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804-204-1500 | mleelaw.com Lee Law News Financial Wellness THE FOUNDATION OF A LASTING LEGACY December 2025/January 2026
As we approach the end of one year and the start of another, many people in our community will take some time for reflection. As we look back on our experiences from the past 12 months, we’ll likely find areas where we hope to improve. Once the new year begins, these turn into New Year’s resolutions. Many Americans focus solely on their physical health. They try to eat better, exercise more, and do everything possible to feel their best physically. However, I want you to consider another area of life in your resolutions or when reflecting on the past year. Now is the perfect time to do a deep dive into your finances to ensure everything is in order. Do you ever worry about paying your bills? If your car broke down or you had to have emergency surgery, would it set you back significantly from a financial perspective? In your current financial situation, does retirement seem impossible? If you answered yes to any of these questions, consider making lifestyle changes to improve your financial situation. Financial wellness is essentially the ability to manage your own finances comfortably. Budgeting, reducing debt, investing, and saving are some of the strongest strategies to improve financial wellness, but we can help you go even further to secure your financial future. Whenever we review or establish an estate plan for someone, we always take some time to explore their finances to ensure their assets are aligned with their goals and that they have beneficiary designations wherever applicable. I love doing this for my clients because it can really benefit their future. I hear many horror stories about parents creating trusts they never fund or even failing to protect inheritances they wanted to leave to their children or grandchildren. By providing education and the proper tools to protect your estate, you can gain peace of mind that your legacy will stand the test of time.
One of the most beneficial aspects of our process is our whole asset review. You don’t see this often with other firms, but it becomes invaluable in the long run. We investigate and discover all assets that could come into play later down the line. If something happens to you, we bring your family in for a free appointment where we disclose policies and plans they have in place. Often, we share elements the kids or even their spouses didn’t know about. Sometimes, even the executor or trustee isn’t in the know! When you pay more attention to your financial wellness, you experience countless benefits. You’ll have a much easier time managing your regular expenses, be better prepared for the future, and may even notice improvements in your physical and mental health. Financial wellness does not happen by chance; it requires effort, and estate planning plays a vital role. If you experienced any recent life changes and need to update your plan, give us a call today!
–Melanie M. Lee
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Keep More in the Family
Reduce Taxes With Strategic Gifting
When planning your legacy, gifting during your lifetime is thoughtful and strategic. Not only do your loved ones receive an early boost, but you may also shield more of your estate from federal taxes. Let’s break down six smart, actionable, and strategic ways across all states. Tap the annual gift tax exclusion. Every year, you can gift up to $19,000 per person (or $38,000 if married filing jointly) without trimming into your lifetime exemption or filing a gift-tax return. The best part is you can repeat it and share the love with an unlimited number of people. Over time, that’s a significant aggregation of tax-free transfers. Use your lifetime exemption. In 2025, the lifetime exemption is at $13.99 million per individual (and nearly $28 million for couples). In July 2025, Congress made the exemption amount permanent, so speculation about it dropping to half in 2026 has been laid to rest. In fact, the lifetime gift and estate tax exemption will increase to $15 million ($30 million per couple) on Jan. 1, 2026. Make direct payments that don’t count as gifts. You can pay unlimited amounts directly to medical providers or educational institutions for someone else’s benefit. These payments bypass the annual exclusion and the lifetime exemption limits, making them powerful and clean ways to help without tax consequences. Leverage trusts for smarter transfers. Qualified Personal Residence Trusts (QPRTs): Transfer your home to a trust while retaining the right to live there for a set
term. The gift’s taxable value is reduced thanks to the IRS’s calculation of your retained interest, meaning you minimize the use of your exclusion and remove future appreciation from your estate. Just be sure to outlive the term to reap the benefits. Intrafamily Loans: Loan money to loved ones at the IRS’s minimum applicable rate (when interest rates are low). If assets purchased with those funds appreciate, that growth shifts out of your estate and no gifting is required (unless you later forgive the loan).
“Gifting isn’t just financially savvy; it’s
Explore upstream gifting. If your parents or grandparents have estates far smaller than yours, you might gift appreciated assets upstream, allowing them to hold and later pass the assets down with a useful step- up in basis that reduces capital gains tax for future generations. Avoid estate inclusion with life insurance planning. Putting a life insurance policy into an Irrevocable Life Insurance Trust (ILIT) can remove it from your estate so the death benefit passes tax-free to beneficiaries. But watch out for the IRS’s three-year rule: Gifting the policy within three years of your death will bring the full value back into your estate. A great workaround is to have the ILIT purchase the policy outright. Gifting isn’t just financially savvy; it’s personal, philanthropic, and full of upsides for both giver and receiver. Thoughtful planning now lets your legacy grow, live on, and stay largely intact. personal, philanthropic, and full of upsides for both giver and receiver.”
