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You’ve put blood, sweat, and tears into your family and your business. Now it’s time to protect it.
SEPTEMBER 2024
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It’s funny how certain things can run in the family. My grandfather on my mom’s side was a personal injury attorney. During my first year of law school, he was one of my biggest supporters. He was an incredible resource for me and had decades of insight and experiences to share. Thanks to him, I was introduced to the law office environment at a young age. In fact, once as a kid when his receptionist was out of town I helped answer his phone calls for a few days. I can look back now and say that was my first law office job, even if it was only for a few days one summer. On Sept. 8, we celebrated National Grandparents Day, a time to reflect on our grandparents’ incredible influence in our lives. They often say “yes” when our parents say “no,” and they are our biggest fans. With their wisdom and knowledge, they are great influences, as they offer inspiration and support. Both of my grandfathers were huge sports fans, and they passed that passion on to me. My maternal grandpa, who I previously mentioned, was a Sacramento Kings season ticket holder, which meant I was fortunate enough to go to a number games with him each season. To this day, my office walls are adorned with Kings memorabilia and posters from those glory days of the Kings. The car rides to and from the games with my grandpa were filled with little pearls of wisdom that he shared with me. I cherished those moments and soaked up every bit of life advice he offered. My dad’s father was a cattle rancher, and I fondly remember my time with him. I was fortunate enough to spend a lot of time with him working on the ranch, creating memories not many other grandsons are fortunate enough to experience. He was a jokester and taught me the importance of finding Grandparents: Our Biggest Fans and Greatest Influences on Life’s Journey
humor in situations and making time for fun. But my brothers and I also taught him a thing or two. I distinctly remember that we educated him on the benefits of wearing a seatbelt, those benefits being safety and that the seatbelt chime stops if you are buckled up. Our agreement was that each time he was caught without a seatbelt on a paved road, he owed each of his grandsons a quarter, and after payment of a few dollars seatbelts became the norm. Grandparents are truly special, and I’m grateful for the experiences I had with mine. Some people never have the chance to meet or interact with their grandparents, but I was fortunate to have great relationships with both of my grandfathers. They were present for many big moments in my life, and my grandpas, in particular, were there to witness many of my major
milestones. Here’s to our grandparents and their monumental impact on our lives. Happy National Grandparents Day!
–Elliott Harry
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Maximize Your Impact
Did You Know? Did you know that about one-fifth of the U.S. population are grandparents? It’s true! Check out more on this and other interesting facts surrounding just how special grandparents are. • Today, there are more than 70 million grandparents in the U.S., and over 70% of middle-aged people and the elderly will become grandparents! • Studies show that children who have a close relationship with their grandparents are happier and more emotionally resilient.
Charitable Giving and Tax Benefits for Californians
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In the U.S., grandparents spend over $179 billion annually on their grandchildren, from gifts to education.
Charitable giving is an honorable undertaking that many Californians commit to in their lifetimes. Providing necessary funding for critical causes in our communities and around the world allows for the betterment of our world, which is precisely why there are tax benefits to such a commitment. Structuring your charitable contributions in a way that allows you to take advantage of available charitable tax deductions leaves more wealth to you and your loved ones for additional giving or to take care of your own needs. Tying your charitable lifestyle to your estate plan through a revocable living trust is one option, but there are specific mechanisms that must be in place to take full advantage of those deductions that could save you and your loved ones thousands of dollars. DESIGNATING INCOME OF A REVOCABLE LIVING TRUST FOR CHARITABLE CONTRIBUTIONS When you establish a revocable living trust with the intention of using income generated by assets held within the trust, you must expressly say in trust documents that all funds intended for charitable purposes are to come from income generated inside the trust. You can’t take funds out of accounts or assets held within the trust and transfer those funds. It must be the income generated by those assets. If the trust’s assets do not generate income, then any charitable contributions made by the trust will not be eligible for the charitable deduction. Assets that frequently generate income within a trust include rental properties, California real estate holdings, or even business interests with income owed to the trust. CHARITABLE GIVING IN LIFE AND DEATH WITH DAHL LAW GROUP At Dahl Law Group, we take pride in helping our Northern and Southern California clients establish estate plans that fit their needs and biggest desires. Your plan should support your lifestyle today while also leaving behind a legacy of your choosing. For individuals who wish to have an estate plan that works in lockstep with lifelong charitable giving, contact Dahl Law Group today.
