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2021 So Far Trends, Changes, and Why We’ve Been So Busy Eversole Quarterly
Summer 2021
July marks the midpoint of the year, and as things continue to change quickly all around us, it’s a good time to check in and look at your goals. I don’t think it’s possible not to have been affected by the pandemic conditions that have remained with us and continue to shape our lives in 2021. Though I have to say that while much of the country was forced to slow down, stay home, and deal with changes to their jobs (or furloughs), the real estate market has been booming here in Beaufort, which means my team and I have been busy! What’s interesting to me is what is behind this trend. I’ve interacted with clients who are moving here from the bigger metropolitan areas, like New
As a result of this, there is record-low housing inventory, not just locally but in many places throughout the U.S. However, building hasn’t slowed (despite skyrocketing lumber and materials costs) and some homeowners who didn’t previously plan to sell just yet have decided to do so to capitalize on the demand. Historically, summer has been the most expensive month to buy, which makes it a great time to sell. Customarily, home sale prices increase 9% between January and June, with prices peaking in June and July. But the pandemic has upended many trends and expectations. Who's to say where the market will go from here?
York, California, and as close as Atlanta. Many have used this time in their lives to reevaluate and take stock and, as a result, take steps to do a reset of sorts. Some people can now work remotely, allowing them to discover smaller, beautiful places like Beaufort that offer a slower pace of life.
I’ll be interested to see how this trend plays out as vaccinations continue to roll out, federal and local safety guidelines continue to be relaxed, and we all start to shake off the worst of the pandemic. We’re continuing to work hard for our clients who need help navigating this real estate market, and we’re thankful to each one of them for keeping us busy throughout 2020 and 2021. I’m looking forward to discovering what the rest of the year brings for the firm and our community.
“Many have used this time in their lives to reevaluate and take stock and, as a result, take steps to do a reset of sorts..”
-Alysoun Eversole
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It’s Time to Diversify Your Banking!
5 Reasons Not to Keep All of Your Money in One Place
You’ve probably heard the expression, “Don’t put all of your eggs in one basket.” But what about
2. You’ll have a backup if one bank fails. According to Bankrate, 511 U.S. banks failed between 2009 and 2020. That’s not nothing! If your bank isn’t insured by the Federal Deposit Insurance Corp (FDIC) and it fails, you could lose your entire balance, so diversifying your accounts (or choosing only FDIC-insured banks) is a good backup measure. 3. You can make sure ALL of your money is insured. The FDIC only covers up to $250,000 per depositor, per bank. So, if you have high-value accounts, depositing with multiple banks can ensure all of your money is covered. 4. The more accounts you have, the more withdrawals you can make penalty-free . Many money market and savings accounts have limits on how many times you can pull money out each month. If you bank with several institutions, you can make a few withdrawals from each of them, stay under the limits, and avoid fees. 5. You’ll have access to more banks and ATMs. Do you travel across your city, state, or the country regularly? If you do, it can be beneficial to bank with several institutions so you’re always close to an ATM or bank branch. For example, you may want to use a local credit union at home for the member benefits but bank with a national bank for out-of-state emergencies.
“Don’t put all of your dollars in one bank”? Banking at a single institution is the default for most people, but just because something is the typical strategy doesn't mean it’s the best one for you! Here are five reasons to
consider taking the road less traveled. 1. Different banks have different perks.
Credit unions are member-run nonprofits and often don’t have minimum balance requirements. Traditional banks have cutting-edge financial
technology and more loan options. Some banks offer high-yield checking accounts while others don’t, and online banks can have interest rates on savings accounts up to 15 times higher than brick-and-mortars. By banking with more than one institution, you can get the best of both (or three!) worlds.
Why Alysoun Loves Her Horses
Celebrating I Love Horses Day
There’s really a holiday for everything, and as a horse lover, I am happy to indulge in I Love Horses Day on July 15.
Horses sleep standing up. This is probably hard for us bed- loving humans to imagine, but it’s true. You’ve probably seen horses lying on the ground, too. They can sleep that way as well for short periods. Horses have a long lifespan. As I said, I’ve had my horses for 12 years. It’s not uncommon for horses to live 30 years or more with the proper care. As veterinary care has improved over time, horse life expectancy has actually increased. Horses are herd animals. We sometimes think of horses as loners, but as wild horses show us, they prefer to live in small herds. Even domesticated horses like having companions, which is why I have more than one horse! Horse height is measured in hands. Americans are accustomed to measuring things in feet, but horses are measured in hands! This ancient measurement has been standardized in modern times to 4 inches.
When people ask what it is I love about my horses,
I could go on and on! At the end of the day, horses are a lot like people. They each have their own unique personality
— and every horse, just like every human, is different. I really see this up close and personal because I live around my horses and see them every day. I’ve gotten to know them quite well over the last 12 years and have come to appreciate each of their traits. If you haven’t had the pleasure of getting to spend time around these amazing animals, here are a few fun equine facts to get you started.
