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LIFESTYLE ADVOCACY FAMILY FINANCE LAFF is a publication of DuPont Wealth Solutions and The Law Offices of DuPont and Blumenstiel, blending original and curated content, and is intended to educate the general public about investing, finance, estate planning, personal injury, and small-business issues. It is not intended to be legal or financial advice. Every situation is different. The information in this newsletter may be freely copied and distributed as long as the newsletter is copied in its entirety.
22 JUNE
How Does That Affect You? LIFE EXPECTANCY IS ON THE RISE
“I expect to live until the age of 150,” I told my daughter recently, and she laughed at me. But after reading Tony Robbins and Peter Diamandis’ book, “Life Force: How New Breakthroughs in Precision Medicine Can Transform the Quality of Your Life and Those You Love,” I believe my statement is true. While I was on a cruise this past March, I read this book, and it was very eye-opening. It focuses on the evolution of health care and the bright future for those of us who don’t meet the fate of a tragic, fatal accident. The book talks about how the health care industry is incorporating the power of computing, artificial intelligence, and knowledge of the human body to create what seems to be mind-boggling cures. With the help of technology and science, cures for cancer through technology that will kill cancer cells, regenerate organs through the use of stem cells, and trigger parts of the body to cure themselves are all on the near horizon. This sounds like something you
diseases and sicknesses. Individuals in retirement may have to go back to work in order to adapt to their new life expectancy and lifestyle. Many more people will need to go back to work because the economy will need people.
For those concerned about an extended life, I would like to share an exercise my coaches have shared with me. When you’re thinking about your future and your longevity while living your best life, what age do you believe you will live to? When I first did this exercise, I said I would live until 100. But then, my coach asked me, if you’re living that life, and feeling that way at age 100, what is the probability you live to see the next day?
would read in a science fiction novel, right? But this evolution with groundbreaking scientific technology is happening in labs across the world. These advancements will increase the life expectancy of humans astronomically. But this begs the question — how does this affect people? The implications of this extended life span and the quality of life will fundamentally change our society and our thinking of retirement. For example, if you’re expected to live longer, will you have enough money to get you through retirement? Will you need to change your lifestyle because of the longevity of life? These are questions we must take into consideration.
“When you start thinking expansively in that way, a whole world of opportunities opens for you. You only have one life — live it to the fullest.”
Now that we could possibly add more years to our life expectancy, what else would you like to do with your future? What would you want to learn, experience, develop, and contribute? When you start thinking expansively in that way, a whole world of opportunities opens for you. You only have one life — live it to the fullest. I will be here with you every step of the way if we find ourselves living longer. I can take a look at your plan and see what we need to modify and
adjust so you can live your best life. Who knows? If I live to the age of 150, my march toward a million could evolve into a march to 2 million. So, let’s just enjoy the ride and live our lives to the fullest every single day.
If we find ourselves with an increased life expectancy, people need to rethink their work lives. Today, we expect to work 25–40 years and then have 20 years of retirement. But with these scientific advancements, we can be looking at working 50–60 years because our bodies could potentially heal themselves from life-threatening
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How long have you been working at the law firm, and what do you do here? I started working for DuPont & Blumenstiel in 2018 and have since become the go-to client contact person. My typical workday consists of making outbound calls, checking in with current clients and prospects, and assisting in estate planning meetings. I also help out with marketing duties including any webinars Greg may have. What is the most rewarding part of your job? The most rewarding part of my job is helping people plan for the future and making sure their families are taken care of. I love to make lifelong connections with clients and touch base with them STAFF SPOTLIGHT: MEREDITH SMITH, COMMUNITY OUTREACH COORDINATOR
about things going on in their lives that aren’t law or finance related. I also find the work environment here at DuPont & Blumenstiel very satisfying and productive. I love working with my coworkers. The
team we have here is amazing when it comes to working together and being there for each other. What would you say to someone hesitant about creating an estate plan? The most important thing I could say is to just do it. You never know how short life can be, and you never know what might happen to you or a loved one. Don’t wait 20 or 30 years from now to start the estate planning process. Get it done now. You can always come back and make a change later to the documents you already have in place.
WE APPRECIATE YOU
WHAT HAVE WE BEEN TALKING ABOUT IN THE PODCAST?
