Take a look at our December newsletter!
DECEMBER 2023
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PATRIOT WEALTH
PATRIOT WEALTH’S EXCITING OFFICE RELOCATION In With the New
We’re excited to announce Patriot Wealth moved into a new office space in mid-October. We haven’t gone far, only one floor below our previous location. You will now find us in Suite 240. Why the move? In our November edition, Austin discussed some of the virtues of minimalism. Simply put, we had more space than we needed at our old site, and there was no good reason to take up more than we used. The move also allowed us to evaluate how we use our office space, how we’d like to use it, and what we envision for our working environment going forward. Even a short move like this is stressful, with all the packing, scheduling, and organizing. But decluttering and reassessing our needs was a helpful exercise. We also decided to update our furniture and create a more modern look for the office. We’re thrilled with how it turned out. Choosing our new office wasn’t about space alone; we now have access to several features that weren’t available
upstairs. First, we’re excited about our new open, collaborative meeting space. We will use it as a team to prepare for client meetings and join forces on portfolio updates. We’re excited to find new ways to work together. However, we still have a private conference room where we’ll take most client meetings. This office also has an area we’re converting into a media room. Once complete, we will use it to shoot videos for YouTube, social media, and podcasts. We’ve been recording videos for some time and have over 50 videos on our YouTube channel, but we’ll now have a more professional space for recording, and we can’t wait. We got a bit of a head start, but we’re thrilled to start a new year in a fresh new space that has energized the team. We hope you’ll stop by in 2024 to see our new location in person and love it just as much as we do. Happy New Year!
–Wes White & Austin Kobilka
These articles are designed to provide general information on the subjects covered. They are not, however, intended to provide specific legal or tax advice and cannot be used to avoid tax penalties or to promote, market, or recommend any tax plan or arrangement. Please note that Patriot Wealth and its affiliates do not give legal or tax advice. You are encouraged to consult your tax advisor or attorney. Investment Advisory Services is offered through Retirement Wealth Advisors (RWA), a Registered Investment Advisor. Patriot Wealth and RWA are not affiliated. Investing involves risk, including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance. Past performance does not guarantee future results. Consult your financial professional before making any investment decision.
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The Fall of Airbnb and Short-Term Rentals WHAT DO THESE BANS MEAN FOR THE HOUSING MARKET?
AIRBNB REGULATIONS VARY. So, how are cities working toward preserving their communities? By
Almost everyone has stayed in an Airbnb or at least heard of the global short-term rental company. Since its inception in 2008, Airbnb has offered listings worldwide. The company has been providing budget options and, more recently, high-end lodging for every type of traveler. But the golden age of Airbnb may be over. U.S. cities have recently tightened restrictions on Airbnb hosts and anyone renting short-term accommodations. The reason is that Airbnb listings have caused local rent prices to skyrocket, especially in tourist destinations like New York City. According to Jorge González-Hermoso, a research associate at the Urban Institute, the Big Apple recently showed more Airbnb listings than actual apartments for rent. More tourists than established owners/renters were living in residential dwellings.
short-term rentals are banned from neighborhoods of single-family homes. Short-term rentals in communities with multifamily dwellings are still allowed but must pay the same taxes and fees as hotels. HOW WILL THE HOUSING MARKET BE AFFECTED? As the bans continue to roll out in cities worldwide, many hope this will bring more low-priced properties into the market. While plenty of talk about these changes may encourage real estate investors and homebuyers, the truth is that it might not make a difference. Experts say these short-term rental owners won’t simply start selling their property. Instead, they’ll work around the restrictions and likely transform listings into long-term rentals. Don’t get your hopes up!
implementing tighter restrictions that severely limit the types of short-term rentals allowed. New York City was one of the first to put what Airbnb called a “de facto ban” on these accommodations. In 2022, the city prohibited owners from renting out a unit for less than 30 days at a time without the host being present in the unit. Cities in California battling inaccessible housing have also released new regulations on Airbnb hosts. Even in San Francisco, where the company originated, hosts must be full-time residents and cannot rent out listings for more than 90 days a year.
Dallas has been the most recent to establish regulations, asserting that all
ARE YOU READY FOR AN INHERITANCE?
UNCERTAINTY AND THE IMPORTANCE OF PLANNING
The age at which people receive inheritances has shifted, with the new average age being 51. This is a critical period in many people’s lives, often coinciding with planning for retirement or helping children with college expenses. While the prospect of an inheritance can be comforting, it’s essential to approach it with a well-thought-out plan.
consider saving or investing it for the next generation. This can create a lasting legacy and give your children or grandchildren a financial cushion. Start teaching them now to live below their means so using their inheritance wisely can be a part of this legacy. TAX IMPLICATIONS Inheritances can come with tax implications that vary depending on the type of asset and your jurisdiction. Consult with a tax advisor to understand the tax obligations associated with your inheritance so you can effectively incorporate the inheritance into your financial plan. Receiving an inheritance can be a financial windfall that requires careful planning and consideration. Taking these steps ensures your inheritance is a financial boon rather than a burden.
Inheritances are often uncertain; you may not know when or how much you’ll receive. However, most people have a general idea that an estate is forthcoming, so discussing it with a financial planner in advance is crucial. Preparation can make the process less stressful when the time comes, allowing you to make informed decisions rather than emotional ones. Evidence suggests that failure to plan can result in your squandering the inheritance. Shockingly, 1 in 3 inherited estates are spent in just two years. To avoid this pitfall, create a financial plan that aligns with your long-term goals and values.