-Alysoun Eversole
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Cryptocurrency and Estate Planning
Make Sure You’re Prepared
When you think of an estate plan, what comes to your mind? Many people think of a document that helps protect and pass on your property and other assets you may have — like retirement or savings — to your heirs. But as technology has changed in recent years, more individuals have started to make direct stock market investments through apps like Robinhood and Stash, which they may not think about while making an estate plan. And the unique security features of cryptocurrencies like Bitcoin present certain challenges and call for special considerations when drafting your estate plan. The key takeaway here is that when estate planning, you need to include all of your assets. While you may think that your app- based investments are small or just a hobby, it’s still important to include them in your plan. Who knows what will become of those investments as companies grow? This is especially important for cryptocurrencies. Without getting too far in the weeds about how cryptocurrencies work, it’s crucial to know that they are a truly unique asset and that their security elements need to be addressed in your estate plan. For instance, Bitcoin is a digital asset that is stored in a digital wallet and secured by a 64-digit private key. That key is the only way to access this asset, and unlike other assets like a home or 401(k), there is no
personal information (like a Social Security number) associated with Bitcoin ownership.
When you come to see us to create or update your estate plan, think broadly about your investments and let us help you get the most out of your plan by ensuring it covers everything.
Summer VegetableGreekSalad
great
TRUTHS
Inspired by CookieAndKate.com
For the vinaigrette: • Ingredients
• • • • • • • •
parsley, olives, and feta (as well as the chickpeas or salami, if desired). 1 cup grape tomatoes, halved 1 small cucumber, seeded and chopped 1 cup yellow bell pepper, chopped 1/4 cup red onion, finely chopped 1/4 cup fresh parsley, chopped 1/4 cup Kalamata olives, pitted and halved 1/2 cup feta cheese, crumbled Optional protein choices: 1 cup cooked chickpeas or 6 oz Genoa salami
2 tbsp red wine vinegar 1 tsp Dijon mustard 1 garlic clove, minced
•
• • • • •
1 tsp dried oregano
1/2 tsp honey
"Giving money and power to government is like giving whiskey and car keys to teenage boys."
1/2 tsp salt
1/4 cup extra-virgin olive oil
For the salad: •
1 head romaine lettuce, chopped
Directions
1. In a medium bowl, whisk together vinegar, mustard, garlic, oregano, honey, and salt. Slowly drizzle in the olive oil, whisking until well combined. 2. In a large serving bowl, toss together the romaine lettuce, tomatoes, cucumber, bell pepper, red onion,
– P.J. O’Rourke, Civil Libertarian
3. If you plan to serve all the salad at once, drizzle the dressing over the salad to lightly coat, then toss to combine. Otherwise, store the
vinaigrette and salad separately, then dress each portion before serving.
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Eversole Law Firm, P.C. 1509 King Street Beaufort, SC 29902 (843) 379-3333 www.eversolelaw.com
Disclaimer: The content of this publication has been prepared by Eversole Law Firm, P.C. for informational purposes only and is not to be construed as legal advice. It does not create an attorney-client relationship with its readers and may not be used by you, the reader, as legal advice. You are encouraged to consult with us or another attorney about your circumstances to which the information in this document may apply.
What’s Inside
1. 2021 So Far 2. 5 Reasons to Diversify Your Banking Why Alysoun Loves Her Horses 3. Don’t Forget to Address Cryptocurrency in Your Estate Plan! Summer Vegetable Greek Salad 4. Do You Know Which President Imposed the Federal Income Tax?
Lincoln’s Law
The Revenue Act and the History of the Federal Income Tax
Even with the extended May deadline, we’re well past tax season, so why talk tax history now? As it turns out, it was in August way back in 1861 that the Revenue Act was passed, which imposed the first federal income tax. If you’re trying to recall your American history lessons, you may have already figured out that it was President Abraham Lincoln who signed this bill into law. A Look at the First Tax The Revenue Act called for a 3% income tax on Americans making over $800 a year. That’s almost $26,000 in today’s dollars. The tax was levied primarily to fund the Civil War. While federal income tax dollars are spent in myriad ways today, defense remains a major category. About 16% of taxes collected for the 2019 tax year were spent on U.S. military and defense. Changes Over Time About a decade after the Revenue Act was passed, it was repealed. While it was possible to coax income taxes out of Americans during wartime, there was significant opposition to taxation following the end of the Civil War. It wasn’t until the 16th Amendment was ratified in 1913 that the federal government once again got the power to tax
individuals on their income and to spend the money how government officials saw fit, rather than in proportion to state populations. Since then, taxes have been used in three main ways: mandatory spending on programs like
Social Security, Medicare, and
veterans’ benefits; discretionary spending on defense, education, transportation, and health; and finally, interest on the national debt. As the old saying goes, two things are certain: death and taxes. However begrudging Americans are about paying taxes these days, income tax has become a given.
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