHOOSING YOUR DESTINATION.

4. PLANYOUR MEAL BUDGET AHEAD OF TIME. Looking forward to eating certain dishes? Find local menus and prices to ensure you don’t spend more than you planned. If you want an authentic and homestyle culinary experience, consider signing up for a peer-to-peer dining experience through Traveling Spoon or Bon Appetour, which is tax-free as well! 5. CONSIDER VOLUNTEERING FOR VACATION. Want to go on a self-discovery trip? Why not cut your expenses in half by volunteering? For example,

Any destination heavily impacted by tourists is going to be more expensive to visit. So, consider taking a tour through various French countryside towns instead of Paris! Not only could it be more culturally immersing, but it may even be more relaxing and less stressful than visiting a dense area. 2. SIGN UP FOR SCOTT’S CHEAP FLIGHTS. One of the most important parts of booking an affordable vacation is booking it at the right time. Scott’s Cheap Flights will track all the cheapest flights at an airport of your choice — you’ll get over 50%–75% savings on highly rated airlines. This will get you stress-free travel for a much lower price! 3. TRAVEL IN A GROUP. If you travel with friends, your expenses become a lot more manageable. Let’s say you and a partner travel with two other couples — renting a swanky cabin at $200 a night will only cost around $33 per person. Plus, you will create some amazing memories together!

Habitat for Humanity offers a nine-day Mexico trip for

$1,200 with lodging, food, and activities included. You’ll get to build structures and create something permanent for the local community.

Traveling on a dime is no sweat with the right tools. Best of luck, traveler!

4 | Wealth Solutions 614-408-0004 | Law Office 614-408-0529

Published by Newsletter Pro . www.NewsletterPro.com

Announcing

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 that have Adjusted Gross Income over $540,000) pay 40.1% of all federal income taxes. • The top 5% of all taxpayers (those that have Adjusted Gross Income over $217,000) pay 60.3% of all federal income taxes. • The top 10% of all taxpayers (those that have Adjusted Gross Income over $151,935) pay 71.4% of all federal income taxes. • The bottom 50% of all taxpayers (those that 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 have seen example after example where a few subtle

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 614-414-3616 to get started now.

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 that 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 that 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 that 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?

614-408-0004

www.DuPontWealth.com