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You’ve put blood, sweat, and tears into your family and your business. Now it’s time to protect it.
APRIL 2023
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One Hour Can Change Everything This Precious Gift Helped Our Clients Cope With Grief
A few months ago, one of our clients (I’ll call him Bob) sadly passed away from a decades-long medical condition. It was really difficult to watch Bob’s family go through the grieving process. Even when you do everything you can to prepare for a death — including estate planning with a firm like ours — you’re never truly ready for the moment it happens. Still, Bob’s wife (I’ll call her Karen) told us there was one bright spot in the darkness. She and her kids have something beautiful to remember Bob by: their recording of his Legacy Interview!
I helped them sign a trust amendment and restatement that brought their documents in line with the updated California laws and ensured their assets were protected from probate. Things were easy after that! I designed a custom estate plan to meet Bob and Karen’s specific goals and desires. Then, it was time for their favorite part of the process: recording their Legacy Interview. If our firm handles your estate planning, you have already recorded a Legacy Interview. It’s an easy process. We sit down with you to talk about the legacy you want to leave for your children, grandchildren, and other loved ones. We provide a big list of questions like “Which values do you hope your children to live by?” “If you had to describe your child in just one word, what would it be?” and “What is the proudest moment you’ve had with each of your children?” and work through them one by one. Bob and Karen took this very seriously! Bob was already in poor health when we recorded their Legacy Interview, so they put real time and effort into the process. They thought deeply about every question before our recording session, made notes, and shared beautiful memories, stories, and hopes for their children. The hour I spent recording with Bob and Karen was one of the most impactful I’ve ever lived through. I still get chills just thinking about it! They spoke from the
heart and talked to their children as if they were sitting right there in the office
beside them. They were overjoyed when we finished the Legacy Interview, but when the Post Office lost the USB that we mailed the file to them on, they were devasted. Luckily, I always keep a backup!
When Bob passed away, that interview became priceless to his family.
“I’m so glad we did this,” Karen told me afterward. She couldn’t wait to share the recording with her children so they could hear Bob’s voice and benefit from his wisdom one more time, and infinite times to come. I think everyone should record a Legacy Interview. Your memories, morals, views, and principles are the most precious gifts you can give to the next generation! If you haven’t recorded one yet, scan the QR code in this newsletter, and we’ll send you a free copy of the questions. You can set a time to record with us or do the process on your own. The results will be priceless for your family — just like they were for Bob’s.
“Karen was devastated when the post office lost their USB drive of the Legacy Interview. Fortunately, I always keep a backup!”
I want to tell you all about that interview, but first, I need to rewind a little. I met Bob and Karen through their son, who I’ll call Jimmy. We helped Jimmy with his estate planning, and he appreciated our work so much that he sent his parents our way. (Thank you for trusting us, Jimmy!)
–Tyler Q. Dahl
Bob and Karen already had an estate plan in place, but it needed an update.
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At the start of 2023, the Federal Trade Commission (FTC) proposed a new rule that would ban noncompete clauses, claiming the clauses lower wages and “harm competition.” The proposed ban would not only bar noncompete clauses moving forward but also nullify any noncompete clauses that are currently in effect. Businesses use noncompete clauses for a plethora of reasons, including limiting competition and protecting their own trade secrets and best practices. Fortunately, if the government bans these clauses across the board, there are other ways to limit competition and protect your business from departing employees. To eliminate or reduce competition and ensure vital company information doesn’t walk out the door with departing employees, you should leverage the power of confidentiality agreements and restrictive covenants. Confidentiality agreements expose former employees to significant liability should they take covered information or practices to their new employers. You should immediately consider adopting confidentiality agreements (if you have not already done so) as they pertain to some or all of the following company details: PROTECT COMPANY INFORMATION THROUGH CONFIDENTIALITY 2 Steps to Limit Competition Without Them The Government May Ban Noncompete Clauses!
Did You Know?
The Veterans History Project preserves thousands of veterans’ stories. Since 2000, the Veterans History Project (VHP) has collected videos, audio recordings, letters, diary entries, and more that chronicle the service of American veterans. These stories are safely stored at the Library of Congress and date back to World War I! Like our firm’s Legacy Interviews, VHP’s oral histories capture perspectives that would otherwise have been forgotten. When a veteran sits down with a VHP representative for a video or audio interview, the recording preserves their perspective, experience, and legacy for the next generation. VHP was the brainchild of Wisconsin Representative Ron Kind, who was inspired after overhearing his father and uncle telling tales of their service in World War II and the Korean War. He snatched up a video camera and hit record — right in the middle of a Father’s Day picnic! According to the Library of Congress, “This brief experience was the impetus for Congress to create a national, grassroots oral history initiative, which would allow participants to interview veterans in their lives and communities.” You can listen to these interviews today. Visit LOC.gov/ programs/veterans-history-project to explore the collection. You can learn about the service of Air Force Staff Sergeant Jamie Fox (Afghan War), Army Captain Albert Hassenzahl (WWII), and more inspiring veterans in their own words!
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Internal processes
Customer lists
• Financial information (both internal and external) • Marketing techniques • Employee or customer data In addition to creating strict and specific confidentiality agreements, consider marking any confidential information as such to avoid any confusion. EVALUATE EMPLOYEE COMPENSATION AND BENEFITS PACKAGES FTC officials believe a noncompete clause “suppresses wages, hampers innovation, and blocks entrepreneurs from starting new businesses” and believe the new change would increase overall wages by nearly $300 billion per year. This exposes a potential bidding war to come for companies hoping to poach hardworking employees from competing companies and industries. This will make employee retention even more of a priority. To ensure you keep your employees, reevaluate your compensation packages for employees and executives to ensure the sudden dissolution of standing noncompete clauses does not disrupt your place in the market. Noncompete clauses may soon be eliminated, but with help from an experienced attorney, your business can still make use of other avenues to protect itself from unfair competition. Contact us today to make sure your business is legally equipped to handle these potential changes.
