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MARCH 2023
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Quentin Is Turning 1! Reflections of a Proud Dad
begging me to pick him up. He laughs all the time, loves his Sophie the Giraffe teething toy, and makes funny faces at the flavors of his food. He can already stand up (as long as he has something to hold onto), and he makes new friends every time we eat at a restaurant. Like clockwork, he starts looking around the dining room immediately after we feed him. His eyes eventually lock on one particular person, and he stares at them until they notice. The second they start to smile, he smiles back! For an outgoing little guy like Quentin, this is the most exciting game in the world.
Becoming Quentin’s dad taught me a lot about the importance of patience and flexibility. When a baby is waking you up at all hours of the night (sleep regression is a real thing, unfortunately), you need to be flexible with your schedule and patient with your exhausted spouse. After a 3 a.m. night feed, a 6 a.m. trip to the gym just won’t happen. I’ve learned to accept that and found new reserves of patience for Lucero and Quentin when we’re all tired and cranky. Fatherhood has also shown me that the cliches are true: Time really does fly when you have a child, and you need to enjoy every second with them while they’re young! I’m doing my best to treasure each moment with Quentin and ride the waves of his development. Everything he does is precious, whether he’s bonding with our dog Heisenberg or laying his head on my shoulder while we get ready for bed. You don’t turn 1 every day, so Lucero and I are planning a small family birthday party for Quentin. There will be plenty of friends and loved ones to celebrate him, all of the barbecue we can eat, and a cake for Quentin to smash with his little fists. I can’t wait to see the look on his face! I’ll take plenty of photos to share with you and keep you posted on the lessons I learn in year two.
We can’t believe it’s been a year since Quentin was born!
A few weeks ago, I plucked Quentin from his crib early one morning and carried him into the hallway. We were halfway to the living room when he raised one chubby hand and waved excitedly at the family photos on the wall.
“I swear, just a few weeks ago, he was a tiny baby snuggled quietly in my arms! Now, he’s a little human with his own personality.”
“Buh-bye!” he said.
I had to grin. Quentin thought our family was really there, frozen in the photos! His sweet, earnest smile was adorable. That moment with Quentin is just one of a thousand precious memories we’ve made since he was born. Lucero and I can hardly believe our little man is about to turn 1 year old. I swear, just a few weeks ago, he was a tiny baby snuggled quietly in my arms! Now, he’s a little human with his own personality.
Parenting is one of the biggest joys of my life, but it hasn’t necessarily been easy. Lucero and I have just started to find a steady routine again after months of late nights and scrambled plans. Now that we’ve finally gotten our feet back under us, Quentin will probably start walking and send us off on our next adventure!
–Tyler Q. Dahl
Quentin calls me “Dada” and holds up his arms as soon as I get home from work,
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Children’s birthdays weren’t celebrated until the 1800s — before that, birthdays were adults-only! The parties we throw for our kids today would look very strange to a European family from the Renaissance. Back then, adults celebrated their birthdays, but kids typically didn’t. According to Princeton University’s Cotsen Children’s Library, children’s birthdays were marked by a “traditional Christian practice of reflecting on one’s life and choosing goals for the coming year” — not cake, candles, and presents. Psychology Today reports that the switch happened in the 1800s when parents in Germany started celebrating their children with gatherings of friends and family. They even whipped up birthday cakes — with one twist. According to Reader’s Digest, Germans set out their candlelit cakes in the morning, but the birthday boy or girl had to wait until after dinner to make their wish and take a bite. The Germans created a new word for these events: kinderfeste or “children’s parties.” The practice was controversial at first, but eventually, it caught on. If you grew up with big birthday bashes, you might want to thank those festive Germans! Did You Know?
Demystifying Gift Tax Exemptions
Is Giving Big a Smart Move for You?
Are you planning a generous gift to a loved one for their birthday or graduation this year? If so, you should be aware of both the annual gift tax exemption and lifetime estate/gift tax exemption. These numbers play off each other, and misunderstanding even one of them can trip up your estate planning. UNDERSTANDING ANNUAL AND LIFETIME EXEMPTIONS The annual gift tax exemption is an amount applied per recipient ($17,000 per recipient in 2023). Essentially, you are exempt from reporting gifts up to the annual exemption for each person you gift to. If you exceed the annual exemption for one individual, you can still gift below $17,000 to another individual. Exceeding the annual exemption does not incur immediate taxes but instead lowers the amount of your lifetime estate/gift tax exemption. The lifetime exemption ($12.92 million per individual in 2023) applies to your estate. This number represents the total value of your estate that will be exempt from federal estate taxes. When an individual dies, the exemption for that year applies to the estate. The transfer of an estate valued below this number will not be taxed. ANNUAL AND LIFETIME EXEMPTIONS CONTINUE TO RISE On Jan. 1, 2023, both the annual exemption and the lifetime exemption went up. The annual exemption amount per recipient is now $17,000 — up from $16,000 in 2022. The lifetime exemption reached $12.92 million per individual — up from $12.06 million in 2022. Married couples have a $25.84 million lifetime exemption compared to $24.12 million last year. The lifetime exemptions will likely continue to rise until 2026. CALCULATING GIFT TAXES Imagine you give a $40,000 car to an individual. You will exceed the annual exemption by $23,000. This amount must be reported to the IRS and will then be deducted from your lifetime exemption of $12.92 million — leaving a $12.69 million lifetime exemption remaining. If a married couple makes the $40,000 car donation together, the couple splits the $23,000 excess. Complicated tax laws like these can confuse even the most experienced entrepreneurs. If you plan to give generously in 2023, contact our team for assistance with maximizing your gifting abilities and protecting what you’ve worked hard to build.
