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DECEMBER 2023
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Family, Friends, and Festivities: The Key Components of a Magical Christmas
The holiday season, especially Christmas, holds a special place in my heart. I have always been a Christmas enthusiast, eagerly awaiting decking the halls with colorful ornaments, sparkling lights, and a beautifully adorned tree. However, my boyfriend imposed a hard- and-fast rule this year: no Christmas decorations until after Thanksgiving. So, come Black Friday, I’ll be ready to unleash my inner Christmas fanatic and transform my house into a winter wonderland. But despite my enthusiasm for decorating, Christmas isn’t just about the decorations and gifts — it’s a time for family to take center stage. Family is incredibly important to me, and I try to gather with them regularly. This connection with my loved ones brings me joy, and it’s during the holiday season that these bonds grow. My family resides in California, and during my undergraduate years in Michigan, I missed them dearly. The longest I went without seeing them was about a year, but no matter the distance, I always made it home for Christmas. There was one Christmas that almost didn’t happen thanks to a huge snowstorm that paralyzed Michigan. The tiny local airport was shut down, and I was stuck in my university dorm for a few extra days, which they had to keep open just for me. It was challenging, but my family’s love and determination shone
through. My aunt, understanding the importance of family during the holidays, drove me to another airport where I could catch a flight home. That’s what our family does — we make sure we are together for Christmas no matter what. We used to have large Christmas gatherings with extended family and friends. But as we’ve all grown and dispersed, our celebrations have become more intimate, focusing on immediate family members. Our Christmas morning now starts with mimosas, then we gather around the tree to exchange gifts. While we may no longer have toys to unwrap, there’s still the same excitement and joy as we discover gadgets, iPhones, and Apple Watches under the tree. We play with our new toys just like we did with our childhood gifts. After the gift exchange, we challenge each other with new board games or card games. We also invite family friends who may not have been able to make it home for the holidays to join in the festivities, making our celebrations even more memorable. No matter the weather — sunshine, rain, or snow — it’s impossible not to be in a good mood on Christmas. The warmth of family and the season’s joy is infectious, filling our hearts with happiness.
Whether the past year was good, bad, or a mix of both, there’s something liberating about closing the chapter one year and opening a new one. It’s a time for reflection and anticipation. Even if the previous year was challenging, the New Year offers a fresh start and a sense of renewal. This transition from one year to the next is a beautiful journey, and I relish every moment. The holiday season, with its iconic movies, timeless music, and delicious food and treats, fills my heart with joy. I must admit — I miss the snow. I don’t miss the “I can’t make it home for Christmas” snow, but a light dusting of snow would be nice every now and then. My boyfriend and I sometimes daydream about trips to places like Tahoe, but we know our dogs may not enjoy it as much as we do. But that’s what dog sweaters are for, right? I wish you all a joyful and heartwarming holiday season. May the spirit of love, togetherness, and family fill your homes with laughter and happiness! Merry Christmas and Happy New Year!
–Danielle Lawrence
As the new year approaches, so does an opportunity to hit the reset button.
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LLC vs. Corporation Which Business Structure Is Right for You?
In the classic holiday movie “A Christmas Story,” contrary to popular belief, no actor’s tongue was stuck to a frozen pole. It’s true! The infamous “triple dog dare” scene at the flagpole, where Flick gets his tongue stuck, has led to many urban legends about how it was filmed. However, they used a hidden suction tube to create the illusion. The cold weather on set was, however, very real! Did You Know?