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How Much Will You Pay in Estate Tax? The Estate Tax Exemption Explained
broken out by taxable estate amount, scan the QR code on this page.
Effective estate planning not only leaves a legacy for your loved ones, but it also addresses financial obstacles that present themselves during or after the transfer of wealth — like the estate tax. California has not had its own estate tax since 1982, but the federal estate tax is 18% to 40%. The value of your estate and whether you have effectively planned for the tax exemption will determine whether you face that tax. WHAT IS THE FEDERAL ESTATE TAX EXEMPTION? The federal estate tax exemption provides an avenue to avoid taxes on the transfer of your property through your estate. This tax would be taken straight out of the value of your estate before it ends up in the hands of any chosen beneficiaries. For 2023, the estate tax exemption is $12.92 million for individuals and $25.84 million for married couples. That means any estate valued at or below $12.92 million
for an individual who dies in 2023 will be exempt from the federal estate tax. HOW CAN YOU CALCULATE YOUR TAX BURDEN? If your estate exceeds the estate tax exemption in a given year, only the amount above the exempted limit will be taxed. A percentage of that amount will be taken in taxes, and after $10,000, a “base tax” will be applied on top of the tax. To see a full list of tax rates and base taxes
For example, if you have an estate worth $13.5 million in the year 2023, your federal estate tax would be calculated as:
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$13.5 million (your estate value) – $12.92 million (federal estate tax exemption) = $580,000 (your taxable estate) 37% of $580,000 (because it falls within the $500,001 to $750,000 range) = $214,600 $214,600 + $155,800 (the base tax for the $500,001 to $750,000 range) = $370,400 in taxes paid on your estate
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You can see how quickly this tax adds up without proper strategy. At The Law Offices of Tyler Q. Dahl, we have the expertise to create that strategy for you, maximize your exemption, and protect your wealth.
Cod and Asparagus Bake
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 TasteofHome.com
This recipe is quick to make and perfect for busy weeknights when eating healthy seems impossible. The buttery cod is low-fat and a great way to include healthy omega-3 and omega-6 fatty acids in your diet.
can create a precious gift for your children, grandchildren, and other loved ones that will preserve your memory for decades to come.
Ingredients • Oil for baking pan • 4 4-oz cod fillets
• 2 tbsp lemon juice • 1 1/2 tsp grated lemon zest • 1/4 cup grated Romano cheese
“Our death is not an end if we can live on in our children and the younger generation. For they are us; our bodies are only wilted leaves on the tree of life.” –Albert Einstein
• 1 lb thin asparagus, trimmed • 1 pint cherry tomatoes, halved
Directions 1. Preheat oven to 375 F. In a 15x10x1-inch baking pan brushed with oil, place cod, asparagus, and tomatoes. 2. Brush cod with lemon juice, then sprinkle with lemon zest. Sprinkle cod and vegetables with Romano cheese. Bake until fish flakes easily with a fork, about 12 minutes. 3. Remove pan from oven; preheat broiler. Broil cod mixture 3-4 inches from the heat source until vegetables are lightly browned, about 2-3 minutes.
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INSIDE What’s
2. 1. A Precious Gift Your Family Deserves Explore a Vault of Veterans’ Stories Is This the End of Noncompete Clauses?
3.
How to Calculate Your Estate Tax (and Avoid It)
Cod and Asparagus Bake
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Combating Spring Allergies
When Pollen Strikes Nipping Spring Allergies in the Bud
REMOVE POLLEN FROM INDOOR AIR. It’s inevitable that pollen will get inside your home and vehicle. To combat this, utilize your air conditioning or invest in a certified allergy air filter! A dehumidifier and/or an air purifier will help to lower the pollen spore count in the air. RINSE OUT YOUR SINUSES. When pollen overwhelms your sinus passages, one of the best things to do is to rinse out your airways. A sinus flush with a saline solution is one of the easiest and most effective ways to eliminate the pollen that irritates your respiratory system. TAKE OVER-THE-COUNTER MEDICATIONS. After checking with your doctor or health care provider, choose an over-the-counter medication that is right for your symptoms. Medications like oral antihistamines, oral decongestants, and corticosteroid nasal sprays are all beneficial in reducing the effects of seasonal allergies.
4 www.tqdlaw.com | 916-545-2790 REDUCE YOUR EXPOSURE. During spring months, keep the windows in your home and car closed. On particularly windy or dry days, avoid spending time outdoors, and do not hang your clean laundry outside to dry. After you have been outdoors, remove your clothing and wash your hair and skin to remove any traces of pollen. Do not cut the grass, pull weeds, or do any gardening. Spring has arrived! However, rebirth and renewal aren’t the only things in the air. During spring, trees, weeds, plants, and grasses release small grains of pollen into the air to fertilize other plants. Because the pollen is small and light, it travels through the wind and frequently causes allergic reactions. Symptoms of seasonal allergies include congestion, sneezing, coughing, a runny nose, an itchy throat, watering eyes, and irritation in the roof of your mouth. If you’re prone to experiencing allergies all spring long, here are some useful tips to keep them at bay.
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