DuPont Wealth Solutions - May 2022

DuPont Wealth Solutions - May 2022

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.

22 MAY

Even While on a Business Trip SPEND TIME WITH THE ONES YOU LOVE

Sometimes being a lifetime learner allows you to experience things you wouldn’t otherwise take advantage of. For example, I recently traveled to Disney World in Orlando, Florida, in an effort to improve myself, my business, and better serve my clients. This two-day retreat was hosted by a former Disney executive and focused on how to deliver better customer service to my clients based upon the lesson of Walt Disney. The idea of hanging out with a few hundred thousand Disney fans while Covid was still in the air was not enticing. Since this trip took place at Disney World, I took advantage of the opportunity and took my wife, Julia and daughter, Sophie with me. Although I’m not a big Disney fan, I am a big “Star Wars” fan, and they opened their Star Wars: Galaxy’s Edge attraction in August 2019. The first movie came out when I was 11 years old, and I was immediately hooked. So, I decided to spend Saturday with my family and go to the attraction with them before I began my business meetings.

“The ride was exceptional, but the memories I created with my wife and daughter were even more exceptional.”

When we arrived at Disney World, we made our way to the Star Wars attraction. The main ride was called Rise of Resistance, and when we went by the first time, we were told the ride was down. So, we

loved ones doesn’t come around often, and although we would be waiting in line for hours, it gave us the opportunity to bond. We stood in line for a few more hours until the ride was finally back up and running. The ride was exceptional, but the memories I created with my wife and daughter were even more exceptional.

walked around the rest of the park, and a few hours later, the ride was open. We waited in line for two hours, and then over the intercom, we heard that the ride was shut down again. We had the option of either waiting in line or coming back when it was open. I found myself in another dilemma because although my meetings didn’t begin until Sunday, there was a gourmet dinner experience provided as part of the program early that evening. I was debating whether or not I should stay in line or get ready for dinner. I had to think about what was important to me at that time. When thinking about the memories my family and I would be able to create, I decided to stay. The chance to spend quality time with

Although you won’t see me in the office wearing Mickey Mouse ears, I did actively engage in my business meetings over that weekend, and I’m excited to share the things I learned and better help you and your family in the future.

May the Force be with you!

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STAFF SPOTLIGHT: JENNIFER SHORT, ESTATE PLANNING ATTORNEY

the University of Baltimore in 1998 and, before that, my Bachelor of Arts in English literature from The Ohio State University. What motivates you to get up and go to work? A couple of different things motivate me to get up and come to work. The main reason is the clients. I love

What do you do for the Law Offices of DuPont and Blumenstiel? I am an estate planning attorney here at the law firm. My typical work day consists of meeting with clients in person, via Zoom, or on the telephone, whichever the client prefers. Together, we decide which estate documents are needed for their individual situation. I strive to make the things people don’t like to think about — wills, trusts, and other “end of life” documents — simple and easy to understand. Describe your career path before you started working here. I started working here in the fall of 2021. Before that, I worked for a large national insurance company for 14 years. I handled litigation, coverage issues, and compliance. I received my Juris Doctor from

to talk to them, hear their stories, figure out what they need, and then make it happen. I’m also very inspired by volunteers — people who do what needs to be done for no particular gain. Volunteers are willing to take the time to help out a cause, their neighbor, or a loved one. That inspires me to do good work.

WE APPRECIATE YOU

WHAT HAVE WE BEEN TALKING ABOUT IN THE PODCAST?

We want to use this space to express our gratitude to the following members of the community who have recently

EPISODE 24: “Lessons in Mutual Funds and Investments With John McConnell” EPISODE 23: “The Conundrum of Stocks and Bonds With John McConnell” EPISODE 22: “The Ins and Outs of Gun Ownership Management, Part 2 With Derek DeBrosse” EPISODE 21: “The Ins and Outs of Gun Ownership Management, Part 1 With Derek DeBrosse”

left us a review or have referred someone to our care. Thank you!

Charles Chapman Martin McMurry

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BRADEN’S BRIEFING My Journey From Sole Practitioner to Law Firm in a situation where I had a giant caseload and no support staff. I was overwhelmed to say the least.