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EPISODE 25: Is Inflation Going to Get Worse?
Danielle Hall Richard Kolb Michael Gilb
EPISODE 26: Are There Investment
Opportunities as a Result of Inflation?
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BRADEN’S BRIEFING How I Became an Attorney get a law degree. In 2004, I graduated from the Moritz College of Law at The Ohio State University and began my legal career.
I come from a family of attorneys. My grandfather was an attorney, my father was an attorney, my uncle was an attorney, and my sister was an attorney. Likely due to the fact I was surrounded by attorneys my entire life, I swore I would never become an attorney when I was young. I felt that path had already been traveled by other people in my family. Instead, I wanted to be an oceanographer because I loved the ocean. However, when I entered college, I became fascinated by how the human brain works. Therefore, I majored in psychology. After graduating from The Ohio State University with a bachelor’s in psychology, I went on to the University of Dayton and obtained a master’s in clinical psychology. Thereafter, I entered a clinical psychology doctorate program at the University of South Carolina. After about a year and a half in the clinical psychology program, I came to the difficult conclusion that psychology was not the right career choice for me. Although I wanted to help people, I did not feel clinical psychology would allow me to achieve the type of concrete, tangible results I wanted for my clients. My research would simply be read by other psychologists, with no direct impact on actual patients. Therefore, I decided to leave the psychology program and
I am very happy to report I made the right career choice. As a lawyer, I have been trained how to analyze and investigate a problem, how to approach and solve a problem, and how to achieve the type of concrete, tangible results I want for my clients. My profession has provided me with an enormous sense of satisfaction. When I meet a new client, I start the process off by working to understand the legal problem they have. Then, I explore various ways of solving their problem, decide on a plan of attack, and work together with them to achieve results.
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The longer I am in this profession, the more grateful I am that I have been afforded the opportunity to be an attorney. I often tell my staff we are exceptionally lucky because we get to utilize the tools of the law to help solve important problems for our clients. Although we don’t always achieve 100% of the results we desire, we almost always help our clients in tangible and meaningful ways. It is extremely rewarding to know our combined efforts continually improve the lives of our clients. That is why I love being a lawyer.
potential exposure to toxic chemicals. These recalls include 14 models of breathing machines under their DreamStation line. According to Philips, the recall was announced promptly after the discovery that the sound foam they used in these machines may break down and be inhaled or ingested by users. This foam contains volatile organic compounds (“VOC”s) that are carcinogenic and toxic to internal organs. Plaintiff CPAP attorneys allege that Philips knew of the health risks and defects associated with their products but declined to warn consumers until they had manufactured safe replacements. Hundreds of individuals have already joined class action lawsuits against Philips for the injuries their sleep apnea machines have caused them. If you used a Philips sleep apnea machine for six months or longer and have been diagnosed with a respiratory condition (such as pulmonary fibrosis, lung damage, or lung cancer), you may be entitled to significant financial compensation. Although it’s impossible to tell just how much you could receive at this point in time, the average settlement compensation payouts for CPAP cancer lawsuits are usually between $100,000 and $500,000. The experienced litigation attorneys at DuPont and Blumenstiel can put you in touch with the right people and help you file a claim.
CURRENT CLASS ACTIONS Philips CPAP Machines Have you, or a loved one, suffered from cancer or other lung problems after using a recalled Philips CPAP Machine? Philips recalled millions of its CPAP, BiPAP, and ventilator machines in June of 2021 because of
2 Risks You Could Face With Bonds Bonds Are the Safest Investment — Right?
When thinking about retirement, most people think of spending time with their loved ones, traveling, spoiling their grandchildren, not having the stress of work, and perhaps buying more property. So, when
This may not seem like a huge problem, but if you’re retiring soon and have a million-dollar portfolio full of bonds, you could be taking many risks with few rewards. RISK NO. 2: DEFAULTS Some think individual bond investments are safe, but there is always a chance the borrower will not be able to repay the loan. This is called default risk. Some bonds have a more significant default risk than others. For example, many consider government bonds the highest-rated, but corporate bonds are riskier. This is because only a few corporate bonds have the credibility of the U.S. government. Because of this, their bonds are considered to be more dangerous. One way you can avoid this risk is by investing in a bond fund. This allows your money to be spread out in different companies. But this protection comes at a cost: fees. Most bond funds have expenses and fees that many investors aren’t fully aware of when signing up. Are there ways to avoid these risks while still getting a rewarding return on your investments? Yes! Many alternatives are available to you. If you have any questions or concerns about your bonds and the risk you could face, allow your friends at DuPont Wealth Solutions to assist you. We can talk about your options, alternatives, and how you can avoid risks associated with bonds.