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The Hair- Cutting Intruder Who Terrorized a Town
TAKE A BREAK
CARDINAL COOKIES FROSTY GINGERBREAD GIFTS MENORAH MITTENS PEPPERMINT PINECONES SAGITTARIUS SNOWBALL YULE
The Disturbing Tale of the Phantom Barber
Few things in life are scarier than knowing someone has broken into your home. In an instant, your sanctuary has been violated, and you worry about a return appearance in which they could steal from you or even harm you. During the early 1940s, the community in Pascagoula, Mississippi, was terrorized by a mysterious home intruder who was not after the wealth or health of the locals. Instead, this person was after something we always keep close to us. In mid-June 1942, 11-year-old Mary Evelyn Briggs and 12-year- old Edna Marie Hydel were sound asleep in their room within the Our Lady of Victories convent. Mary Evelyn woke up to a nightmarish sight. “I saw the figure of a kinda short, fat man bending over me with something shiny in his hand, and he was fooling with my hair. When he saw me open my eyes, he said, ‘Shhh.’ I yelled, and he jumped out the window,” stated Mary Evelyn. Although the two girls were unharmed, Mary Evelyn started the next morning with fewer inches of hair. Shortly after, 6-year-old Carol Peattie woke up to find somebody had chopped her hair while she slept. The only evidence left behind was a cut screen window and a sandy footprint. Before the end of June, an adult fell victim to the phantom barber while she slept beside her husband. During this time, the suspicion that the barber was using chloroform to keep his victims still started to spread. Local businesses and law enforcement offered a reward of $400 (about $8,000 today) for information that would lead to the “barber’s” arrest. Earlier in the month, an intruder with a lead pipe had attacked a couple in their home. Police theorized the barber was behind the attack, giving them a serious crime to work with. They would go on to arrest 57-year-old William A. Dolan, an individual the community detested due to his pro-German views. He stood trial, was found guilty, and sentenced to 10 years in prison. He maintained his innocence throughout his life and was released early after passing a lie detector test.
Classic Italian Tiramisu
Ingredients
• 1/4 cup Dutch-processed cocoa powder, plus more for dusting • 1 cup brewed espresso • 1 tbsp vanilla extract • 5 large egg yolks, cold • 1/2 cup white sugar
• 1/4 tsp kosher salt • 16 oz mascarpone cheese, chilled • 1 3/4 cups heavy cream, chilled • 28 hard ladyfinger cookies
Directions 1. In a bowl, whisk together cocoa powder, espresso, and vanilla and set aside. 2. In a mixer, beat egg yolks and sugar until pale and thick, about 5 minutes. 3. Add salt and mascarpone cheese, and continue to whip. 4. Add the chilled heavy cream and continue to whip until light and smooth. 5. Dunk each ladyfinger in the espresso mixture to absorb the liquid and line a 7x11-inch oval baking dish with the cookies. 6. Top the first layer of cookies with half the whipped mascarpone mixture and spread it into an even layer. Dust with cocoa powder. 7. Repeat for another layer and then finish by dusting with cocoa powder on top. 8. Cover with plastic wrap and chill for at least 2 hours before serving.
The Phantom Barber effectively disappeared after Dolan’s arrest, never to silently cut the hair of unsuspecting people again.
Inspired by WhatsGabyCooking.com
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Lee Law Office 1809 W. Main St. Richmond, VA 23220
804-204-1500 mleelaw.com
INSIDE THIS ISSUE
1
Financial Wellness Is Legacy Protection
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Smart Gifting Moves to Protect Your Legacy
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Classic Italian Tiramisu
The Legend of the Phantom Barber
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The Hidden Price Tag on Clutter
We’ve all been there: staring at a closet full of clothes and thinking, “I have nothing to wear.” Or paying rent for a bigger apartment just to store things we barely use. Clutter isn’t just a space problem; it’s a money problem. Every unused subscription silently chips away at your finances. The good news is that minimalism offers a way out. Far from being about deprivation, it’s about reclaiming control of your space, spending, and savings. The Hidden Price of ‘Stuff’ Every purchase comes with two price tags: the sticker price and the hidden costs. That $50 gadget isn’t just $50; it might also mean higher credit card interest if you’re carrying debt, or another box in the attic eating up storage space. The more we accumulate, the more we pay to maintain, store, clean, and eventually replace those items. That’s where minimalism comes in. It forces us to ask: “Do I really need this, or is it just clutter in disguise?” Quality Over Quantity Minimalism doesn’t mean buying nothing. Instead, it’s about buying better. One high-quality pair of shoes can last for years, while three cheap pairs wear out quickly and cost more in the long run. Choosing durability and timeless designs over impulse buys protects your wallet and reduces waste. Simplifying Finances Clutter can even creep into your bank account. Old subscriptions, overlapping accounts, and unused memberships all nibble away at your budget. By canceling what you don’t use How Minimalism Can Save You Thousands THE COST OF CLUTTER
and streamlining your finances, you save money and reduce the mental load of tracking your bills. Downsizing Expenses One of the biggest financial wins of minimalism comes from downsizing. A smaller home or apartment doesn’t just mean lower rent or mortgage; it also slashes utilities, maintenance, insurance, and even property taxes. More Space for What Matters A clutter-free environment frees up mental bandwidth. With fewer distractions, you can focus on what truly matters: building a side hustle, nurturing relationships, or enjoying a calmer, more intentional life.
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