BRAIN
WORK
SOLUTION:
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Your Family Home Should Be in a Trust! 4 Reasons to Make This Smart Move
2. PROTECTION AGAINST INCAPACITY — If you become incapacitated with only a will in place, your family has to petition the court to appoint a conservator to manage your affairs related to homeownership. With a trust, you can appoint someone of your choosing to manage those things. A living trust can also be used to manage, sell, or borrow against your property while you’re incapacitated, unlike a TOD deed. 3. GREATER CONTROL OVER ASSET DISTRIBUTION — You can include specific instructions in a trust’s terms for how and when the assets held by the trust are distributed to a beneficiary. 4. AVOIDING FAMILY CONFLICT — If you leave your home to more than one person using a will, they must agree on what to do with it. This drama can tear your family apart. However, with a living trust, you can pick a neutral third party to decide what happens to the home. The best way to determine whether your estate plan should include a will, a trust, or some combination of the two is to meet with an experienced law firm such as ours. Contact us today to learn more about how we can protect your assets.
Your home is your family’s most treasured asset, so you must ensure it will pass to your heirs efficiently and safely. Putting your home in a trust is often the smartest way to do this. A trust is an agreement between the “Grantor” (the person who puts assets into the trust) and the “Trustee” (the person who agrees to hold those assets) to hold title to assets for the benefit of the “Beneficiary.” When it comes to passing your home to your heirs, the two most commonly used trusts are revocable living trusts (aka living trusts) and irrevocable trusts.
Each of these trust types has pros and cons. However, transferring the legal title of your home into either trust (a move called “funding” your trust) provides important benefits compared to using a will or Transfer on Death (TOD) deed.
1. AVOIDING PROBATE — Assets held in a trust do not have to go through the long, expensive, public, and emotionally draining court process known as probate. Your home will immediately pass to your loved ones upon your death.
Apple Tart With Rosemary and Honey Syrup
Protect your family and your company! Scan this QR code to download a FREE copy of our game-changing guide, “Securing Your Legacy: How to Protect Your Personal and Professional Assets for the Next Generation.”
Inspired by: Delicious.com
Level up your dessert game with this unique apple tart! Covered in rosemary-infused honey, this recipe combines the sweet flavors of pink lady apples and the peppery depth of rosemary, all atop a flaky crust.
Ingredients • Frozen puff pastry, thawed • 3 1/2 tbsp unsalted butter, softened • 1 egg yolk • 1/3 cup almond meal • 1 tsp vanilla bean paste
• 3/4 cup runny honey, divided • 2 pink lady apples, very thinly sliced • 1 rosemary sprig, leaves picked
“There is always light. If only we’re brave enough to see it. If only we’re brave enough to be it.”
Directions 1. Preheat oven to 400 F. 2. Roll pastry to a 12-inch-diameter circle, 1/8 inch thick. Place on a tray lined with baking paper. 3. In a bowl, place butter, egg yolk, almond meal, vanilla, and 1/4 cup honey. Beat with a wooden spoon until smooth. 4. Spread over pastry and arrange apple slices on top. Drizzle with 1/4 cup honey. Bake for 20 minutes, until golden and crisp. 5. In a pan over low heat, place rosemary and remaining 1/4 cup honey. Swirl to melt honey. Pour over tart, and enjoy!
–Amanda Gorman
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INSIDE What’s
2. 1. Quentin Is Turning 1!
Did You Know? Birthday Edition!
Your Guide to Gift Tax Exemptions
3.
4 Reasons to Put Your Home in a Trust
Apple Tart With Rosemary and Honey Syrup
4.
Pro Tips to Organize Your Home This Spring
Add Organization to Your Spring-Cleaning List! 4 Tips to Keep Your House Tidy
4 www.tqdlaw.com | 916-545-2790 If you like to reuse plastic shopping bags at home, finding a way to store them can be a pain. Next time you run out of Clorox Wipes (or another generic equivalent), rinse the inside of the container with water and store your plastic bags there. Then with KEEP YOUR MATCHING BED SETS TOGETHER BY USING A PILLOWCASE TO STORE THEM. Organize your linen closet by slipping the flat and fitted sheets into one of their respective matching pillowcases (fold the other pillowcase in there as well!). This way, you’ll never have to hunt for the matching sheets again! It’s March — the month of spring-cleaning! While many often think of scrubbing the windows or washing the floors, spring is the perfect time to reorganize your house into a more efficient space. And no, you don’t need fancy storage furniture or shiny color- coded bins to get your home in order. There are many small things you can do just by using clever tricks and throwaway household items. So, try these organization hacks to tidy your home this month and beyond. USE AN OLD DISINFECTING WIPES CONTAINER TO STORE YOUR PLASTIC BAGS.
the container’s built-in feeding lid, you’ll be able to pull the bags out one by one as you need them. LABEL MESSY CORDS WITH TAPE. As working from home and numerous consumer electronics (shut up, Alexa!) become more prevalent in our lives, the cords connecting these devices can become tangled and hard to differentiate. By wrapping a piece of painter’s or washi tape around a cord, you can create a tag to write what that cord is attached to. So, no more guessing which cords you’re unplugging! ADD SOME CHALKBOARD PAINT TO YOUR JARS. Sometimes, we have no idea what’s inside the jars in our pantry. Maybe it’s flour, or maybe it’s powdered sugar. Sometimes, it can be neither! To solve this, you can buy a little jar of chalkboard paint at your nearest craft store and paint squares on your jars (or other unlabeled containers around the house) to write with chalk what’s inside! The best part is you can erase these labels and change them based on the jar’s contents.
These hacks will help you give your spring cleaning a major boost by keeping your home neat and tidy for the rest of the year!
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