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SEPTEMBER 2024 VOLUME 8, ISSUE 5
TOPH’S TAX RESOLUTION TIMES
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Childhood Challenge This One Is for Roz: Courage Amidst Adversity
We are used to seeing larger-than-life heroes in the movies, like Spider-Man and Wonder Woman. But sometimes, heroes come in small packages. Our daughter, Roz, recently turned 6, and she just started first grade this fall. She is blossoming in so many ways. She loves to sing and dance and perform for us at home. She recently put on her Ariel costume and sang an entire song she had memorized from “The Little Mermaid.” She was so proud of herself. It is heart-warming to see her. Her gift for music is a unique ability of hers that is very special.
Fortunately, this condition hasn’t affected other aspects of Roz’s development. She is perfectly normal in other ways. But it has caused scarring and an absence of hair growth. Roz will face three more surgeries, the last of which will involve a bone graft or bone transplant. Beyond that, she may undergo further procedures, such as a hair transplant to give her a full head of hair. At some point through all of this — I am not sure exactly when — Roz and I became each other’s besties. We say this to each other: Roz is my bestie, and I am hers. I love all six of my kids equally, and they each have their own special qualities. But none of the others has had to deal with what Roz has faced. I think that has given rise to a different kind of bond. She is an incredibly strong person, and I couldn’t be prouder to be her dad. Ashley and I both have been very supportive of Roz’s well-being. She is a beautiful girl, but she is missing some hair, and the surgeries have caused some contortions of her scalp. We worry about what kids are going to say, and how people will treat her. I know Roz must be experiencing a lot of emotional ebb and flow. About a year ago, she began saying negative things about herself — strongly self- deprecating things. I think that was part of the process of her adjusting to her situation. All of us in the family just gave her as much love and positive reinforcement as we could.
Another unique ability of hers is enduring pain.
heard Roz say anything negative about herself recently. She has two big brothers, Mac and Rex, and I have told them, “You had better protect your little sister.” For the most part, Roz has seemed unfazed by the differences she has to manage. She is incredibly resilient. Obviously, it’s heartbreaking to see your child go through anything like this. These challenges are going to be with her for the rest of her life. But I also see Roz building up a reservoir of strength and bravery — inner resources she can take with her into whatever she chooses to do in life. So, this one is for Roz! And as you read on in this newsletter about other aspects of my life and work, I hope you take a moment to appreciate the child-size heroes in your own life.
Roz has undergone five surgeries in the last two years to treat a congenital condition. She has endured all of this adversity with incredible bravery. Before her latest surgery, she was all smiles, giving out hugs and kisses. I often think she is the sweetest, strongest, bravest human being I have ever known. In recognition of Roz’s amazing resiliency, I am devoting this article to her. Roz was born with a rare condition called Adams-Oliver syndrome, an affliction that causes changes to the skull and scalp. In Roz’s case, the changes include cutis aplasia, preventing the skin and bone on the top of her head from developing fully. At the moment she was born, Roz had to be rushed to the neonatal intensive care unit. For the first year of her life, Ashley had to apply antibiotics to help seal the wound and prevent infection.
