Take a look at our September newsletter!
Plan today for peace of mind tomorrow. SEPTEMBER 2023
When you think about those who have impacted your life, who comes to mind? For many of us, our thoughts immediately jump to our parents, siblings, and closest friends. These were the people we were around the most throughout our lives. But another group played an equally prominent role in shaping us into who we are, even if they passed away before we ever had a chance to meet them. I’m talking about grandparents! On Sept. 10, we celebrate Grandparents’ Day! I had two very strong grandmothers who served as role models for me. I think about them a lot and regularly draw on the strength I saw in them. They were supportive, compassionate, and caring people who prioritized their families. Without their strength and sacrifices, my life would look completely different. My dad’s parents immigrated to America from Holland when he was only 8. They had a very different experience than most immigrants. They had a very comfortable life in Holland and could have lived happily in their home country. I asked my dad why they came to America, and he told me they wanted more opportunities for themselves, their children, and their children’s children. My grandma on my dad’s side passed when I was only 6, but I remember so much about her. She was a seamstress and would regularly send me handmade clothes. I always looked forward to receiving a package from her because I knew it contained a new dress or outfit. Getting a package addressed to my full name was also really cool. I called my grandparents “Oma” and “Opa” because those are the Dutch words for grandmother and grandfather. Those are the same names that my kids call my parents, and someday, I want my grandkids to call David and me by those names. My grandmother on my mom’s side was a strong woman too. She was around well into my adult years. When she wanted something, she made it happen. She was always there for me whenever I needed guidance or support. We don’t think about it often, but our grandparents sacrificed so much to give future generations the best chance at a successful life. Before there was even a chance of them becoming grandparents, they were already putting The Unbreakable Bond GRANDPARENTS AND THEIR LASTING INFLUENCE
plans in motion to get their families better lives. I’m a benefactor of my grandparents’ sacrifices and couldn’t be more grateful.
Grandparents’ Day is a tribute to the life our grandparents led because we don’t always realize how much of an impact they had on us. Their choices affected who you are, just like your choices will affect your children and grandchildren. It’s part of the legacy we leave for our families, and legacy is vital. If you’re a grandparent, take some time to share stories and experiences from your life with your children and grandchildren. Share your legacy so they can pass on the family history to the next generation. And if you want to set your grandchildren up for success, you should create or update an
estate plan. That way, their future will be protected, and you’ll gain peace of mind. We’re just a phone call away and happy to assist you with your estate planning needs.
Happy Grandparents’ Day!
–Andrea Shoup
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DON’T PAY MORE CAPITAL GAINS TAX THAN YOU SHOULD! Use This Estate Planning Loophole to Save
There are plenty of estate planning maneuvers, but when done without the guidance of an attorney, these techniques may end up costing your family a fortune. One action that can do more harm than good is transferring your assets into your children’s names. While it might seem like you’re helping them, they could miss out on a significant tax break: step-up in basis. What is the step-up in basis loophole? When you want to transfer a physical property or stocks into your child’s name, they will often need to pay a substantial capital gains tax. The value of these assets increases over time, and when you transfer them to your child, they will have to pay tax on all the appreciation, or the increase in value, from when you first purchased the property to the sale date. Regarding homes, the value can significantly increase over just a few decades. After two decades, the home’s appreciation can easily be hundreds of thousands of dollars. As a result, they
could be left with little profit after forking over the capital gains tax.
Meanwhile, if your child were to inherit the property after your passing, they would only need to pay the capital gains tax from the market value at the time of your death instead of when it was initially purchased. The basis of the asset’s value is stepping up in time to adjust the appreciation value. That’s why it’s called a step-up in basis! The result? Your child will save on expensive taxes and start building wealth with this property’s profit. Instead, try putting your assets in a living trust. So, how can your child take advantage of the step- up in basis? You can put your assets in a living trust and add them as a beneficiary. Instead of being considered an owner, your child will only inherit your estate after your death. While a living trust has plenty of benefits, you should always consult an attorney to understand if this is the right move for you, your specific assets, and your children.
OUR NEW BUSINESS DEVELOPMENT COORDINATOR GET TO KNOW DAEJAH!
A common characteristic you’ll see among estate planning professionals is that they have a strong desire to help others. Some of us have faced our own probate horror stories that led us to the field, while others learned how much of a difference they can make in others’ lives through estate planning. Every team member does everything possible to help our clients meet their estate planning needs. We brought our former receptionist, Daejah, back to our team a few months ago as our new business development coordinator. Daejah joined our team with a wealth of experience working in various fields. After working in a few different industries, Daejah decided to start her own business called Fire and Desire, where she made all-natural soy candles. In October 2021, Daejah, unfortunately, lost her little sister. She stopped making candles and began looking for a career where she could assist other people and make a difference in their lives. She learned about Shoup Legal, researched, and chose to work with us after learning about our efforts to help our clients.
our clients. She’ll regularly connect with clients to answer any questions and ensure
their estate plans are still up-to- date. She’s also working diligently to connect with other businesses in the community so we can build a network of trustworthy professionals for you in case you need something outside our scope of services. Daejah keeps herself exceptionally busy while away from work. She’s currently studying real estate at MSJC. Daejah is passionate about food and loves to cook new cuisines. She also enjoys music and would have no problem listening to her favorite songs every hour of the day. When she’s not enjoying her favorite hobbies, you will likely find her spending time with her family and her energetic puppy, Oswald.
