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YOUR FINANCIAL ADVOCATE 25 APR
TAX DAY, TARIFFS, AND THE FUTURE OF FINANCE
Are You Ready for What’s Ahead?
Taxes, Tariffs, and the Changing World Order — it sounds like the title of a thriller novel, right? But here we are, once again, gearing up for that annual rite of passage known as Tax Day on April 15. It’s that time of year when everyone scrambles to gather their documents, crunch numbers, and wonder (once again) how we ended up in a system that makes April one of the most stressful months of the year. But here’s a fun fact to kick things off: Did you know income tax wasn’t always the government’s primary source of revenue? It wasn’t until 1913 that the U.S. Constitution was amended to allow for federal income tax. Before that, the government relied on tariffs and other revenue streams. While the system has evolved alongside our transition from an agrarian society to an industrial and now technological one, we must ask: Does the current tax system make sense for the future? That’s where things get interesting. As our workforce changes, especially with automation, AI, and robotics reducing the number of employed workers, a big question arises: Can we continue to rely on income tax as our primary means of funding the government? The imbalance between national revenues and expenditures is already a challenge and will only become more complicated. And while we don’t know exactly what will happen, one thing is certain: Change is inevitable.
Historically, tax structures have changed dramatically over time. Compare today’s relatively simple tax brackets to the pre- Reagan era, when we had dozens of tax rates at various income levels. Could we see another shift like that? Possibly. But even bigger ideas are on the table — like national sales taxes or a value-added tax (VAT) system similar to what Europe implemented. But then we have the elephant in the room: trillions of dollars sitting in retirement accounts that the government hasn’t taxed yet. That’s why so many people are talking about Roth conversions and other strategies to prepare for possible changes. After all, at some point, the government will look at that untaxed money as a potential source of revenue. How do we plan for the unknown? Nobody has a crystal ball, but we do know being proactive is always better than being caught off guard. That’s where having a strong financial strategy comes in. For those who are retired or close to retirement, this is especially important. If your savings and investments are your primary source of income, you need to ensure your financial plan is flexible enough to withstand potential tax changes. As we move forward, we must recognize the tax landscape will continue to evolve. Whether through adjustments to income tax brackets, shifts toward consumption-
based taxation, or new regulations impacting retirement accounts, we should expect change and prepare accordingly. And that’s where I come in. Just like you wouldn’t navigate a legal case without an attorney, tackling these tax and financial questions without expert guidance can leave you vulnerable. The right advisor will help you build a strategy that allows you to adjust and thrive, no matter what changes come down the pipeline. So, as we approach another Tax Day, take a step back and consider the bigger picture. What changes are coming? What’s the best way to protect yourself? And most importantly, are you prepared for what the future may bring? Because in a world where “the winds of change are blowing,” the best thing we can do is be ready to adjust our sails.
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helping clients through one of the most difficult times in their lives — the loss of a loved one. I try to make the process as easy and fast as possible while helping them manage the decedent’s assets. WHAT IS THE MOST REWARDING PART OF YOUR JOB? The most rewarding part of my job is the relationship I have with our clients. Some call me to get updates every day, and I’m happy to help them. WHAT WOULD YOU SAY TO SOMEONE NERVOUS ABOUT STARTING THE PROBATE PROCESS? I would tell anyone who hasn’t gone through probate before or doesn’t exactly know what it is to do some research and then go ahead and give us a call. We have a lot of information on our website, and Evan and I are more than happy to answer your questions. Probate can be a difficult process, and some counties have a longer process than others, but we try to make things go as smoothly and fast as possible. JAY MOZZETTI PROBATE PARALEGAL STAFF SPOTLIGHT:
HOW LONG HAVE YOU BEEN WORKING AT THE LAW FIRM, AND WHAT DO YOU DO HERE? I started working for DuPont & Blumenstiel in June of 2024 as an intern for the estate planning department. We quickly realized that estate planning wasn’t for me, so I moved over to the probate department. I’ve learned a lot about law since then and am now the firm’s dedicated probate paralegal. My typical workday consists of
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A Challenge or an Opportunity for Investors? Rising Interest Rates
If you’ve been paying attention to the news, you’ve probably noticed interest rates have still been on the rise. It may lead you to wonder: What role does this play in my investment portfolio? WHAT HAPPENS WHEN INTEREST RATES GO UP? Rising interest rates mean borrowing money gets more expensive. Whether it’s for a house, car, or business loan, higher rates make people think twice before taking on new debt. But beyond your personal budget, interest rates affect the entire economy, including the stock market, bond market, and real estate investments. STOCKS — NOT ALWAYS A SMOOTH RIDE When interest rates rise, companies that rely on borrowing (think tech startups, real estate developers, or any business that
funds expansion with loans) may struggle. Their costs increase, which can eat into profits and slow stock growth. However, some sectors, like banks and financial institutions, tend to benefit because they can charge more for loans. If you’re a long-term investor, rising rates aren’t a reason to panic, but they might mean shifting your focus to companies with strong cash flow and less debt. BONDS — A BALANCING ACT If you hold bonds, you might have noticed their prices dropping because when interest rates rise, new bonds offer higher yields, making older bonds with lower rates less attractive. But don’t dump them just yet. Bonds still play an important role in balancing risk in your portfolio, especially if you’re nearing retirement.