–Toph Sheldon
The other kids in the family know her situation, and they are very supportive, and I haven’t
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How to Save Big and Secure Your Family’s Future Navigating the world of estate taxes can feel like trying to find your way through a pricey maze. Luckily, with strategic money management, you can minimize the taxes on your estate, ensuring more of your hard-earned assets go directly to your loved ones. Here’s a quick guide on how to keep taxes at bay and safeguard your family’s inheritance. Gifts can be golden. Spreading a little wealth now can save a lot of taxes later. Known as “annual exclusion gifts,” you can give up to $18,000 to as many people as you like without incurring yearly gift taxes. If you’re feeling generous, doubling this with your spouse means you can give away $36,000 KEEP MORE OF YOUR MONEY
HERE’S HOW I FIXED IT TOPH’S TAX TRIUMPH
I have never been one to give up without a fight. And I don’t hesitate to take a client’s case all the way to the top if that’s what it takes to win. A former golf pro and his wife recently came to me for help resolving a $100,000 IRS debt. Both were about 70 years old and still working. They had no significant assets and were living paycheck-to-paycheck, but they knew they needed to resolve their IRS debt. I suggested we present the IRS with an offer in compromise to settle their six-figure debt for about $1,000. I also helped the couple get up to date on back tax returns. The IRS refused to settle. The agency claimed that because my clients were working and collecting Social Security benefits, their income was too high to warrant a settlement. I countered by pointing out that they wanted to retire soon and were only working because they couldn’t afford to stop. I offered to include a contingency, providing for an increase in the settlement amount if my clients’ income exceeded a specified amount. The IRS still wasn’t buying it. I filed an appeal, but my arguments fell on deaf ears. Appeals officers often take a check-the-box approach rather than doing the work required to reverse a lower-ranking employee’s decision. Although one appeal is technically the end of the road, I decided to take my clients’ case all the way to the head of the IRS appeals division. I had made note of the official’s email after hearing him speak at a professional meeting, so I laid out my clients’ case clearly in an email. The next day, I got a call from an IRS officer in the official’s division. The agency soon made a counterproposal to settle for $4,500. We didn’t even have to include any of the contingencies I had offered earlier. Now, my clients are free to keep working if they want to — but they have the option of retiring, too, if they would like. Even when battling an adversary as formidable as the IRS, it pays to keep trying!
per person annually. This isn’t just a great way to reduce your taxable
estate but a perfect way to see your loved ones enjoy their inheritance while you’re still around. Stay secure with a trust. Trusts are fantastic tools to manage asset distribution after you’re gone. You can exclude certain assets from your taxable estate by setting up a trust, like an Irrevocable Life Insurance
Trust (ILIT). This means they’re protected from estate taxes, creditors, and divorce proceedings — talk about a triple win!
Step-up your basis. Here’s a little-known trick: Hold onto assets that appreciate until your death and your heirs can benefit from a “step- up in basis.” This means they will only pay taxes on the gains made from the date of your death rather than the total gains from when you first acquired the asset. It’s like pressing the reset button on potential capital gains taxes, which can be a huge relief. Minimizing estate taxes doesn’t have to be a dreary affair. With these tips and proactive steps, you can ensure more of your estate goes where you want it to — without a hefty tax bill. So, chat with a savvy estate planner and start building your plan. Your heirs will thank you, and your legacy will stretch even further!
–Toph Sheldon
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ASHLEY’S CORNER A New Phase: Reclaiming Past Hobbies
A funny thing happens to moms when their kids start going to school all day. My friends and I look at each other and say, “Omigosh, what am I going to do with myself?” And I’m thinking, ‘I don’t know. What did we do before we had kids?’ It seems like a different lifetime. I am not there yet; only three of our six kids are in all-day classes this fall. But two of the other three are in preschool two mornings a week, so I will have only baby Nelle from 9 a.m. to noon. And I am thinking, ‘I used to have hobbies. What were they?’ Clearly, a new phase of life is approaching. In the past, I was a nurse, and my life revolved around my job and friends. Then Toph and I married and had a year together without kids. But we have been deep into kid things since then. Now, our older kids are becoming more independent. Sometimes when they’re playing together, I’m thinking, ‘Hmmm. I need to figure out some hobbies.’ I have always loved reading, and some friends and I have started a book club. It is something to look forward to — a good discussion and a night out with friends. It motivates me to squish reading time into my day. When I get a spare moment, I have to tell myself, okay, I can fold laundry later. Even if I only take 30 minutes, I can take a break to sit, read, and relax.
Toph and I used to do a lot of hiking. We have our most productive
conversations in nature, with no screens, phones, distractions, or noise. It’s been harder with all the kids, but in this new phase, I’m planning some hikes for just Toph, the baby, and me.
