Take a look at our newsletter for this month.
L.A.F.F. LAW ADVOCACY FAMILY FINANCE A monthly newsletter providing your family with insight about the law and finance (with an occasional dose of humor) from your friends and advocates at DuPont Wealth Solutions and the Law Offices of DuPont and Blumenstiel.
18 MAY
A NEW ADDITION THE DUPONT HOUSEHOLD GROWS
A few editions back, I mentioned that my daughter Sophie has been asking for a new puppy. At the time, I managed to rebuff her pleas. Bella, our beloved Bernese mountain dog, may be getting up there in age, but do we really want a puppy around the house? Despite Sophie’s constant campaigning, I’ve remained resolute — until about 15 minutes ago. At the time of writing, I’ve just come into my office after reading an ad in the paper for a Bernese puppy. Seeing it’s picture, I was reminded of Bella when she was that small. Well, my heart melted. I just got off the phone with the breeder, and “Chrissi” will be part of our family by Mother’s Day. I can’t think of a more fitting time, since Bella will have to act as a mother to this young pup! Bella probably could have benefited from having an older dog around the house when we brought her home in 2007. Our Newfoundland had recently passed away, and we were heartbroken. We didn’t think we were ready for a new dog, especially if it meant diving back into the drool-filled world of raising a “Newfie.” Then a client reached out to me about a rescue puppy that needed help. The client was a landlord, and she had some young tenants who were in over their heads. They had a puppy they didn’t know how to raise, and it was going to grow into a dog that needed a lot more space than they had. Initially, my client thought the puppy was a Newfoundland, but it turned out to be a Bernese. If she hadn’t been mistaken, she may have never mentioned Bella to me in the first place. “MY WIFE JULIAWAS DUMBFOUNDED WHEN SHE CAME HOME TO SEE ME WITH A NEW PUPPY. I PROBABLY SHOULD HAVE WARNED HER FIRST.”
Being the big softy that I’m gradually revealing myself to be over the course of this article, I agreed in a heartbeat to adopt Bella. My wife, Julia, was dumbfounded when she came home to see me with a new puppy. I probably should have warned her first. I was the one who ended up in the doghouse that night.
A few weeks later, I left town to go watch the Buckeyes play Iowa, leaving Julia with the 6-month-old Bernese who was less than housetrained. Let’s just say the kennel was covered, and I had more than a bit of making up to do with the other ladies of the house. But as time wore on, and we got her properly trained, Bella grew. Now it’s hard to remember a time when she wasn’t part of the family. Bella is 11 years older now, and she isn’t as energetic as she used to be. Even just going out of the house is trouble for her. It may put some pep in her step to have a pup of her own to look after, or at least it might give her some much-needed company while Julia and I are at work and Sophie’s at school. We’re so happy Bella came into our family when she did. It may have been a messy start, and we certainly didn’t plan on it. But, despite the importance of engaging in planning, I have to admit that the best parts of life sometimes come from spur-of-the-moment decisions. -Greg DuPont
Wealth Solutions www.DuPontWealth.com | Law Office www.DandBlaw.com | 1 Published by The Newsletter Pro . www.TheNewsletterPro.com
ROAD TRIPS DON’T HAVE TO BE PAINFUL TRY GAMES, AUDIOBOOKS, AND PODCASTS TO PASS THE TIME
Summer is right around the corner, which means you’ll soon pile the whole family into the car, ready to brave the road for a vacation. Everyone knows that riding in the car for hours can be torture. But with a little creativity, you can turn the worst part of a long trip into a fun event. Pack aTravel Game When the excitement of the family vacation starts to wear off, keep the peace and entertain your kids with a travel game. Many board game manufacturers offer travel-sized versions that are easy to pack and play in the car. Before your next road trip, consider purchasing digitalYahtzee, which packs all the fun of the classic game without the dice, or IQ Fit, a logic game with over 100 challenges. Both games cost around $10 and can provide hours of entertainment. Include theWhole Family Once the travel games no longer pique anyone’s interest, try an activity that can be fun for the whole family: a traditional road trip game. If you have a car full of storytellers, try “Fortunately, Unfortunately.”The rules are simple.The
first person starts by saying, “fortunately,” and mentioning something good about the road trip or the destination. The next person (moving clockwise) then follows by saying something “unfortunate” about the previous person’s statement. Take turns with every passenger in the car. If someone stumbles, they get a strike; three strikes and you’re out. The last passenger standing wins. Play anAudiobook or Podcast We get it. Sometimes passengers don’t want to play games. Occasionally, they’d rather relax or take a nap. However, your listening material doesn’t have to be limited to Dad’s favorite music. Instead, consider listening to a family-friendly audiobook or podcast, which can make the longest and most boring parts of your trip an entertaining or educational experience. Almost any popular book is available in audio form, but it can be hard to find an enjoyable podcast. “Transistor” is a science-focused podcast that explores subjects kids and adults will find fascinating. Or if you’re looking for something fictional, try “Storynory,” in which the narrator tells fairy tales and legends from all over the globe.