Choosing the correct entity for your business is vital to future success. Different businesses have different needs, so choosing between a limited liability company (LLC) and a corporation (such as an S-Corp or C-Corp) is a vital step in the process. We want to help you understand your options so you can make the best decision for your business. THE RIGHTS OF SHAREHOLDERS One of the main differences between LLCs and corporations is the rights of shareholders. In an LLC, you have more flexibility in how you divvy up rights and responsibilities as the business grows (or shrinks) and goals evolve. Corporations have more rigid guidelines under the law for the rights of shareholders. Ownership is represented by stock, and the laws limit how much control those who do not own 51% or more of the shares have, as well as majority owners (more than 51%). Certain rights of shareholders are enshrined in law and cannot be stripped away, and compliance with these laws is crucial for protecting your business and avoiding litigation. LLCS ALLOW FLEXIBILITY IN MANAGEMENT STRUCTURE LLCs also provide significant flexibility in the way you structure your management team. You can choose for your LLC to be member-managed (all owners are managers) or manager-managed (one or more managers manage the business without being owners). In addition, there are
generally no rules regarding management and decision- making of an LLC that cannot be contracted within an Operating Agreement or Articles of Organization. Meanwhile, a corporation has strict management requirements that govern how management must be set up and executed. CORPORATIONS GOVERNED BY STRICT RECORDKEEPING Corporations, both S and C, are not only strictly governed at the management level but also the micro level. Extensive recordkeeping requirements mean you need a reliable and consistent team to manage all corporate records, including financial records, minutes of meetings, and much more. While LLCs do have reporting obligations, it’s still important to track your business’s finances and operating performance to avoid piercing the corporate veil. CHOOSE THE RIGHT STRUCTURE WITH DAHL LAW GROUP Choosing between an LLC and other corporate entities demands a deep understanding of the legal intricacies involved. At Dahl Law Group, our experienced team specializes in guiding California business owners toward the optimal structure for their enterprise. We ensure that your business complies with all relevant laws, sparing you from the worry of fines and other legal complications. Contact Dahl Law Group today to set up your business for success. Your choice of structure is a significant step, and we’re here to help you make it wisely.
Here are a few more fun facts about the holiday classic!
REAL SNOW, FAKE SNOW While the snow in “A Christmas Story” appears natural, it was created using a combination of movie magic and practical effects. The production team used mashed potato flakes for some scenes, and for other outdoor shots, they incorporated a mixture of white sugar and firefighter’s foam to create an authentic snowy atmosphere. A FAMILIAR NARRATOR The film is narrated by author Jean Shepherd, who penned the book the movie is based on. Shepherd also makes a cameo appearance as the man who directs Ralphie and Randy to the back of the Santa line.
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trusts afforded the grantor the ability to take advantage
establish an Incomplete Non-Grantor Trust (ING) that would, legally speaking, be treated as a separate taxpayer. This allowed the taxpayer to establish a trust and avoid taxes on assets through the trust. The resident could avoid up to a 13.3% California state income tax bill while benefiting from the assets held within the trust — Senate Bill 131 rips away this benefit starting in 2023 and for all tax periods. The law will require grantors of INGs to report income to the California Franchise Tax Board, which will assess income taxes on the income of the trust assets. UTILIZE ALTERNATIVE BENEFICIAL TAX STRATEGIES This does not mean you are automatically on the hook for these taxes if you already utilize an IDGT or ING. It means you must work with your attorney to develop a more effective tax strategy reflecting these changes. At Dahl Law Group, we always keep up with changes to the law to ensure our clients have the most up-to-date and effective tax strategy. If you are using these currently and need to look at alternatives, contact our team to get started.
Law Changes Hinder the Tax Benefits of Certain Trusts
of the Code 1014 step-up basis on assets held within the trust at the time of their death. Now, the government is
A recent IRS ruling and a bill signed into law by California Governor Gavin Newsom has rolled back many of the tax advantages established by Intentionally Defective Grantor Trusts (IDGT). California Senate Bill 131 was passed into law on July 10, 2023, ending the ability of taxpayers to obtain certain tax benefits from these trusts along with Incomplete Non-Grantor Trusts established as separate taxpaying entities for income tax purposes. Additionally, the IRS issued Revenue Ruling 2023-2 that states completed gifts to irrevocable grantor trusts will not receive a step-up basis upon the grantor’s death. This removes the tax relief received from placing assets into these trusts. REVENUE RULING 2023-2 CLARIFIES UNCERTAINTY FOR INTENTIONALLY DEFECTIVE GRANTOR TRUSTS In the case of IDGTs, the IRS previously avoided addressing whether or not these
directly addressing the issue at the cost of taxpayers who have already implemented this into their estate plan and tax strategy. Intentionally defective trusts establish the grantor as the owner of the trust, meaning the grantor is responsible for the income taxes incurred by the trust — a small cost compared to the savings and additional tax-free gifts able to be made to the grantor trust. Revenue Ruling 2023-2 adds clarity to completed gifts to grantor trusts and are not eligible for a basis step-up under Section 1014 of the Code upon the grantor’s death. Therefore, assets transferred to an IDGT will not receive a step-up in tax basis upon the grantor’s death. SENATE BILL 131 ADDRESSES INCOMPLETE NON-GRANTOR TRUSTS In California, taxpayers could utilize advantageous laws from other states to
Chicken, Leek, and Blue Cheese Pilaf
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
Inspired by BBCGoodFood.com
Did someone say, “Healthy chicken with tangy blue cheese”? We thought so!
