Dahl Law Group - June 2024

Take a look at our June newsletter!

You’ve put blood, sweat, and tears into your family and your business. Now it’s time to protect it.

JUNE 2024

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Lucero and I have always dreamed of having a large family — we both agreed many years ago that we’d like to have at least two children. So, in honor of Father’s Day this month, we have a big announcement: This August, we will welcome our second son into the world! As the youngest of three boys, I’m well-versed in the joys of growing up in a big, tight-knit family. We’re excitedly anticipating the growth of our family from three to four (five including our beloved hound dog) as we prepare to welcome a little brother Quentin can bond and grow up with. It will be amazing to see Quentin and his brother get into all sorts of harmless trouble together. Growing up, my brothers and I had so much fun together. Of course, we went through the normal brotherly tiffs, but I’m excited to guide my boys to become best friends and teach them how to support and protect each other as they grow and attend school together. I’m dedicated to raising boys who will become remarkable men and love their mom as much as I love mine. I’m looking forward to all of the little exciting moments. Quentin, who just turned 2 in March, enjoys kicking the soccer ball with me and is very active — I’m loving it. Lucero and I love sports and the outdoors, and I’m eager to see our kids discover their passions. Whatever they choose, I’ll be right there cheering them on. Quentin certainly keeps us on our toes — chasing after a curious and energetic toddler is always an adventure, and we are thrilled to double the fun with another little one on the way! Seeing scattered toys and artwork around the house warms our hearts, and we are excited to welcome more into our lives. Double the Joy! Welcoming Our Second Son This August

As the arrival of a second child approaches, I know that time management is key. It’s important to prioritize relationships with loved ones, ensuring emotional and physical availability for my family. This new chapter in our family will be all about embracing the chaos — everything times two. Most of all, I look forward to having my heart grow. Someone recently told me that everything is about a 5 (out of 10) on the difficulty scale with one kid. He mentioned that once you have your second child, it amplifies to about a 7. So, I hope he is correct and everything doesn’t get twice as difficult. Since he’s an experienced father, I’m certainly taking his word for it (for now)! Quentin is our world. We are so in love with him. When we found out that we were pregnant with him, we had no idea how much we would grow to love him. Now we understand the bucket load of love coming with this new baby boy; we can’t wait to welcome him into our family. We are thrilled!

–Tyler Q. Dahl

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How to Choose the Right Person to Uphold Your Healthcare Wishes

Did You Know? Did you know that it’s traditional to wear a rose on Father’s Day to honor your dad? It’s true! Check out more interesting facts surrounding Father’s Day below! THE FIRST FATHER’S DAY Father’s Day was first celebrated on June 19, 1910, in Spokane, Washington. It was initiated by Sonora Smart Dodd, who wanted to honor her father, a Civil War veteran and a single parent who raised six children. WORLDWIDE DIFFERENCES Different countries celebrate Father’s Day on different dates. For example, Australia and New Zealand celebrate it on the first Sunday of September.

Life moves quickly, and it’s easy to get caught up in the day-to-day without thinking about the future — that’s why having a plan

is important. Estate planning is about ensuring you are covered for tomorrow’s unknown so you can have peace of mind today. Estate planning primarily governs the distribution of your assets after your death. However, it also includes vital components like Advance Health Care Directives that dictate decisions about your care while you are still alive. WHAT IS AN ADVANCE HEALTH CARE DIRECTIVE? These directives establish a healthcare proxy who will make medical decisions on your behalf when you are otherwise unable to do so yourself. If you become incapacitated or unable to make healthcare decisions, this individual would have the power to sign medical forms and decide on the care you will (or won’t) receive. This power includes having the ability to “pull the plug” if you are being kept alive by medical machinery. CHOOSING THE RIGHT PERSON A lot of attention is paid to Advance Health Care Directives, emphasizing their establishment, but our team stresses the importance of selecting the right person for the role. A directive alone is ineffective if the designated individual isn’t capable of making appropriate decisions for you and your family. Someone who is overly emotional and will struggle with a decision like “pulling the plug” may not be the most qualified choice. These choices are challenging, but it’s crucial to acknowledge this reality. You need someone who will be a persistent and dedicated advocate for you within the healthcare system. OUR TEAM CAN HELP YOU CHOOSE At The Law Offices of Tyler Q. Dahl, we don’t just want to focus on the “what” of your estate planning documents but also the “who.” We want to get to know you and your family. This allows us to use our knowledge and experience in these fields to advise you on the right decisions. Contact our office for careful and compassionate legal guidance if you have questions about establishing your healthcare proxy or Advance Health Care Directive.

ECONOMIC IMPACT Father’s Day is a significant event for businesses,

especially in the retail and consumer electronics sectors. It’s estimated that Americans spend more than $1 billion every year on Father’s Day gifts.