REMARRIAGE AND ESTATE PLANNING
WHAT YOU NEED TO KNOW
TalkWithYour Future Spouse
Despite the best intentions, a marriage may not last forever. If you are divorced or widowed and planning to remarry, you may want to take the opportunity to review and revise your estate conservation strategies. This is especially important if you and your future spouse have children from previous marriages. Regardless of the details of your situation, it is important to be aware of the potentially sensitive aspects of estate planning. With a little forethought before your wedding day, you can save your loved ones from a great deal of confusion and heartache in the future. LearnYour Options
Consider a premarital agreement to legally detail your property arrangements. While you may feel ambivalent about broaching this subject, a formalized agreement can help facilitate your wishes. It’s better to ensure you and your future spouse are on the same page about your estate plans before you tie the knot rather than putting off the conversation.
Revisit the Paperwork
Review your will and update the beneficiary arrangements of your life insurance policy to guarantee that your property is distributed according to your wishes upon your death. It’s important to ensure your plan accurately reflects your wishes today. As you prepare for and experience a major life change, such as remarriage, be sure to consult with an estate planning team comprising qualified tax, legal, and financial professionals. Our team would be happy to help as you plan the next important stage in your life.
Familiarize yourself with the advantages and disadvantages of different types of asset ownership. If you would like your assets to pass entirely to your children, you may want to put those assets in your own name. It is important to know that new assets acquired in joint tenancy with your spouse will automatically be passed on to the surviving spouse.
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STARTING A BUSINESS? THESE 3 ELEMENTS ARE CRUCIAL
Building your own business thrusts you into an odds-defying situation. There is a lot of conflicting data around this topic, but the general consensus is that there’s a good chance your business will cease to exist within five years of inception. Just as almost every first marriage starts off with high hopes and promises of grandiose success, so do most businesses. Unfortunately, a large number of businesses head down the same path many first marriages do, and they end up dissolving. How do you set your business up for success so it doesn’t end up leaving you feeling bitter and dejected? Start with these three concepts. FOUNDATION Your business is only as good as the foundation you lay for it. Hoping to figure out your organizational chart, communication methods, guiding values, and operations as you go is never going to work. You can’t “wing it.” Your business, like every other endeavor, needs to be built on solid ground. TOOLS Business has changed over the last 15 years. You can’t just rely on human talent anymore. Your employees need training on how to
implement valuable technological tools that will allow them to perform their jobs at the highest level possible. These advances are always changing, but options like dashboards, internal communications software, organizational software, and best practices for time management can set your new company up for success. MARKETING The idea of doing business without having a customer-facing presence has been nearly eradicated. You need a strong marketing channel to expose yourself to new potential clients and retain the current ones. Having social media accounts, a website, and public relations strategies is a great way to start. A direct mail campaign can also be a total game-changer for many growing businesses. Every business starts with an innovative idea and great people, but the ones that make it understand that a business requires more. There are so many resources and options to plug into, but if you have more questions on how to get your start-up off the ground, reach out to us today. We can provide valuable information on how to run your business. We also practice business law and can provide valuable legal help.
WORD SEARCH
GRILLED RANCH POTATOES
If you want to be the hit of this year’s Memorial Day cookout, don’t overlook the star power of a well-made side dish. These smoky, tangy grilled potatoes will be the talk of the party. The best part is how easy they are to prep and make!
