Check out our Oct newsletter!
You’ve put blood, sweat, and tears into your family and your business. Now it’s time to protect it.
OCTOBER 2022
916-545-2790
tqdlaw.com
Conquer Your Recession Fears Just Like I Mastered My Fear of Heights!
When I was a kid, my brothers loved to pick on me — just like most siblings do. I could usually hold my own until they got their friends involved. Then, I was done for! The whole group would run toward me, tackle me to the ground, and pile onto my back until I surrendered. To this day, I blame those childhood pranks for the claustrophobia that gets to me in elevators and other tight spaces. But honestly, that’s nothing compared to my fear of heights. I managed to keep my height problem quiet until Lucero and I traveled to Guadalajara, Mexico, to visit her family and enjoy a vacation. We stayed in an enormous high-rise hotel, and our room was on the 40th floor. As soon as I walked in, I knew I was in trouble. The walls were filled with floor-to-ceiling windows looking out over the Mexican streets. I inched toward one, and my stomach dropped. The cars looked like tiny specks zooming around more than 400 feet below! I knew that if an earthquake hit — or maybe even a strong gust of wind — Lucero and I would be dead meat. Of course, Lucero ran right over to the windows to admire the view. When she waved me over, it didn’t take her long to spot my nerves.
Lucero still laughs about the look on my face, and in retrospect, I think it’s pretty funny too. It was definitely a dramatic way for her to find out about my fear of heights. I spent the rest of the trip edging closer and closer to the windows until I could stand in front of them without my palms sweating. I think we all have a few fears that we can laugh about, and Halloween is the perfect time to explore them. Vampires, ghosts, and goblins aren’t actually scary, and ultimately, heights and tight spaces aren’t, either — at least not compared to the real- life worries that keep us up at night. I’m a perfectionist, so my real-life worries are failing and letting people down. I feel awful when I disappoint my friends, family, or clients, so I give 110% to every problem to make sure that doesn’t happen. I’m not perfect, but I have a dang good track record! Right now, the recession is keeping a lot of people up at night. Many of my friends and clients have raised the topic with me and wondered what it could mean for their retirement, their finances, their business, and ultimately their legacy. I don’t have all of the answers, but I started my law firm in 2014 so I’ve already been through one serious, unpredictable rough patch: the COVID-19 pandemic in 2020. It was a real test of all the processes and procedures I had in place, and I’m proud to say that they held
up. The firm actually came out of 2020 stronger than ever, and we’re helping more people with their estate plans, as well as tax and business law problems, now than we did before the pandemic! With that in mind, I have one piece of advice for you if you’re worried about this recession: Be prepared. Start your estate planning now to make sure your finances are protected if something happens to you. Double-check that you have all of your t’s crossed and i’s dotted in your business. Are your employee, vendor, and customer contracts strong? Is your intellectual property well protected? Do you have a tax plan in place to help put more cash in your pocket in a downturn? If you answer those questions now, you’ll be prepared to face whatever happens in the economy. In Mexico, I managed to walk up to the windows on one of our last days there because I spent days inching closer and closer preparing to do it! You can put the same idea to work for you and free up mental energy to enjoy the Halloween season.
Good luck,
–Tyler Q. Dahl
“Thanks,” I said, “But I think I’ll enjoy the scenery from back here!”
1
www.tqdlaw.com | 916-545-2790
Hi my name is Chez and I’m a 10 year old tabby cat born in an alley way in Eugene, Oregon. The vet says I’m overweight at 18 lbs but I think I’m just big boned. Needless to say, I do not take their weight loss orders very seriously. I like to spend my days lounging in the backyard, killing a bird or two when I’m feeling extra frisky, and meowing at the top of my lungs for wet food. I have a puppy dog brother who is so annoying and steps on me every day. My parents also have a 5 month old baby they constantly fuss over. Lame! But other than that, I live a great life. Meet Chez!
The Secret to Avoiding Probate
Probate is an expensive, time-consuming process in which a court oversees the distribution of an estate. However, there are ways to avoid the hassle. If you have a trust, General Transfer Document, and Pour-Over Will, you’ll likely be able to avoid probate entirely — but only if you do one crucial thing: Keep your trust fully funded. The person who sets up a trust is known as the settlor. The person who manages the assets within that trust is called the trustee. One person may take both roles. The trustee agrees to manage the assets of the trust in the best interest of the beneficiary, the person who “benefits” from the assets. The trust also outlines how the trust will be administered and the powers the trustee has. Each time you acquire a new asset, you must ensure that the asset is properly tilted to the trust to legally transfer that property to the possession of the trustee. If you don’t transfer new property or assets into the trust, those assets will not be in the control of the trustee, and so probate could become necessary. In order to avoid this, make sure that your trust is fully funded. “Funding” a trust is simply the process of transferring assets into the possession of the trustee. A General Transfer Document and Pour-Over Will can also help prevent your estate from entering probate. Both options specify that you intend for all assets, no matter where they are situated and when they are acquired, to be transferred into the trust. That said, it’s still crucial that you keep your trust funded. Keeping your trust fully funded may sound like a simple task, but it can quickly become complicated if you have a lot of property in your name or if you’re dealing with several different assets and accounts. You can also incur taxes if the funding is done improperly. That’s why it’s important to work with a trust attorney who can help you plan and fund your trust the right way. If you do this, you’ll be able to avoid probate and keep your estate and beneficiaries safe from unnecessary expenses. To get started with your own estate plan or update your existing one, contact our office today. Hint: It’s Related to Your Trust!
