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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 JUN
SCHOOL’S OUT — OR IS IT?
LEARNING LONG AFTER OUR LAST SEMESTER
The first days of summer cause many of us to reminisce about the last days of school. Whether you were finishing a year of kindergarten, elementary, or middle or high school, the long summer break was always a new call for adventure and excitement. But, one day, summer arrived and we never had to go back to school — we became adults.
Fortunately, despite school being over, we never have to stop learning.
Is school ever really out? As a lifelong learner, I don’t think so. Although our adult education isn’t always as formal as it is in school, we pick up a lot of knowledge from people, resources, and new circumstances in our lives. In the real world (and without structured learning), though, there’s only one problem: The opportunity to learn often presents itself as an obstacle. As adults, our obstacles vary, but many times, they seem insurmountable. Maybe you’ve been thrown into a new role or responsibility. Maybe you’ve been stuck or unmotivated. Many times, all you need is a mentor, coach, or enough research to guide yourself through it. These are all situations where being a lifelong learner not only keeps your brain healthy but also empowers you to succeed. You’re probably even a better learner than you think you are. Hasn’t 2020 been a yearlong course in microbiology? How many of us have learned more about viruses since March 2020 than we did in high school? Also, consider how many of us are now Zoom maestros. Zoom wasn’t part of our daily dialogue a year ago like it is today. Learning has helped us overcome many challenges in our daily lives, public and private. But in the past couple years, I’ve also learned that teaching can be a great way of mastering your field. That’s why I offer my time to mentor and coach others, just as I seek out mentors and coaches for myself. While I had my Third Thursday Thirty live webinar series on Facebook, I taught people how to navigate the COVID-19 financial market. I had to brush up on a lot
of things I already knew, just to make sure I was teaching the right things. Now, I do podcasts. Teaching has become an essential way for me to connect with others and share everything I spent so much time learning. When does our financial education end? In my view, it shouldn’t. Even experts are always learning new things. Statistics show that individuals who take personal finance courses often make larger contributions to their 401(k) plans, have more savings overall, and a higher net worth. (If you’re interested in learning more about your finances, join me at Facebook.com/DuPontWealth and check out our videos for previews and links to podcast episodes and much more.) Getting an A+ in school made our successes seem so simple and straightforward, but there are many ways to reach success — whatever that is for you. In my experience, being a lifelong learner has paid off in more than one way. Thanks so much friends, and I’ll catch you next time.
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DIY OR BUY? LAWN GAMES FOR FAMILY SUMMER FUN
Buy: Check out the kid-friendly rubber horseshoe set from Wayfair. com, which requires no installation, can be used indoors or alongside your outdoor game, and is safe for younger children. CORNHOLE: ADVANCED DIY The humble beanbag may be the most versatile backyard game piece. It’s used in the popular game commonly known as cornhole. To build
The warm summer sun may be enough to beckon your family outdoors, but lawn games will guarantee hours of fun outside. If you’re handy, there are plenty of great lawn games you can make yourself. If not, buy an off-the-shelf alternative and enjoy the easy setup. GIANT JENGA: EASY DIY All you need to build a giant Jenga tower are two-by-fours that are cut to length. If you’re handy with a saw, you can do this at home. If not, ask to have the wood cut at your local lumberyard. Be sure to sand down the edges before stacking the boards to create a classic Jenga tower! For extra fun, pick a few paint colors and paint each board. Visit ABeautifulMess.com/make- this-giant-jenga to see a complete set of instructions.
your own cornhole set, you’ll need a couple of sheets of 1/2-inch-thick plywood along with two-by-fours, some hardware, and a variety of tools including a drill, jigsaw, and sander. Visit DIYPete.com/cornhole- board-plans to get both written and video instructions.
Buy: Skip the project and buy GoSports Giant Wooden Toppling Tower online, which retails for about $70 and stacks over 5 feet high. CLASSIC HORSESHOES: INTERMEDIATE DIY
Buy: Ready to play ASAP? Cornhole sets are available from many large retailers around summertime, or you can order a customized set featuring your favorite team, family name, or characters from your favorite movies by looking at Etsy.com.
Tossing horseshoes is a great way to pass an afternoon. To play, you’ll just need to set up two sand pits in your yard. Get a handful of horseshoes, and you’re ready to go! Many DIY plans are available online, including one from HousefulOfHandmade.com/ ultimate-diy-horseshoe-pit.
Whether you buy or DIY, remember to have fun and always supervise your children while playing outdoors,
especially when it comes to yard games!
WHAT HAVE WE BEEN TALKING ABOUT IN THE PODCAST?
STAFF SPOTLIGHT: JOE JOHNSON, ASSOCIATE ATTORNEY
EPISODE 16 : Back to Basics. Life Insurance, really?
HOW LONG HAVE YOU BEEN WORKING AT THE LAW FIRM, AND WHAT DO YOU DO HERE?
a child I had a parent pass away and experienced firsthand how great of an impact an attorney can have, whether that be positive or negative. I strive to be a positive force in the lives
EPISODE 15: Interview with Matt Zagula, author and founder of the Smart Advisor Network
I started at DuPont & Blumenstiel as a law
EPISODE 14 : “ Vaccine Injury Claims — With Guest Braden Blumenstiel”
of all my clients and help make a typically difficult and stressful process as painless as possible.
clerk in 2018 and, since then, have
EPISODE 13: “ Get in Touch With Your Feelings When Investing During COVID-19”
become an associate attorney. I work with clients on estate planning documents, probate
WHAT IS THE MOST
WE APPRECIATE YOU
REWARDING PART OF YOUR JOB?
administration, and personal injury matters. I talk to clients every day, answering questions and gathering any information needed to build their case.