When we experience change in our lives, we’re not always quick to update our estate plans. Thankfully, Daejah is here to provide guidance and assistance to
We’re so excited to have Daejah back on the team and can’t wait to see what the future holds for her!
Plan today for peace
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THE POWER OF ENCOURAGEMENT
Cozy French Onion Soup Inspired by TasteOfHome.com
Inspiring Others to Reach New Heights
As autumn draws near, you’ll need this comforting French onion soup recipe.
Ingredients
• 5 tbsp olive oil, divided • 1 tbsp butter • 8 cups sliced onions • 3 garlic cloves, minced • 1/2 cup port wine
• 2 32-oz cartons beef broth • Salt and pepper, to taste • 24 slices baguette (1/2-inch thick) • 3/4 cup shredded Gruyere cheese
Directions
1. In a Dutch oven, heat 2 tbsp oil and butter over medium heat. Add onions and cook until softened, then reduce heat. Occasionally stir until brown (around 30 minutes). Add garlic and cook for 2 more minutes. 2. Stir in wine and bring to a boil. When liquid has reduced by half, add broth, salt, and pepper. Bring to a boil, reduce heat, and simmer for 1 hour. 3. Preheat oven to 400 F. On a baking sheet, brush baguette slices with remaining oil. Bake until golden (3–5 minutes each side). 4. In 12 broiler-safe 8-oz bowls, place 2 toast slices and pour soup into each. Top with cheese and broil until melted.
Encouragement is a driving force behind many of our actions. Whenever we come across a challenging task, we often experience self-doubt. We can push past any obstacle when we encourage ourselves or receive encouragement from others. In September, we recognize the National Day of Encouragement, which calls on us to lift others and impact their lives through encouragement. Over 10 years ago, I decided to run my first marathon. I had been a runner throughout my life and figured it was time for the next challenge. I had a special shirt made that said “Andie” on the front (my family’s nickname for me) and the quote “Pain is weakness leaving the body” on the back. The first few miles felt like a breeze, but once I reached mile 12, I started to second-guess my decision. The encouraging words I received from spectators and other participants pushed me to the finish line. Hearing onlookers chant my name and tell me I could do it gave me a huge boost. The other runners thanked me whenever they passed me, acknowledging that the message on the back of my shirt encouraged them to push harder. That marathon was a very positive experience. I’ve always tried to use encouragement to boost others. It’s something we do regularly at Shoup Legal. I want to encourage my team to do a great job, grow in their roles, and develop their skills. I like to get everyone involved whenever we experience success because it takes a team effort to accomplish our goals. One of our team members might not know their impact on others’ lives, but we can make them aware through recognition and encouragement. As a parent, encouragement is essential to my children’s development. I want to recognize the effort they put into their schoolwork or art. It doesn’t have to be perfect. As long as they’re trying their best, I’ll build them up and encourage them with enthusiasm. We often underestimate how much we need encouragement from others, regardless of whether we know them well. When we encourage others, we’re helping them become the best versions of themselves as they work diligently to reach their dreams.
TAKE A BREAK
e of mind tomorrow.
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Plan today for peace of mind tomorrow. 39755 Date St., Ste. 203 | Murrieta, CA 92563 (951) 445-4114 | www.shouplegal.com
1 | How Grandparents Impact Their Family’s Future 2 | This Estate Planning Loophole Will Save You Tax Dollars 2 | Meet Daejah, Business Development Coordinator 3 | Spread Positivity and Empowerment Through Encouragement 3 | Cozy French Onion Soup 4 | Simple, Affordable DIY Projects You’ll Love Inside This Issue
Get Your Home Fall-Ready SIMPLE, AFFORDABLE DIY PROJECTS YOU’LL LOVE
Housewares stores are currently full of cute autumn decor, but the cost of refreshing your house’s look each season adds up quickly. Fortunately, you can do a lot for less. Many DIY crafts are not as complicated as you might think. In addition to saving money, you’ll create personalized charm none of your neighbors can match. Repurpose your pumpkins. Small gourds are incredibly versatile. Just sprinkling a few around your dining room table or mantle makes it feel like fall. But you can quickly elevate them using metallic paint to add cute designs, phrases, or names. Another option is to wrap seasonal fabric around them like a pouch, gathered at the stem. If you feel more ambitious, you can also use pumpkins to make succulent planters. Cut a crater in the top of the pumpkin, pop in the succulent and soil, and press the dirt until snug. Light up the night. The soft glow of a lantern or candle is the perfect way to get the cozy vibes started. Instead of succulents in the top of your pumpkin, you can set wax and a candle wick to create something unique. If you’re bored with pumpkins, try
the same with acorn caps. An even simpler idea involves glazing real or fabric leaves on the outside of mason jars with craft glue. Then add decorative stones and a wax or battery-operated tealight for a seasonal twinkle.
Decorate your door. Wreaths are a DIY staple for several reasons. They’re easy for beginners to make and can set the tone for your home by offering visitors an autumnal focal point. You can buy a variety of starter wreaths at the craft store, so find one that suits your taste. Then pick up other supplies like leaves, pine cones, dried corn, and ribbon. Now you’re ready to hot glue to your heart’s content and create something distinctive. If you need further ideas, look closer the next time you shop. Many of the fun fall items for sale aren’t very difficult to make yourself with a few minor adjustments and a little creativity.
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