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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Key Considerations Under
California’s UVTA Protect Your Wealth
Asset protection strategies require attention to detail and an understanding of the complex laws that govern these strategies. One law Californians must be aware of when transferring assets is the Uniform Voidable Transactions Act. UNDERSTANDING CALIFORNIA’S UNIFORM VOIDABLE TRANSACTIONS ACT (UVTA) California Civil Code 3439, or the Uniform Voidable Transactions Act, was enacted on Jan. 1, 2016. It establishes the circumstances necessary for creditors to ask the courts to reverse or reject the transfer or sale of assets when an insolvent debtor completes the transfers to avoid payment to creditors. The law specifically states that a transaction is voidable to a creditor if the following circumstances are present:
or defraud any creditor of the debtor.” Without receiving reasonably equivalent value in exchange for the transfer or sale, and the debtor either: » Was engaged or was about to engage in a business or a transaction for which the remaining assets of the debtor were unreasonably small in relation to the business or transaction
conceals the transaction from creditors and/or the state, or if the debtor already knew about upcoming litigation related to their debts at the time of the transaction, then a fraudulent transaction is likely to be investigated. Other factors include:
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Whether all or most assets are transferred or sold
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Concealing assets
Intended to incur, or believed or reasonably should have believed that the debtor would incur, debts beyond the debtor’s ability to pay as they become due
The timing of the transaction with respect to the incurred debt
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The UVTA is a legal mechanism intended to ensure that creditors receive what they’re owed from individuals and entities capable of paying those debts. At Dahl Law Group, we consider all these circumstances to ensure our clients make the right decisions to manage and protect their assets. There are more effective and legal pathways to limiting your liabilities while enjoying the full breadth of your hard work. Contact Dahl Law Group today!
WHAT CIRCUMSTANCES ARE CONSIDERED IN A POTENTIALLY FRAUDULENT TRANSACTION? The state looks at several factors to determine whether or not a transaction was intentionally fraudulent. First, transferring or selling assets to a known person or entity is a telltale sign. Additionally, if the debtor retains control of the asset even after the transaction,
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There is evidence the transaction was made to intentionally “hinder, delay,
Delicious Chickpea Curry
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
Packed with protein and fiber, this chickpea curry is a flavorful, plant-based option perfect for any diet.
Ingredients • 2 tbsp olive oil • 1 onion, diced
can create a precious gift for your children, grandchildren, and other loved ones that will preserve your memory for decades to come.
• 1 15-oz can chickpeas, drained and rinsed • 1 14-oz can diced tomatoes • 1 cup low-sodium vegetable broth • Salt and pepper, to taste
• 2 garlic cloves, minced • 2 tbsp curry powder • 1 tsp ground cumin • 1 tsp ground turmeric
“Success is peace of mind, which is a direct result of self- satisfaction in knowing you made the effort to become the best of which you are capable.” –John Wooden
Directions 1. In a large pot over medium heat, add the olive oil.
2. Add the onion and garlic and cook until softened, about 5 minutes. 3. Add the curry powder, cumin, and turmeric and stir to combine. 4. Add the chickpeas, tomatoes, and vegetable broth and bring to a simmer. 5. Reduce the heat to low and simmer for 20 minutes, stirring occasionally. 6. Season with salt and pepper to taste.
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INSIDE What’s
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Grandparents — One of Life’s Greatest Blessings 70 Million and Counting: The Growing Influence of Grandparents Strategic Charitable Giving Through Estate Planning Key Insights for Asset Protection Delicious Chickpea Curry Can Tom Brady Excel in the Booth?
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The GOAT Makes His FOX Debut! Is Tom Brady Ready to (Literally) Call the Shots? Whatever the case, Brady has earned his spot in the New England Patriots Hall of Fame. Holding 17 NFL records, including nearly every major record for quarterbacks, Brady is currently an all-time leader in multiple areas, including passing yards, attempts, and touchdown passes. He led the Patriots to six Super Bowl wins in 20 seasons before transferring to the Tampa Bay Buccaneers for three more years and another championship ring. Brady’s transition from the gridiron to the broadcast booth marks a significant milestone for his career. His Fox contract pays out $375 million over a decade. By contrast, his 23-year tenure with the NFL netted him around $333 million. This industry-leading deal at nearly $38 million per year earns Brady the title of the highest-paid sports broadcaster ever — just a bit more than sports commentator Jim Rome’s $30 million per year at CBS. Tune in to NFL games all season long to see how the GOAT does behind the mic!
All-Pro Reels
Nearly two years after signing a 10-year deal with Fox Sports, Tom Brady’s debut as an on-air announcer is officially in the books. The seven-time Super Bowl champion was on the broadcast desk for the Week 1 match-up between the Dallas Cowboys and Cleveland Browns on Sept. 8. After a college career with the University of Michigan Wolverines, Brady was a sixth-round pick, the 199th player chosen, in the 2000 NFL Draft. Talent evaluators found him unimpressive, and many sports analysts were uncertain about his future in the league — plus the Patriots already had two other quarterbacks. In the decades since, many have called this decision a stroke of luck that changed the course of professional football history, but others attribute it to the foresight and strategic planning skills of the team’s leadership. Coach Bill Belichick saw what others didn’t during that fateful draft — Brady’s potential. This decision proved to be a pivotal moment for both the team and the player.
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