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Plan today for peace of mind tomorrow. OCTOBER 2021
The Benefits of Helping People It’s crazy to think how one little action or word of gratitude can brighten someone’s day even in the darkest of times. Seeing the effect that unsolicited kindness had on people helped me develop a career path and my eventual specialization in trusts, wills, and estate planning. of courtroom action as a felony trial attorney. Even though I pursued justice and tried to ease the HOW I BECAME INVOLVED WITH ESTATE PLANNING
pain that some families experienced from the actions preceding these trials, I knew I could do more to help. My next transition started in the most unexpected place.
I grew up in California and decided to remain in our beautiful state to attend college. Therefore, I stayed in my hometown of San Luis Obispo where I attended Cal Poly San Luis Obispo for my Bachelor of Science degree in business administration. I knew that law school was the next step for me and decided that the California Western School of Law was the best fit. This adventure sent me south to San Diego where I discovered a number of new experiences. I served as the editor-in-chief of the Law Review and also served as an officer of the Pro-Bono Honors Society. I went on to graduate magna cum laude from the California Western School of Law in 2006 and immediately jumped into the courtroom.
During my time in the district attorney’s office, my husband David and I were expecting our first child. Like many other first-time mothers, I began heavily reading mothering and pregnancy books and blogs. Many of these books discussed estate planning at length. This was something I had never thought of beforehand and that seemed unsettling. David was with the Marines at the time and could have been sent out on deployment at any time. The scenarios began to swirl around in my mind. What will happen to my son if my husband gets injured or worse? What will happen to me? If I’m involved in a lethal car accident, what will happen to my son? The idea of him going into foster care while my parents went to court terrified me. I began to focus my attention on estate planning after learning how valuable it could be for people. After my first son, Matthew, was born, David and I began looking to get away from the big city in favor of a more friendly, family-oriented community. We settled on Murrieta after visiting and falling in love with the community. I opened my own law practice and pursued a
new career where I focus on estate planning and everything related to it.
Nearly everyone has heard a horror story or two about probate court or trying to get a loved one’s estate in order after an untimely death. I wanted to make sure that families were protected and nobody had to face these issues. This also allowed me the opportunity to inform so many families about estate planning and how it can benefit them. When I first enrolled in law school, I did it so I could help people who were unable or did not have the information to help themselves. Specializing in estate planning has allowed me to take it to the next level and help families prepare for a difficult time. Putting together an estate plan is invaluable
I joined the San Diego district attorney’s office as a deputy district attorney. While there, I saw plenty
“Specializing in estate planning has allowed me to take it to the next level and help families prepare for a difficult time.”
as it allows your family time to grieve instead of trying to get everything settled in court. We do not know what the future holds, so there’s no reason to wait. –Andrea Shoup
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Many people enjoy using Bitcoin and other cryptocurrency for the financial freedom that it offers — especially because there are very few fees, if any, involved. Utilizing banks and regular stocks can come along with some large fees. However, this currency still does ultimately get taxed. Here’s how! How It’s Taxed The buzz about cryptocurrency is that it is not backed by any government affiliation and is subject to little or no regulation. However, this is false. When a crypto exchange occurs, both gains and losses must be reported to the Internal Revenue Service. Thus, this is taxed just like traditional stocks and personal assets. When it comes to federal income taxes, cryptocurrency is thought of as “property” and is therefore treated as a capital asset. This means that it is subject to capital gains taxes just as stocks and bonds are. If the asset appreciates in value and you trade, sell, or use it for profit, then it will be taxed just like capital gains. However, you only owe tax when those gains are realized. Realized gains are those that have been actualized when an existing position is sold for more than it was purchased. So, if the asset happens to depreciate in value and it is traded, sold, or used at a loss, you may be able to subtract the loss from other capital gains to reduce your taxes. So,Wait —How Is CryptocurrencyTaxed? A QUICK EXPLANATION
Calculating Taxes on Cryptocurrency Gains and Losses To determine your taxes on cryptocurrency, compare your net proceeds to your cost basis. You also must take into consideration the length of time that you owned the asset. This information is crucial for figuring out the type of capital gain or loss you recognize. Some gains or losses are determined to be “short term,” typically a year or less, and others are “long term,” more than a year. It is important to note that you can offset your capital gains with capital losses. Tracking your crypto gains and losses is crucial for staying on top of everything when tax season rolls around. As always, you can turn to your trusted financial advisor for professional assistance and advice.
Our Top 9 Estate Planning Tips for 2021 and Beyond Preparing for the Future
Creating an estate pl n is one of the best ways to prepare for the future. Here at Shoup Legal, we put together a list of our top nine estate planning tips for 2021 and beyond. 1. Make an Estate Plan Tomorrow is never guaranteed and an estate plan is one of the few surefire ways of knowing that your family and assets will be managed according to your agenda. 2. Put a Trust Into Place With a trust, you’re appointing a trustee to manage and make decisions. Trusts can provide specific guidelines for how and when your property is distributed. A properly crafted and executed trust does not need to go through probate. 3. Staying Up to Date Things are constantly changing and you need to make sure your estate plan accurately reflects your wishes. We recommend that you revisit your
estate plan every three years or sooner if major tax changes are imminent.
investment strategies that impact retirement accounts and can hurt the value of your assets.