One of the most rewarding parts of my job is helping people administer probate estates. People come to us at one of the toughest parts of their lives, and we help them administer the estate to a point where they can move on in the grieving process.
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!
WHY DID YOU DECIDE TO BECOME A LAWYER?
Venkatakiran Bhattiprolu Manu Shanker Vasudevan Bhagavatula
Herb Woods Craig Wenclewicz TJ Leonard
I decided to become an estate planning and probate administration lawyer because as
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I HAVEN’T SAVED FOR RETIREMENT — NOW WHAT?
Unfortunately, whether COVID-19 has dwindled your retirement savings or you haven’t started sooner, you may be worried about your future. What do you do when your golden years are approaching, but your finances are looking bleak? In life and in finances, it can be difficult to make up for lost time. No matter what stage of life you are in now, consider this: If you ever need to choose between aggressively paying off your mortgage or saving for retirement, choose saving for retirement. While in your 50s, you’ll need to save nearly half your income — equal to what you could’ve accumulated had you put aside just 10% of your pay into an IRA starting in your 20s. Compounding interest miraculously increases your small contributions over decades, but without enough time, your contributions can’t grow. There are a few options for making “catch-up” contributions. If your workplace has a retirement plan such as a 403(b), you could contribute as much as $26,000 instead of the regular $19,500 contribution limit. If you’re married, you and your spouse could also contribute $7,000 each to an IRA.
you’re covered, married couples filing jointly with a modified adjusted gross income of $105,000–$125,000 will have their deductions phased out. If your spouse isn’t covered by a workplace plan but you are, the couples’ ability to deduct their contribution phases out with a modified adjusted gross income of $198,000 to $208,000, as of 2021. If it’s impossible to deduct the contribution, consider putting it into a Roth IRA since withdrawals from a Roth are tax-free in retirement. A part-time job in retirement can be very helpful for stabilizing your finances as well. If you have any other questions, just give us a call — we’d be happy to help you or a loved one prepare for a brighter future.
Keep in mind that those contributions could be deductible on your taxes and consider whether you’re covered by a workplace plan. If
SUDOKU
GRILLED CHICKEN SHAWARMA
Inspired by FeastingAtHome.com
INGREDIENTS
2 tbsp ground cumin
1 tsp ground black pepper
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2 tbsp ground coriander
2 tsp allspice
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2 tsp kosher salt
8 garlic cloves, minced
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1/4 tsp cayenne pepper
6 tbsp olive oil
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2 tsp turmeric
2 lbs boneless, skinless chicken thighs
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1 tsp ground ginger
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DIRECTIONS
1. To create marinade, whisk all spices with the garlic and olive oil in a medium bowl. 2. Add chicken to the bowl, coat well with marinade, cover, and let sit in the fridge for at least 20 minutes — or up to 48 hours. Strain off excess marinade before cooking. 3. Preheat grill to medium-high heat. Grill thighs for 10–12 minutes on each side, or until a meat thermometer reads 165 F. 4. Serve with rice, vegetables, or pita bread with tzatziki.
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DuPont Wealth Solutions, LLC 655 Metro Place South, Ste. 440 Dublin, OH 43017
INSIDE School’s Out — Or Is It? PAGE 1
DIY or Buy: Summer Lawn Games Staff Spotlight: Joe Johnson, Associate Attorney Podcast Info We Appreciate You PAGE 2 I Haven’t Saved for Retirement — Now What? Thai Minced Pork Salad PAGE 3
Have You Explored a National Forest? PAGE 4
EXPLORE A NATIONAL FOREST FOR FREE Many people in the U.S. and across the world have a national park trip on their travel bucket list. While Zion, Yellowstone, and the Great Smoky Mountains are all awesome locales, outdoor enthusiasts often overlook a resource that is less busy, less expensive, and usually right in their backyard: national forests.
• El Yunque National Forest: Located in Puerto Rico, El Yunque is the only tropical rainforest in the UnitedStates.
All but 10 states have a national forest (or more than one!), so if your home state doesn’t have one, it’s very likely a neighboring state does! And there’s no better time to hike, bike, forage for mushrooms or berries, or camp at a nearby national forest than this month. The tree-filled landscape will provide shade and help you beat the summer heat, and to further incentivize visitors, the U.S. Forest Service (the organization that oversees the national forests) is offering a fee-free day on Saturday, June 12, in honor of National Get Outdoors Day! While parking and day-use fees to access national forests tend to be relatively modest, fee-free days open up the opportunity to all visitors. The U.S. Forest Service has a great interactive map tool that prospective park-goers can use to learn more about the forests in their area, amenities and activities, and accessibility. Visit FS.fed.us/ ivm to access the map and see what’s near your hometown!
• Tongass National
Forest: Spanning 16.7 acres and several islands
across Southeast Alaska, the Tongass is the country’s largest national forest.
• Salmon-Challis National Forest: This Idaho forest is the largest contiguous wilderness area in the lower 48 and contains the Frank Church-River of No Return Wilderness. • Cibola National Forest and Grassland: Spread across north- central New Mexico, west Texas, and Oklahoma, this forest and grassland area is notable for its diverse ecosystems and wildlife. The Sky Islands portion of the park is also home to over 200 rare plant and animal species.
If you’re dreaming up travel plans beyond your state’s border, consider visiting these notable U.S. national forests.
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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
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.
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 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?
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