What other hobbies can I come up with? I’d like to try pickleball or another new activity Toph and I could learn together. I’ve always been into games and cards, too. I’m hoping we can get some couples together for a euchre night.
I’d love to hear from you, readers! What hobbies have worked for you? Let me know how you plan some time for yourself!
Take a Break
PERFECT PEACH COBBLER
Ingredients
• 6 cups sliced fresh peaches • 1/2 cup granulated sugar • 2 tbsp all-purpose flour • 1/4 tsp ground cinnamon • 1/4 tsp ground nutmeg • 2 cups all-purpose flour
• 1/3 cup packed brown sugar • 2 tsp baking powder • 1/2 tsp salt • 1/2 cup cold butter, cut into pieces • 1/2 cup milk • 2 tbsp butter, melted
Directions
1. Preheat oven to 375 F and grease an 8-inch square baking dish. 2. In a large bowl, combine peaches, sugar, 2 tbsp flour, cinnamon, and nutmeg; mix until blended, then spoon into prepared dish. 3. In a medium bowl, combine 2 cups flour, brown sugar, baking powder, and salt. 4. Cut in butter with forks or pastry knife until mixture resembles coarse crumbs. 5. Add milk and stir until just blended. 6. Drop dough by spoonfuls onto peach mixture and drizzle melted butter on top. 7. Bake for 40–45 minutes or until top is golden brown.
Solution on Page 4
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Cincinnati Tax Resolution Powered by Toph Sheldon 9200 Montgomery Rd., Ste. 7B Cincinnati, OH 45242
PRST STD US POSTAGE PAID BOISE, ID PERMIT 411
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INSIDE 1
Roz’s Story: Resiliency in the Face of Suffering Smart Strategies to Minimize Estate Taxes Toph Battles the IRS All the Way to the Top Ashley’s Corner: Rediscovering Past Hobbies Perfect Peach Cobbler ‘Real Housewives’ Star’s Long Battle With IRS Debt
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Reality TV Star Labors Under IRS Debt TOPH’S TAX NIGHTMARES
pleaded guilty in 2014 to conspiracy to commit mail, wire, and bankruptcy fraud, tax evasion, and other crimes. Teresa served 11 months in prison and her husband served 41 months before their divorce was finalized in 2020. Teresa Giudice cleared a $363,000 federal tax lien in 2022 after paying off debts from the 2011 and 2012 tax years, but her tax problems haven’t gone away. The Bravo network reality star was hit again last year with a new federal tax lien for $17,000 for unpaid taxes from 2020 and 2021. According to Page Six of the New York Post, she was still working last year to clear $500,000 in additional IRS debt from 2014 and 2015. Her lawyer said at the time that she had been making monthly payments on the debt and would continue doing so until it was paid off.
Teresa Giudice has been a cast member since “The Real Housewives” premiere in 2009 and is still considered the star of the show. Her incarceration in 2015 triggered a three- episode spinoff series featuring her phone calls to her family from jail. In an explosive Season 14 episode of “Real Housewives” last year, Giudice blamed her brother and his wife, “Real Housewives” co-star Melissa Gorga, for playing a role in providing information to federal authorities in 2013 that helped land her and her ex-husband in jail. Regardless of who tipped prosecutors to the Giudices’ misdeeds, Teresa Giudice’s star power was entirely wasted on the IRS and the Justice Department. As a prosecutor declared when she was sentenced to prison, “Choosing lies over the truth when dealing with the IRS … will not be tolerated.”
PHOTO CREDIT: GAGE SKIDMORE. FROM SURPRISE, AZ, UNITED STATES OF AMERICA
After laboring for nearly a decade to get out from under a mountain of IRS debt, reality TV star Teresa Giudice is still making payments.
“The Real Housewives of New Jersey” star and her former husband, Giuseppe “Joe” Giudice,
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