REAL ESTATE — A DOUBLE-EDGED SWORD Higher mortgage rates can feel like a gut punch if you’re in the market for a new home. But if you’re a real estate investor, rising rates could slow down demand, potentially making it easier to find investment properties at lower prices. WHAT SHOULD YOU DO? Rising interest rates are just another market cycle — there’s nothing to fear but definitely something to consider. Diversifying your portfolio, staying patient, and working with us can help you navigate these changes. The key is to stay informed and not allow a little rate hike to throw you off your long-term financial goals.
SUDOKU
GINGER VEGGIE STIR FRY
Inspired by AllRecipes.com
With delicious vegetables seasoned with tangy ginger, this recipe is sure to please vegans and meat-eaters alike!
INGREDIENTS
4 tbsp vegetable oil, divided 2 tsp fresh chopped ginger root, divided
3/4 cup julienned carrots
• •
• • • • • • •
1/2 cup snow peas
1/2 cup halved green beans
2 cloves garlic, crushed
• • •
3 tbsp water
1 tbsp cornstarch
2 tbsp soy sauce
1 small head broccoli, cut into florets
1/4 cup chopped onions
1/2 tsp salt
1. In a large bowl, mix 2 tbsp vegetable oil, 1 tsp ginger, garlic, and cornstarch. 2. Add broccoli, carrots, snow peas, and green beans, and toss lightly. 3. Heat the remaining oil in a large skillet or wok over medium heat. Add the vegetables and cook for 2 minutes. 4. Stir in water and soy sauce. Add onion, salt, and the remaining ginger; cook and stir until the vegetables are crisp and tender. DIRECTIONS
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YOUR FINANCIAL ADVOCATE A publication of Advocate Wealth Solutions, 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.
INSIDE
The Winds of Change Are Blowing PAGE 1 Staff Spotlight: Jay Mozzetti Our Podcast Client Appreciation PAGE 2 Protect (and Grow!) Your Investments in a Rising Rate Environment Ginger Veggie Stir Fry PAGE 3 Escape to Paradise: Savoring the Beauty and History of Antigua PAGE 4
Journey Through Time
DISCOVER THE ENDLESS BEACHES AND VIBRANT CULTURE OF ANTIGUA
Can you imagine escaping to a tropical island where you can visit a different beach every day for a year without ever seeing the same one twice? It’s not a fantasy. It’s Antigua. Antigua has long been known for its 365 beaches, from Halfmoon Bay’s silvery sands to Galley Bay Beach’s surfing waves. Unique for its history and native crafts, this eastern Caribbean island is rich in recreational and cultural attractions, as well as natural beauty. Christopher Columbus encountered Antigua in 1493, and the British subsequently colonized the island and neighboring Barbuda in the 1600s. Barbuda was originally planned as a slave-breeding colony, but the enslaved people brought to the island rebelled against colonial rule. After years of domination by the United Kingdom, Antigua and Barbuda achieved independence as a single nation in 1981.
Although Antigua covers only 108 square miles, it has a rich history and cultural traditions. Nelson’s Dockyard National Park offers archaeological sites and more than 12 miles of hiking trails. The 8th of March Project commemorates the lives of enslaved and free Africans who labored on the docks for centuries. Energetic hikers can make their way up a steep trail to Shirley Heights, 492 feet above sea level, to enjoy a panoramic view across the sea. Among Antigua’s unique attractions is the centuries-old artisan craft of forming tamarind seeds into jewelry and home decor. The island is also home to one of the rarest fruits in the world, the Antigua black pineapple, which is sweet and delicious sliced fresh or in jelly form. Also, a weekly archaeological tour called “Rum in the Ruins” offers a history of the sugar trade and the island’s famous rum.
Antigua’s Summer Carnival is one of the most popular in the world. The celebration began when people took to the streets in 1834 to celebrate the emancipation of enslaved people and independence from England. Visitors to the Carnival today can enjoy wildly colorful costumes and 10 days of music, dancing, and parades. Among the most memorable experiences are steel band competitions playing calypso and soca music.
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