Do you have a friend who needs our help? When you’re done reading, give them this newsletter and recommend they scan our QR code. We can help them solve their tax, business, or estate planning problems before things get worse.

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Techniques to Lower Capital Gains Tax on Your Business Sale Creative Structuring

HOW TO LESSEN THE CAPITAL GAINS TAX BURDEN First, avoid selling your business in the first year you own it. Once you have crossed the one-year threshold, you have several options to lessen this tax burden. If your business does not deal in stocks, then structure the sale to apply most of the purchase price to assets that fall into the long- term gains as opposed to any owned for less than a year. If you own a C-Corp, you can minimize capital gains taxes by allowing employees to purchase a portion or all of the business. Putting money into an employee stock ownership plan moves the proceeds of the sale into an investment plan, which defers the capital gains tax. Alternatives such as receiving payments through installments, allocating payments to an Opportunity Zone Investment, or using a Charitable Remainder Trust can help avoid high tax bills. Each of these options requires the meticulous attention of an experienced business law firm. The Law Offices of Tyler Q. Dahl will leave no stone unturned in maximizing the value you get out of the sale of your business and can help you establish an effective tax strategy as soon as you contact us.

When your business has grown to the point where other businesses or individuals find enough appeal to make an offer, it can be easy to see the dollar signs and move quickly. However, a proper tax strategy can avoid a large capital gains tax on the growth of your business.

HOW THE GOVERNMENT APPLIES CAPITAL GAINS TAXES TO BUSINESS SALES Whether you are selling your business as one asset or individual business assets, the tax will be applied by considering the value you paid on day one and the price you are selling it for today. The rate at which the difference is taxed will depend on your current income. Capital gains in California are taxed as income, but unlike the federal government, the state does not distinguish between short- and long-term gains.

Delightful Banana Bread

GET A HEAD START ON YOUR LEGACY INTERVIEW! Scan this QR code to request a FREE copy of our Legacy Interview questions. With them in hand, you

This comforting, fruity favorite transforms overripe bananas into a moist, delicious treat perfect for breakfast or a snack.

Ingredients • 2 cups all-purpose flour • 1 tsp baking powder • 1 tsp baking soda • 1/4 tsp salt • 1/2 cup butter, softened

can create a precious gift for your children, grandchildren, and other loved ones that will preserve your memory for decades to come.

• 1 cup granulated sugar • 2 large eggs • 2 cups mashed ripe bananas • 1/2 cup chopped walnuts (optional)

“To dare is to lose one’s footing momentarily. Not to dare is to lose oneself.” –Soren Kierkegaard

Directions 1. Preheat oven to 350 F and grease a 9x5-inch loaf pan. 2. Combine flour, baking powder, baking soda, and salt in a medium bowl. 3. In a large bowl, beat butter and sugar until light and fluffy. 4. Add eggs and mashed bananas and mix until blended. 5. Gradually add dry ingredients to wet ingredients, stirring until blended. 6. Stir in walnuts. 7. Pour batter into prepared pan. 8. Bake for 65–70 minutes or until a toothpick inserted into the center comes out clean. Let cool before serving.

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INSIDE What’s

2. 1. Here Comes Son Number Two! Father’s Day Trivia

The Key to a Health Care Directive

3.

Minimizing Capital Gains in the Sale of Your Business

Delightful Banana Bread

4.

3 Easy Father’s Day Ideas

It’s Father’s Day! Children Create Unique Dad’s Day Gifts “How old do you think Daddy is? 100? What is one thing Daddy says? What does Daddy do for work? Why do you love Daddy?” The simplicity and innocence of your children’s answers will warm Dad’s heart more than any store-bought gift ever could. SHOPPING SPREE Give each child $10 to pick out something for Dad, all by themselves, then take them to the nearest big-box store. Walker’s youngsters came up with a mirror, a pair of swim trunks, and crib sheets, and they clearly loved being empowered to make choices. PHOTOS FROM A KID’S PERSPECTIVE You may be surprised at some of the angles children choose and the tender moments they capture, “even if they’re not wow-worthy,” Walker says. Her daughter caught a captivating shot of her husband, Ross, napping with their preschool son resting on his shoulder.

Recently, people have been spending big on Father’s Day, and many wait until the very last minute. Last year, Americans spent a record $22.9 billion on Father’s Day, up nearly 10% from the previous year, according to an industry survey. And more than half of consumers don’t start shopping until the week before Father’s Day, while 3.5% wait until the very last day before the holiday, according to another survey. The second survey also revealed that over 75% of shoppers struggle to think of good Father’s Day ideas. Most settle on outings, clothing, gift cards, personal care items, or electronics. Here are three low-budget ideas you can do with your kids that are sure to charm any dad, offered by What’s Up Moms, a top parenting site on YouTube co-founded by vlogger Elle Walker. INTERVIEW CARDS If your kids are preschoolers, have them answer questions about their father and record their answers on notecards. Things like,

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