INGREDIENTS
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2 pounds baby potatoes, halved 1/4 tablespoon extra-virgin olive oil
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Ranch dressing for drizzling
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1 tablespoon chopped fresh chives
•
•
Bacon bits (optional)
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Juice of 1/2 lemon
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Salt and pepper to taste
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1/2 packet ranch seasoning
DIRECTIONS
1. Heat grill to medium. In a large pan, toss potatoes with olive oil, lemon juice, and ranch seasoning. Season generously with salt and pepper. 2. Skewer potatoes. (If using wood skewers, be sure to
soak in water an hour before grilling.) Grill until tender and lightly charred, about 15 minutes. 3. Drizzle with ranch and garnish with chives and bacon bits.
BLOOMING MAYO EMERALD GARDENING
GEMINI LILY MAY DAY MOTHERS DAY
NIGHTINGALE SPRING TAURUS WARM
Inspired by delish.com
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INSIDE
Greg’s New Puppy PAGE 1
How to Make Your Road Trip a Breeze
Important Steps Before Remarriage PAGE 2
3 Pivotal Concepts for Starting a Business
Grilled Ranch Potatoes PAGE 3
The Key to a Memorable Vacation PAGE 4
ENRICH YOUR VACATION BUY LOCAL WHEN YOU’RE ABROAD
The virtues of buying locally sourced food and supporting small businesses have been widely extolled. But we rarely think to apply the same practices when we travel. Many Americans
concierge about their favorite place to eat.You’ll discover new foods and flavor combinations, and the locally owned restaurant is sure to appreciate your business! ART Just as your town probably has local artisans who produce unique and interesting work, the same is true for your vacation destination. Anyone can get a gift shop bauble that was mass-produced somewhere else.Take the time to peruse market stalls and craft fairs while you travel. It can lead you to some truly special souvenirs, and you’ll support the arts and traditions of the region! PEOPLE While you’re out sampling local restaurants and exploring local markets, you’ll meet plenty of local people. Don’t be afraid to strike up a friendly conversation.You can make new friends around the globe and learn about their unique experiences. One of the most enriching experiences in life is meeting new people and gaining new perspectives. MEMORIES Treasured memories are the best souvenir you can bring home from any vacation. So you owe it to yourself to get out and explore!
spring for all-inclusive packages when planning their next summer vacation, but doing so means they’ll miss out on some of the best aspects of
the culture they’re visiting.
Part of the joy of traveling is having new experiences you can’t have at home. Whether you’re in another state or another country, you owe it to yourself to seek out the unique aspects of that location. But to find the character and quirks of your destination, you’ll have to explore beyond the hotel lobby. FOOD Why have a cheeseburger from a fast-food chain when you can try a local favorite? A great way to start is by asking your taxi driver or hotel
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Published by The Newsletter Pro . www.TheNewsletterPro.com
For centuries, people have appreciated Shakespeare for his wit and wisdom. For the past few months, I’ve been
sharing some of that wisdom in a series of articles called: SHAKESPEARE ON FINANCE Shakespeare never actually wrote about finance, of course. But I’ve found many of his lines contain important financial lessons. This month, let’s look at one such line from one of the first poems Shakespeare ever published:
QUOTE #5: “How poor are they that have not patience! What wound did ever heal but by degrees?” - Othello
Patience is one of the most underrated virtues of working toward your financial goals. To illustrate what I mean, imagine you’re recovering from a broken leg. While recuperating, you dream of the day your body will be healed and you can walk normally again. How would you go about trying to make that day happen? Pop a couple aspirin and start playing hopscotch? Of course not. You’d get a cast on your leg. You’d take it easy for several weeks. Then, little by little, you’d gradually increase your activity level, giving your leg time to heal properly. You’d be patient. Antsy, maybe, but patient. The same attitude is required when it comes to finances. After all, there’s a reason the term “get rich quick” arouses so much suspicion. Building wealth and reaching your goals takes time. It takes planning. It takes meticulous attention to detail. For example, here are three important steps to reaching your financial goals, all of which require patience. Some investors, anxious to accumulate as much wealth as possible, will throw a lot of money at a “hot stock” or hop on board the latest trend. Others, fearful of the idea of losing money, may sell investments at the first sign of trouble. Both types of investors can be their own worst enemy. Investing requires patience. That’s because successful investing is all about the long-term, not the short. Making rash decisions can often lead to losing your hard-earned wealth — or never being in a position to accumulate wealth at all. 1. AVOID IMPULSIVE INVESTMENT DECISIONS