During that transition period, I met with an experienced estate planning attorney I trusted and had known for years, Greg DuPont. When we met, I explained to him my situation, and we began discussing potential options for me. One option was teaming up with Greg to create a new law firm that focused on helping people protect their wealth and health. Over the next six months or so, I considered a wide variety of options. I eventually decided to team up with Greg and form The Law Offices of DuPont and Blumenstiel in May of 2017. As I continued

I began practicing law in 2004 by joining a small personal injury firm consisting of my father, sister, brother-in-law, and a few of my father’s friends. Although there were five attorneys working under one name, the business didn’t function as a genuine law firm. Instead, each attorney handled their own cases independently. As such, I started my career essentially as a sole practitioner. I worked at that firm for 12 years and learned a considerable amount about the law. I also learned a lot about the business side of things. One thing I learned as a sole practitioner is that you must develop many different skills to be successful. Obviously, you must be a skilled lawyer, but you must also develop skills completely unrelated to litigation. I had to learn how to run a law practice, manage the finances of a business, communicate effectively with clients, properly hire and train administrative staff, plus myriad other things. After working at that firm for 12 years, my sister retired, my brother-in-law moved on to a different career, my father retired, and we parted ways with my father’s friends. Eventually, I was the only person left at the firm. Unfortunately, I was left to wrap up the caseloads of two other attorneys and wind down the business. I suddenly found myself

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CURRENT CLASS ACTIONS 3M COMBAT EARPLUGS Are you a U.S. veteran suffering from hearing loss, or know anyone who is? For more than a decade, 3M sold Combat Arms earplugs to the U.S. military without disclosing that they may have a defect. The nonlinear du- al-ended Combat Arms Earplugs Version 2 (CAEv2) were supposed to protect users by filtering out harmfully loud noises. However, these earplugs were too short to go deeply into the ear. Thus, thousands of service members have suffered complete or partial hearing loss and tinnitus due to these faulty 3M Combat Arms earplugs. Many are pursuing lawsuits against the manufacturer, and these lawsuits have been consolidated as part of a multidistrict litigation case. Military service personnel who served between 2003 and 2015, who used military issued ear- plugs during that time, and have been diagnosed with hearing loss due to exposure to loud sounds during service, may be eligible to receive com- pensation. The experienced litigation attorneys at DuPont and Blumenstiel can put you in touch with the right people and help you file a claim.

to practice law the way I had known for the past 12 years, I began to realize I was not working as efficiently and effectively as I could. So, I began revising and refining the way I practiced law by creating written procedures and policies and hiring support staff. I hired several experienced nurses to help with reviewing medical records, which freed up some time for me, leading to a better work product and results for my clients. When it came to hiring people, I didn’t stop at people with medical training and experience. I realized other aspects of the cases I handled could also be performed by non-attorneys. Eventually, I had six people working for me. The time it took us to work up a case drastically shortened, and there was no decrease in the quality of representation for our clients. At that point, I realized I was functioning as a true law firm, not a sole practitioner. I had a team helping me for the first time in my career. It was truly an amazing feeling. By no means is my firm a finished product. However, I am very happy with the progress we’ve made. I get to go into the office every day and work with people who are smart, hardworking, and dedicated to providing the best possible legal representation to our clients. I love it.

3 Tips to Help You Remain Prepared Worried About Retirement Shortfalls?

When thinking about retirement, most people think of spending time with their loved ones, traveling, spoiling their grandchildren, not having the stress of work, and perhaps buying more property. But certain situations can interfere with your retirement plans, such as unexpected expenses, failing health, and investment losses. To ensure you will be able to accomplish everything you want in retirement, here are a few tips to fix retirement saving shortfalls. Leverage home equity. If you’ve been living in your home for a while, and it’s paid off or almost paid off, you can use that equity to supplement your retirement income. Your bank will give you a loan that is a portion of the value of your home’s equity. Since this is a loan, the money will need to be repaid at a later date. Another option is a home equity line of credit. This allows you to borrow any money you need and repay it only when you decide to spend it. You can also choose to take a reverse mortgage, which will enable you to access the value of your property. Limit fixed payments. Avoid expenses that cannot be paid off in a short period of time, such as significant mortgage payments or car payments. This doesn’t mean you need to cut off most of your monthly subscriptions like streaming platforms or subscription boxes, or even a few date night