Ingredients • 2 1/2 cups water • 1/2 cup brown basmati rice • 2 tsp vegetable bouillon powder • 1 bay leaf • 1 tsp grapeseed oil • 2 skinless chicken breasts, chopped
can create a precious gift for your children, grandchildren, and other loved ones that will preserve your memory for decades to come.
• 1 leek, thinly sliced • 2 zucchini, thinly sliced • 1 cup frozen peas • 4 walnut halves, broken • 1/4 cup crumbled Gorgonzola cheese
“Hold on to what is good, even if it’s a handful of earth. Hold on to what you believe, even if it’s a tree that stands by itself. Hold on to what you must do, even if it’s a long way from here.” –Crowfoot
Directions 1. In a large pot, add water, rice, bouillon powder, and bay leaf. Cover, bring to a boil, then reduce the heat and simmer for 20 minutes. 2. Meanwhile, in a large frying pan, heat oil and stir-fry chicken over medium-high heat until just cooked. Remove from pan, then fry leek until soft. Add zucchini, stir-fry for a few minutes more, then add peas. 3. When the rice is cooked, add it and any liquid from the pot to the vegetables. Return chicken to the pan, then cover and cook for 5 minutes more. Stir in walnuts and cheese and serve hot.
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INSIDE What’s
2. 1. Home for the Holidays
Fun Facts You May Not Have Known About ‘A Christmas Story’ The Pros and Cons of LLCs and Corporations The Impact of Recent Federal and California Law Changes Chicken, Leek, and Blue Cheese Pilaf Give the Gift of Innovation This Christmas
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5 Must-Have Tech Gifts for Christmas 2023
SMART ALARM Give the gift of a good night’s rest and a peaceful morning! Smart alarms have been a popular gadget this year, with features like white noise sound, artificial sunrises, Bluetooth speakers, and gentle morning wake-up calls. For a sleek design, try the Loftie Clock with its all-black look. For a faux sunrise to fill the room, go for Philips HF3670/60 SmartSleep. SELF-CLEANING WATER BOTTLE These days, everyone is carrying around their oversized water bottles. Let your tech-lover be ahead of the curve with a self-cleaning water bottle! These innovative bottles use UV-C LED technology to sanitize the water and the inside of the bottle regularly. The LARQ Bottle PureVis is a popular choice as it also can keep beverages cold for 24 hours.
UV PHONE SANITIZER Did you know your smartphone is 10 times dirtier than a toilet seat? This year, grab a UV phone sanitizer for yourself and your loved ones that can remove 99.99% of bacteria. The PhoneSoap Pro can clean your phone and other small items with its sleek design. PET CAMERA WITH TREAT DISPENSER Do you know a tech lover who also dreads leaving their furry friend home alone? A pet camera strapped with a nifty treat dispenser might be their favorite gift of 2023! A small surveillance camera allows pet parents to keep an eye on their fur babies, and Petcube’s Bites 2 also lets them dispense a small treat to keep their pets happy.
As Christmas shopping gets increasingly hectic, knowing what to get for the tech lovers in your life can feel impossible. New devices and gadgets hit the market daily, and following tech trends might not be part of your daily routine. Fortunately, 2023 has brought some standout innovations anyone would love to unwrap on Christmas Day.
NOISE CANCELING HEADPHONES Considered a modern staple, noise-
canceling headphones are the perfect gift for a special someone who needs a break from the chaos and a way to focus. You can find a variety of headphones in different price ranges, so staying within your budget is easier. However, if you want to splurge, Bose Noise Canceling Headphones 700 are an excellent choice with crystal clear sound and over 20 hours of battery life.
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