Sickness, accidents, the economy — life can throw many imposing obstacles your way. Fortunately, there are many things you can control. How you react to obstacles, for instance. What kind of career you have. How hard you work. How much you save, how much you invest, how much you spend. In other words, you’re in charge of the seeds you plant in life’s garden. Show some patience by giving them a chance to grow. This often gets overlooked, but saving money isn’t just for kids hoping to buy a new bike. Saving money is about paying your future self. Think of all your future wants, needs, or goals, like buying a new car, going on a dream vacation, or helping your child pay for college. Saving money specifically for those purposes is a must. People who don’t save usually end up borrowing, which is as useful for building wealth as a leaky bucket is for collecting rainwater. Saving, of course, takes time and patience. More than that, it takes discipline — the discipline to set money aside before you spend it. But it’s one of the surest ways to reach your goals. As you work to build wealth and reach your goals, always remember to exhibit patience. Patience in your financial plan. Patience in your investment strategy. Patience in yourself. After all, “How poor are they that have not patience? What wound did ever heal but by degrees?”Next month, I’ll conclude my “Shakespeare on Finance” series by examining a quote from the bard’s most highly regarded work of all: Hamlet. Have a great month! 3. SAVE
2. FOCUS ONWHATYOU CAN CONTROL
As you travel down the road that leads to your financial goals, there are a number of things you simply can’t control.
PLANNING FOR RETIREMENT DOESN’T HAVE TO KEEPYOU UP AT NIGHT.
In our brand-new report, you’ll find answers to your most pressing questions and actionable steps to make your goals a reality.You can download Retire Worry Free at DupontWealthReports.com, or give us a call at 614.408.0004 and we’ll send you a copy!
Indexing Illustration – The Benefits of Downside Protection Below is a comparison of $100,000 invested this century in stocks reflected by the movement of the S&P 500® total return including dividends (red line) and the interest credited under an Indexingmethod using the S&P 500 © witha hypothetical capof 13% anda floor of 0% (green line). 2 This comparison does not include any charges for the mortality costs of life insurance nor any stock investment fees, so theactual comparative valuesmayvary fromwhat is shown.
Haveyoutakenournew retirementassessment? Take 5 minutes a receive a FREE Report providing you with guidance, direction, and a renewed sense of confidence about your future.
$332,996 6.91% average annual return
$40,000 $60,000 $80,000 $100,000 $120,000 $140,000 $160,000 $180,000 $200,000 $220,000 $240,000 $260,000 $280,000 $300,000 $320,000 $340,000
13.00%
9.54%
11.39% 0.00%
21.83%
13.00%
13.00%
11.96%
12.78% 0.00%
13.69% 1.38%
13.00%
32.39%
$257,799 5.40% average annual return
13.00% 3.53% 0.00%
16.00%
8.99% 3.00%
13.00%
15.79% 5.49%
15.06% 2.11%
0.00% 0.00% 0.00%
-9.10%
26.46%
10.88% 4.91%
28.68%
-11.89%
-37.00%
-22.10%
00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 AnnualChange in theS&P500®w/GrowthCap (13%)andGrowthFloor (0%) AnnualTotalReturnof theS&P500®
Source:Yahoo FinanceGSPCHistoricalPrices,Wikipediaand StandardsandPoors.com
To Receive Your 1-Page Retirement Assessment Go to www. DuPontWealthQuiz .com
1 Thishistoricalperformanceof theS&P500® isnot intendedasan indicationof its futureperformanceand isnotguaranteed. Thisgraph isonly intended todemonstratehow theS&P500®,excluding dividends,wouldbe impactedby thehypotheticalgrowth capof13%and thehypothetical floorof0%,and isnotapredictionofhowany IndexedUniversal Life Insuranceproductmighthaveoperatedhad it existedover theperioddepictedabove.Theactualhistoricalgrowthofan IULproductexistingover theperioddepictedabovemayhavebeenhigheror lower thanassumed,and likelywouldhave fluctuated subject toproductguarantees.
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