SAVE OR INVEST FOR THE NEXT GENERATION
If you don’t immediately need the inheritance for your financial goals,
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Discover Holiday Magic in Raleigh
The holiday season is upon us, and Raleigh is buzzing with excitement! From twinkling lights to ice skating, the City of Oaks offers magical events to make your holidays special this year. Here are some of the must-see holiday events in Raleigh for 2023, so get ready to mark your calendars! RALEIGH PRINCESS CHRISTMAS BALL Put on your glass slippers and tiara and join some of Disney’s most popular princesses for the Raleigh Princess Christmas Ball on Dec. 3 at Fratti’s Event Center. The event features princess games, storytime sing-along, ballroom dancing, and more. While the event is geared toward 3–7-year-old princesses, the event is open to anyone with magic in their hearts. Go online to get your tickets now! THE RINK AT RED HAT AMPHITHEATER Fancy some ice skating in an electrifying holiday atmosphere? Look no further than The Rink at Red Hat Amphitheater. This outdoor ice rink provides a scenic backdrop of Raleigh’s skyline, making it a picturesque spot for ice skating dates or family outings. New this year is a private Igloo Lounge! Go to RedHatAmphitheater.com/the-rink to find more details! MAKRS HOLIDAY FEST AT CITY PLAZA If you’re searching for unique gifts, Raleigh’s City Plaza transforms into a bustling Holiday Market on Dec. 2, 11 a.m. to 6 p.m., for the MAKRS Holiday Fest. The event will cover four blocks of Fayetteville Street from City Plaza all the way to Hargett Street with more than 140 vendors signed up to take part. Handmade crafts, delectable foods, and seasonal decorations — there’s something for everyone! FESTIVE PERFORMANCES AT DUKE ENERGY CENTER For the culture vultures, Raleigh’s Duke Energy Center is home to various festive holiday performances. From “The Nutcracker” to holiday-themed concerts, the Center offers diverse shows. Go to DukeArts.org/calendar to check out the offerings this season! The holidays are a time for joy, warmth, and a little magic. No matter what you choose, Raleigh has something for everyone to enjoy this holiday season. So, get out there and start celebrating!
TAKE A BREAK
CHICKEN, LEEK, AND BLUE CHEESE PILAF
Inspired by FeastingAtHome.com
INGREDIENTS
DIRECTIONS
• 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 • 1 leek, thinly sliced • 2 zucchini, thinly sliced • 1 cup frozen peas • 4 walnut halves, broken • 1/4 cup crumbled Gorgonzola cheese
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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PATRIOT WEALTH 4350 Lassiter at North Hills Ave. #240 Raleigh, NC 27609 INSIDE THIS ISSUE New Year, New Office: Patriot Wealth’s Stylish New Space PAGE 1 Will the Airbnb Crackdown Lead to Affordable Homes? PAGE 2 Prepare to Receive an Inheritance PAGE 2 Chicken, Leek, and Blue Cheese Pilaf PAGE 3 Celebrate the Holiday Season PAGE 3 Discover the Most Enchanting Christmas Towns in the US PAGE 4
Explore America’s Most Magical Christmas Towns FROM SNOWY VILLAGES TO YEAR-ROUND HOLIDAY CHEER
It may be too late for less spontaneous travelers to start planning a Christmas vacation. But that shouldn’t stop you from planning next year’s holiday journey! The good news is you don’t need to venture to another continent to find a Christmas wonderland. There are countless picture-perfect Christmas towns across the country. Make your next Christmas trip feel like a Hallmark movie at one of these festive towns! LEAVENWORTH, WASHINGTON Many have dubbed Leavenworth the most Christmas-centric in the
up and decorates almost 21 miles, where you can find reindeer farms, carolers, gingerbread competitions, and Christmas markets. Every step of the way offers an Instagram-worthy photo opportunity! SOLVANG, CALIFORNIA A slice of Denmark right in sunny California, Solvang brings endless holiday cheer, especially with their annual Julefest. Pronounced “Yule- fest,” this month-long festival takes place every December and features picturesque events, including a ballerina- filled tree lighting ceremony, visits from Santa, culinary delights, traditional Danish celebrations, and much more!
carriages, carolers, and the Billings Farm, a local favorite of the season. Stroll down Main Street to witness an idyllic Christmas spot filled with cozy small- town shops and restaurants. NORTH POLE, ALASKA If you ever feel like celebrating Christmas in the middle of summer, we know the perfect destination. North Pole, Alaska, offers Christmas decor and festivities year-round! Here, you can get up close and personal with Santa’s reindeer, meet the man himself, and enjoy the snow that covers the entire town. Be sure to check out their ice sculpture competition, which features artists from all over the world! Ready for the Christmas celebration of your dreams? Start planning your next holiday vacation at any of these destinations, and we promise your dreams will most definitely come true!
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U.S., and it’s easy to see why. This Bavarian-style village experiences nearly 96 inches of snowfall every year, and they certainly don’t hold back when it comes to the holidays. The town lights
WOODSTOCK, VERMONT During Woodstock’s Wassail
Weekend, you’ll find the town in peak Christmas mode, where you can experience parades, horse-drawn
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