BRAIN
WORK
SOLUTION:
2 www.tqdlaw.com | 916-545-2790
The Tax Perk of High Gas Prices The IRS Is Cutting You a Tax Break!
Soaring gas prices have become a pain point for almost everyone. Thankfully, the IRS has taken action to provide relief to those who are affected the most. If you’re self-employed or are otherwise eligible to deduct your work mileage, this rate hike could save you plenty of money on your taxes this year. The Internal Revenue Service has increased the mileage deduction rate from 58.5 cents per mile to 62.5 cents per mile — a significant increase. Typically, the
IRS only adjusts standard mileage rates annually. However, given the current high gas prices and the related spike in travel expenses, they deemed it necessary to make the change as soon as possible. WHO CAN DEDUCT MILEAGE? You can deduct travel expenses if you are self-employed or work in a field that mandates frequent travel — for example, if you’re a performer, volunteer, or medical provider. WHAT EXPENSES QUALIFY FOR A DEDUCTION? Generally, if you’re traveling for the primary purpose of conducting your job duties, the mileage incurred should qualify for a deduction. This includes any trips that are exclusively for business purposes. As an example, traveling to meetings with clients, a convention related to your work, or for a pertinent training program would qualify. If your main point of business is
your home, then you may include travel to and from your home as long as those trips are exclusively for business purposes. If your main business location is elsewhere, you cannot deduct trips from work to home and vice versa. HOW DO I DEDUCT MY MILEAGE? Self-employed individuals can report their mileage on the Schedule C form. Employees who qualify for the deduction can file their deduction using Form 2106. In either case, keeping a good record of your mileage is essential to protect yourself in the event of an IRS audit. If you are a business owner, the best way to deduct this expense would be through an accountable plan. Plenty of smartphone apps are available that can make the tracking process easy, such as MileIQ. If you’d like more information on how you can implement deductions to save on your taxes, we’re here to help.
Pumpkin Pie Parfaits
Scan the QR code for information on our Summer 2022 Promo!
Inspired by Kenarry.com
These parfaits are an easy fall dessert everyone can make!
Up to $500 off an Estate Plan!
Ingredients • 3.4 oz instant vanilla pudding mix • 2 cups cold milk • 15-oz can pumpkin purée • 1/2 tsp cinnamon
• 1/4 tsp nutmeg • 1/8 tsp ground cloves • 1 cup vanilla sandwich cookies • 8 oz whipped topping
“If you want to achieve excellence, you can get there today. As of this second, quit doing less- than-excellent work.” - Thomas J. Watson
Directions 1. In a large bowl, whisk together pudding mix and milk. Let sit for 5 minutes, then stir in pumpkin purée, cinnamon, nutmeg, and ground cloves. 2. In a blender or food processor, crush vanilla sandwich cookies into crumbs. 3. In small jars or glasses, place cookie crumbs on bottom, then pumpkin mixture, then whipped topping. Repeat these layers twice and end with cookie crumbs. 4. Chill until ready to serve!
3
www.tqdlaw.com | 916-545-2790
Published by Newsletter Pro www.NewsletterPro.com
PRST STD US POSTAGE PAID BOISE, ID PERMIT 411
701 University Avenue, Suite 108, Sacramento, CA 95825 916-545-2790 tqdlaw.com
INSIDE What’s
2. 1. Tyler Shares His Biggest Fears Meet Chez! How to Avoid Paying for Probate
3.
1 Good Thing About Bad Gas Prices
Pumpkin Pie Parfaits
4.
Halloween Safety Tips
Have a Spooky Good Time While Keeping Safety in Mind is essential so you know when to expect their return. This way if something happens and you cannot reach them or they aren’t back in time, you have a general idea of where they can be on the route. PACK THE ESSENTIALS. Always make sure your child has their phone on them in case of an emergency, no matter if it’s to call you or an emergency line. You could even share locations so that you’re able to track where they are or use another location tracking app like Life360 or FamiSafe that’s available on your devices. If they plan to stay out for a while, have your child take water bottles, flashlights, and even a small first-aid kit with them. They actually come in handy when exploring the Halloween night and the unexpected happens. Older kids deserve a bit of freedom, as long as they can do it responsibly. Consider these tips to make sure the night is trick- free and full of the best treats.
Halloween is all about letting the ghoul times roll, but monsters and ghosts aren’t the only things parents need to worry about this holiday. Most older kids don’t want an adult chaperoning — they want to venture off with their friends to enjoy the night all on their own.
Here are a few safety tips so that you and your older kids can enjoy the spooky evening with no worries.
4 www.tqdlaw.com | 916-545-2790 One of the best ways to make sure they’re staying safe is to plan a route and a curfew. Pick and choose which routes you feel comfortable with them going on, either somewhere nearby or somewhere in the neighborhood. And choosing a curfew time PLAN A ROUTE AND CURFEW. Some older kids still love the nostalgia of trick-or-treating, or maybe they plan to pull some Halloween pranks with their friends. Whatever the reason may be, they may want to enjoy the evening without a parent.
Published by Newsletter Pro www.NewsletterPro.com
Page 1 Page 2 Page 3 Page 4Made with FlippingBook Ebook Creator