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March 2025
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Dream Big, Build Bigger A Tribute to Mom-and-Pop Triumphs
Dreams should never be left on our pillows in the morning.
in my work, I also realized certain realities of the legal profession weren’t as pleasurable. Some firms consider their team members mere employees, there solely to earn them money. I was never interested in following someone else’s dreams — I wanted to pursue my own. Ten years ago, I stopped working for others and struck out alone. What followed was one of the most difficult journeys of my life. Many of my loved ones expressed concern that I was taking too big of a risk, and I faced the challenge of learning the ins and outs of running a business — including hiring people, keeping accurate records, and everything else involved in simply keeping the lights on — without the safety of someone else handling those tasks. Additionally, I struggled with my initial fears that I would fail. During those early years, I spent most days fighting off the temptation to throw in the towel. Ultimately, I decided to hang on and keep moving toward my dream. There was a lot on the line, and the only way I could overcome my anxiety was by doing the only thing I could: Take it one day at a time and build my business by providing my growing client base with the best care and representation possible. A decade later, I’m proud — and more than a little relieved — to say the gamble paid off. As an attorney, I have the privilege of helping clients rise above their challenges and see the light at the end of dark times. As a business owner, I adhere to a culture that ensures my team members never feel like cogs in a machine. As a family man, I can own my time in the office and at home — I can be present for my wife and beautiful children. Looking back at the stress and hardships of my early days in business, I see I was right all along — I could make my dreams come true. If I could turn a desire into a successful law firm, there’s no telling how far your aspirations could take you. Never let go of them.
As I move forward in life as a father, husband, and lawyer, I always try my best to look for new horizons. New professional opportunities, new ways to enjoy life with my family, and new directions to pursue to serve my clients are always possible. Sometimes, you can only reach them by holding your nose and jumping into uncharted waters.
I see this philosophy in action daily when I work with clients at my firm. Many are small-business owners — often husband-and-wife teams — who work hard to find contentment in life on their own terms. Their dedication to following their own paths is always inspiring, so I couldn’t wait to write this message to coincide with National Mom and Pop Business Owners Day on March 29. I’ll always admire small businesses deeply, as I know their struggles and victories well. When I decided to pursue a life in law, I committed myself to never losing sight of my empathy. I knew people would be coming to me for help with serious matters that stirred many emotions, so I wanted to be the person they needed to approach their situation with care, understanding, and a spirit of hope. Early in my career, I realized I could connect with people meaningfully. It was rewarding to know my clients liked and trusted me. Unfortunately, as I moved forward
Happy National Mom and Pop Business Owners Day to all my clients who live their dreams every day! May you always find fulfillment beyond your wildest expectations.
–Horacio Sosa
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Crack the Code Benefits and Drawbacks of the Latest College Aid Forms
Applying for college financial aid has been a moving target recently amid changes in federal rules. One new loophole is good news for families, however. For the first time, grandparents can set aside money in tax-sheltered accounts to help pay a grandchild’s college expenses without jeopardizing the student’s eligibility for other financial aid.
eligibility. This is bad news for families with multiple children who want to attend college at the same time.
In another change, the latest FAFSA substitutes a new measure, the Student Aid Index (SAI), for the Expected Family Contribution measure used in the past. The SAI ranges from -1500 to 999999, and the lower it is, the greater the likelihood a student will get need-based financial aid. States’ 529 plans, named for Section 529 of the Internal Revenue Code, function like a kind of 401(k) account for education by deferring taxes on investment gains on savings for designated educational purposes. States began to develop these plans in the 1980s to encourage families to save for college, and all states now sponsor some version of a 529 plan. Other changes include expanding the number and potential size of Pell Grants. The maximum Pell Grant will rise to $8,145 in the 2025–2026 academic year from $7,395 in 2024–2025. While the SAI is calculated based on a student’s family size, income, and assets, eligibility for Pell Grants also considers a family’s financial standing according to federal poverty guidelines. In other changes, the revised FAFSA relies on federal tax information provided by the IRS rather than answers provided by applicants. It also asks fewer than 50 questions, compared with 108 in the previous form. While many people labor over the form’s detailed questions, the most common mistake is not filling out the FAFSA at all. This omission excludes students from eligibility for numerous subsidized loans and grants, scholarships, and other aid from the college or university they attend. Many students wrongly assume they won’t be eligible for aid because they or their parents make too much money or their grades aren’t high enough. Plenty of circumstances can qualify applicants for grants and awards, from being the first in their family to attend college to being in the military, being unemployed, or planning to major in a specific in-demand subject. With numerous sources of financial aid in play, the potential rewards of completing the FAFSA are well worth the time invested!
The benefits could be significant for families planning, saving, and working together toward college-funding goals.
The primary tool to qualify for federal aid and other sources of help is the Free Application for Federal Student Aid (FAFSA). The latest version of FAFSA does not require students to report distributions from grandparent-owned 529 college savings plans. In the past, those distributions could reduce a student’s financial aid by half of a grandparent’s contribution. Family members, including grandparents, are playing a growing role in covering soaring college costs. Undergraduate students cannot borrow more than $5,500–$12,500 a year in federal subsidized and unsubsidized loans, depending on their school year and whether they rely on their families. This nearly always falls short of the average annual public university tuition of $11,000 for in-state students, $24,500 for out-of-state students, and $43,500 for private college students. Parents are shouldering an increasing share; 11% take out federal parent PLUS education loans, borrowing an average of $40,000 per parent as of 2020. Other changes in the FAFSA form have subtler implications for families. The government no longer considers the number of students one family has in college simultaneously to determine
“The latest version of FAFSA does not require
students to report distributions from
grandparent-owned 529 college savings plans.”