4. Keep It Formal Do-it-yourself estate planning is rarely ever upheld by a court. This goes for online sources as well. It’s important to have a trained estate planning attorney help you with your plan. 5. It’s More Than Real Estate Most estate plans focus on how real estate assets are handled, but any item of value can and should be placed in a trust to minimize taxes and avoid probate court. 6. Life Insurance Can Help Life insurance payments are generally payable to beneficiaries income tax-free and can be used to help pay for funeral arrangements or other costs. 7. Watch Inflation Inflation of any kind can erode the value of individual and business savings. This can affect
8. Income and Employment Status Since the pandemic began, many people have felt the sting of unemployment or are making less than they made pre-pandemic. This can interfere with investing and can create major problems for your estate plan. 9. Inherited Property and Federal Tax Changes The American Families Plan Act is a proposal that will increase taxes on property left to heirs. The expected federal tax legislation that will likely go into effect by 2022 will also change how your estate plan looks. If you’re ready to create your estate plan or need to update the one you currently have, give us a call at (951) 445-4114 and we will be happy to assist.
Plan today for peace
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Breakfast Sweet Potatoes Finish the end of sweet potato season strong with this must-try breakfast recipe!
Have you wanted to get your estate plan in order but don’t know where to begin? Do you have an estate plan but are unsure of what updates you need to make? If you’ve been asking yourself questions like these lately, Shoup Legal has the answer for you. We will be hosting in-person workshops on Tuesday, Oct. 12, and Wednesday, Nov. 3 . There will be two sessions on each of these days. The first will begin at 11 a.m. and the second begins at 6:30 p.m. All workshops will take place in community room A at the Ronald H. Roberts Temecula Public Library located at 30600 Pauba Rd, Temecula, California 92592. The workshops will be conducted by Andrea Shoup and the experts at Shoup Legal. Andrea will cover the basics of estate planning and the essentials that everyone needs to know. From creating an initial will to updating your current estate plan, the team at Shoup Legal will help you achieve a firm grasp over your financial future. There’s no reason to wait any longer to get your estate plan together with these upcoming workshops. They will be free to the public, but space is limited due to increased demand. Please visit us at www.EstatePlanningBasics.info or contact us at (951) 445-4114 to register for your desired workshop before spots fill up. This informational session can help you prepare for the future, so reserve your spot today. You will also have the opportunity to direct any questions you may have to our professionals. It might feel like it is never the time to get your estate plan in order, but there’s no need to wait. Once you get your estate plan together, you can rest easy knowing your family is taken care of in the event of a disaster. If you don’t know where to begin, this is a workshop you can’t afford to miss. Shoup Legal’s UpcomingWorkshops GET HELP WITH YOUR ESTATE PLANNING
Inspired by AmbitiousKitchen.com
Ingredients • 2 medium sweet potatoes • 2 tbsp of your preferred nut butter
• 1 banana, sliced • 2 tsp chia seeds • Cinnamon and salt to taste Directions 1. Preheat the oven to 375 F and cover a medium baking sheet with parchment paper or aluminum foil. 2. Poke holes in the sweet potatoes and bake on the prepared sheet for 45–60 minutes. 3. Once cooled, split the sweet potatoes down the middle and top with nut butter, banana, chia seeds, cinnamon, and salt.
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 | The Benefits of Helping People 2 | How Is Cryptocurrency Taxed? 2 | Top 9 Estate Planning Tips 3 | Shoup Legal’s Upcoming Workshops 3 | Breakfast Sweet Potatoes 4 | 3 Haunted Destinations to Visit This October Inside This Issue GHOSTS ACROSS AMERICA 3 Haunted Spots Every Ghost Believer Will Love
Stay a while at Hotel Monte Vista in Flagstaff, Arizona. Guests at Hotel Monte Vista have often enjoyed long stays at the downtown Flagstaff, Arizona, hotel, but not everyone leaves. Constructed in 1927, the hotel is host to a number of reported ghosts. The most well-known is an elderly woman who would spend hours rocking in the chair in her room. Today, her chair can be found moving on its own. Another popular visitor is the ghost of a bellboy who knocks on doors and announces that room service has arrived — only, no one’s there. Is there a monster in Pine Barrens, New Jersey? This one’s for those who love mysterious creatures. Pine Barrens is a mass of forested land that spreads across seven counties in New Jersey — and its most famous resident isn’t human. The Jersey Devil has a long, storied history and is said to be a combination of many animals: Its body is shaped like a kangaroo with wings. It has the head of a dog but the face of a horse. The creature is believed to have had a sickly start to life in 1735 and has stayed to haunt the forest’s inhabitants and even those who visit the area today.
October is one of the best months for travel in the U.S. With mild temperatures and gorgeous, colorful leaves everywhere, there’s no better time for a cross-country road trip. Add some Halloween flair to your October vacation with these three ghostly attractions. Visit the most haunted town in the U.S. — Waynesville, Ohio. Sure, New Orleans may have a spooky past, but it doesn’t compare to Waynesville. Many residents and visitors think this Ohio town is rife with ghosts. You may hear cries to “hurry up” at The Hammel House Inn, where many tunnels for the underground railroad came through, or you could see the apparition of a businessman from the 1800s who “never checked out.” Other sources report hauntings at the town’s historical society, Museum at the Friends Home, including a little girl who moves toys and sits on the porch. The society leans into the local fascination and hosts regular walking ghost tours and ghost hunting classes.
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