it comes to investing, many investors nearing retirement consider bonds one of the safest investments. But, although bonds are safer than stocks, bonds can be a lot riskier than you may think. Let’s look at two main risks you can experience when investing in bonds. RISK NO. 1: INTEREST RATES Interest rates and bond prices go hand-in-hand. When interest rates decrease, bond prices increase. Therefore, the value of your bond will be exponentially higher during this time. Interest rates have fallen for the past 20 years, causing bond prices to rise. But as the federal reserve is trying to combat inflation by raising interest rates, the cost of bonds will decrease — causing the value of bonds you hold to drop.
SUDOKU
SWEET AND SPICY BBQ CHICKEN SKEWERS
Inspired by RecipeRunner.com
Summer is here, and you know what that means: It’s time to break out the barbecue and meat skewers! INGREDIENTS DIRECTIONS
For the Marinade • 1 tbsp olive oil •
1. In a bowl, whisk together marinade ingredients. 2. In a reusable freezer bag, combine cubed chicken and all but 1/4 cup of the marinade. 3. Seal bag and massage marinade into the chicken. Chill in the fridge overnight. 4. The following day, preheat the grill to 400 F. Thread chicken and pineapple onto skewers, adding two cubes of chicken for each cube of pineapple. 5. Grill the skewers for 3–4 minutes per side, brushing with the reserved marinade in the final minutes. 6. Serve over rice or with your favorite barbecue sides!
2 tbsp soy sauce
2 tbsp chili garlic sauce
• • • • • •
2 tbsp rice vinegar
3 tbsp honey Juice of 1 lime
3/4 tsp smoked paprika
1/2 tsp salt
For the Skewers •
2 lbs chicken breast, cut into bite-size cubes 1 small pineapple, cut into 1-inch cubes
•
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INSIDE
This Isn’t Science Fiction, This Is Real Life! PAGE 1 Meet Meredith Smith, I’Community Outreach Coordinator Our Podcast Episodes Client Appreciation PAGE 2 Avoiding This Risk Comes at a Cost Sweet and Spicy BBQ Chicken Skewers PAGE 3 Is Travel Insurance Worth Your Money? PAGE 4
Travel Insurance: Scam or Savior? If you’ve ever booked a plane ticket or hotel stay online, you’ve probably been offered an opportunity to “protect” your purchase for an additional fee. Since you’re spending big dollars on your trip, you may have hovered over the option, wondering if it’s a wise investment or a quick money- making scheme. trip is canceled or interrupted. They also typically cover lost or damaged bags, and high-quality policies will cover medical emergencies that occur at your destination. But there may be restrictions, so always make sure you understand the terms and buy coverage that offers the protection you want.
Before you buy, you should know that trip protection and travel insurance are different. When you book directly through the airline or hotel or on a travel website like Travelocity or Expedia, they offer you trip protection. These plans often provide nothing more than a voucher you can use to reschedule in the event of a cancellation — something you won’t need if you book refundable accommodations. But you can also purchase travel insurance through a reputable third party, and these policies offer cash refunds if your
It can be hard to swallow the idea of paying more to insure yourself against an event that probably won’t happen. So, can you skip it? The risk you’re willing to take is up to you, but remember the amount of money you’re spending on travel and consider whether it’s worth protecting your investment. While you may decide against travel insurance for your weekend trip two states away, experts recommend always purchasing it for international travel or cruises due to the higher cost and potential for things to go wrong. The price, they say, is usually worth the peace of mind.
If you’re going to purchase travel insurance, you should take the time to shop around, just like you did with your accommodations. Not all plans are created equal, so read the fine print and make sure you understand what is covered — and what is not. The last thing you want is to spend your hard-earned money on a policy that leaves you holding the bag.
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