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When a disaster strikes, it’s not just your home and immediate family you need to protect; your furry family members also need you to keep them safe. By preparing for the unexpected and ensuring you have the right supplies, lines of communication, and arrangements, you can help reduce the stress and uncertainty for you and your furry companions. Get ready to be all paws on deck with these tips to keep your pets safe during emergencies. Be Purr-pared With a Plan Make sure you include your pet in your household’s overall emergency plan. You will avoid stressful scrambling at the last minute when a disaster occurs. If you need to evacuate, account for all pets so they don’t get hurt or lost in the chaos. Not all public shelters and hotels allow animals to stay, so determine a safe place to take them. It’s also important to assign a friend, neighbor, or family member to care for your pets if you cannot. If you have not microchipped your pet, now is a great time. Shelters can scan microchips to determine a lost animal’s home and owner’s contact information. Pack for Your Pets Create an emergency kit for your pets that includes supplies they need to survive a disaster. You should have a few days’ supply of food, water, and any medications your pet needs. Ensure you have a backup leash and collar and copies of your pet’s registration. Include grooming items and sanitation tools like pet litter and paper towels. Items like favorite toys or your pet’s blanket can comfort them in stressful situations like an evacuation. Travel-Ready Tails Make sure you are ready to transport your pet in a travel carrier quickly. Place their carrier open in an area your pet is comfortable with, like a favorite napping spot. You can add a familiar blanket and toy inside to reduce their stress and use treats to encourage them to go inside. Make a mental note of your pet’s behavior during stressful times so you know where their go-to hiding spots are. Keeping Pets Safe in Emergencies All Paws on Deck
TAKE A
BREAK
AQUAMARINE BASKETBALL BLUEBIRD CLOVER GREEN IDES LEPRECHAUN MADNESS
PISCES SPRING TANGERINE TULIP
Not Your Mom’s Corned Beef and Cabbage
Inspired by AllRecipes.com
Ingredients
• 1 (4 lb) corned beef brisket with spice packet • 3 qts water • 1 onion, quartered • 3 carrots, cut into large chunks
• 3 celery stalks,
cut into 2-inch pieces
• 1 tsp salt • 2 lbs red potatoes, halved • 1 small head of cabbage, cut into eighths
Directions 1. In a large pot or Dutch oven over medium-high heat, combine corned beef, spice packet contents, water, onions, carrots, celery, and salt. Bring to a simmer (skimming off any foam on top). 2. Cover pot, reduce to low heat, and let simmer for 3 hours until meat is fork tender. 3. Add potatoes to the pot and let simmer uncovered for 30 minutes or until potatoes are al dente. 4. Add cabbage along the edges of the meat and on top. Cover and let simmer until cabbage is tender, 20–30 minutes. 5. Place meat on a cutting board and let rest for 10–15 minutes. After meat has cooled, slice against the grain. 6. Add to a large serving bowl, ladle vegetables and broth over top, and serve.
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954-532-9447 www.SosaLegal.com 2924 Davie Rd., Ste. 102 Davie, FL 33314 INSIDE THIS ISSUE
1
Dreams Drive Destiny
Loopholes and Pitfalls in College Financial Aid Rules
2
Not Your Mom’s Corned Beef and Cabbage
3
Prep Your Pets for Disasters
How the DOL’s Final Rule Protects Retirement Investors
4
A NEW ERA FOR ERISA The Final Rule Transforms What It Means to Be a Fiduciary
For more than 14 years, the U.S. Department of Labor has been trying to determine a new definition of a “fiduciary” under the Employee Retirement Income Security Act (ERISA). A fiduciary provides investment advice for a fee to employee benefit plans. Under ERISA, someone is a fiduciary if they have control over managing
or using a plan’s assets, provide investment advice for a fee, and have responsibility for managing the plan. Since 1975, these discussions were only considered “investment advice” if they adhered to a five-part test. However, this past September, the Department of Labor released new regulations called the Final Rule that redefines what it means to be an investment advice fiduciary. With this recent change, the five-part test goes out the window. The Final Rule expands the definition of who can be considered a fiduciary. Someone is a fiduciary if they regularly provide investment recommendations and advice to retirement investors for a fee. That advice must be based on the investor’s needs and reflect expert judgment that serves the investor’s best interests. They must also state that they are acting as a fiduciary when giving advice;
however, if you’ve previously received one- time advice, that could now be considered fiduciary advice. That’s a lot of information to swallow, and by now, you’re probably wondering how this will affect the average person. In most cases, these changes will only affect those acting as fiduciary advisors and retirement investors, including participants, beneficiaries, IR owners (Ingersoll Rand Inc.), and anyone else involved with an ERISA plan. Through the Final Rule, you should receive better advice that puts your interests first, providing more transparency about recommendations and any fees involved. It should also create greater accountability for advisers, brokers, insurance agents, and anyone else acting as a fiduciary. All in all, this is a great change for those who interact with fiduciaries. You can rest assured knowing the advice you receive will benefit you and your investments.
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