dinners. These subscriptions won’t have as big of an impact as payments for a new car or new house. However, scaling down your housing expenses and planning how much money you want to have during retirement will make a big difference. Relocate your investments. Many Americans spend several decades in retirement, putting many retirees at risk of outliving their savings. On top of that, other shortfalls may occur, like stocks, bonds, and investments losing their value. To get ahead of these shortcomings, you may need to change where you invest your money. It can be tempting to place your money into an income-oriented investment, but you may have to deal with inflation. Instead, consider putting your earnings into a growth-oriented investment. You will never know when a shortfall may happen, but you can prepare yourself and your loved ones by planning out your retirement. If you have any questions about preparing for shortfalls and how you can save your money during retirement, allow your friends at DuPont Wealth Solutions to assist you. We will be happy to look at your income, expenses, and retirement goals and decide which avenues would be best for you and your needs.

SUDOKU

ONE-PAN BAKED SALMON AND VEGGIES

Inspired by BBCGoodFood.com

It’s asparagus season! Celebrate with this easy one-pan salmon dish for two.

INGREDIENTS

1 lb spring potatoes, halved 2 tbsp olive oil (divided) 8 asparagus spears, trimmed and halved

2 handfuls cherry tomatoes 1 tbsp balsamic vinegar

• • •

• • • •

2 5-oz salmon fillets 1 handful fresh basil

DIRECTIONS

1. Preheat the oven to 400 F. 2. In an oven-proof dish, combine the potatoes and 1 tbsp olive oil. Roast for 20 minutes. 3. Remove the dish from the oven and add the asparagus. Toss, and bake for 15 more minutes. 4. Remove the dish from the oven and add the cherry tomatoes. Toss. Drizzle with balsamic, then nestle the salmon fillets into the vegetables. Drizzle with the remaining oil, and bake for 10–15 minutes. 5. Remove the dish from the oven, garnish with basil leaves, and serve!

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INSIDE

May the Force Be With You! PAGE 1 Staff Spotlight: Jennifer Short, Estate Planning Attorney Our Podcast Episodes Client Appreciation PAGE 2 Don’t Let Unexpected Situations Affect Your Retirement One-Pan Baked Salmon and Veggies PAGE 3 Hate Souvenir Shopping? Let’s Make It Easy PAGE 4

Picking the Perfect Souvenir A way to preserve or share a piece of your trip is to bring home a souvenir, but choosing a souvenir isn’t always a stress-free

shop, that doesn’t mean it’ll be allowed into the country or even onto the plane. And the TSA does take this seriously. In 2012, two tourists were detained at the U.S. border for trying to bring home chocolate Kinder eggs — a specific kind that are illegal in the U.S. due to the potentially hazardous small toys inside. Purchase a handicraft Handicrafts — items created by local artisans — are awesome souvenirs! But make sure you buy where artisans actually sell their own goods, such as an open-air market. Unfortunately, while some popular tourist shops may sell “locally made goods,” many souvenirs intended for tourists are actually made by cheap manufacturers in other countries. Keep something from the adventure. Bringing a glass bottle to take home some sand is a popular way of creating your own souvenir from a beach vacation. But you

experience. How do you pick the perfect souvenir and not just the first thing you see in a tourist shop? Here are some tips for picking a truly meaningful gift for yourself or your loved ones. Who are you buying for? What are your recipient’s interests, or what do they spend the most time doing? If you’re buying for yourself and enjoy coffee, you might buy a local coffee blend to enjoy from home. However, if your recipient doesn’t enjoy coffee or rarely drinks it, that type of gift might not mean much to them. Is it legal to bring home? Whether you’re traveling domestically or internationally, there are many regulations that affect which souvenirs you can bring home. Even if you find the item in a tourist

can do this with almost any item! Whether it’s stones, ticket stubs from favorite shows and activities, or a handmade item from a class, make sure to look out for souvenirs that’ll remind you of great memories and experiences.

We hope these tips will help you make the best choice. Bon voyage!

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