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You’ve put blood, sweat, and tears into your family and your business. Now it’s time to protect it.
MAY 2024
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Spring Into Action Now Is the Perfect Time for an Estate Plan Refresh
PERSONAL REFLECTION AND REVIEW Beyond legal and financial implications, reviewing your estate plan offers a moment for personal reflection. It’s an opportunity to reassess your goals, values, and the legacy you wish to leave. This reflective process can bring peace of mind, knowing your loved ones are cared for and your wishes are clearly documented. YOUR PATH FORWARD As we embrace the renewing energy of spring, let’s extend that spirit to our estate plans. By reviewing and updating our plans, we ensure they grow and change as we do. Remember, an estate plan is more than a set of documents — it’s a dynamic blueprint for protecting your loved ones and honoring your legacy. So, while you’re enjoying the fresh air and warmer temperatures, take a moment to consider the foundation you’re laying for the future. A well-maintained estate plan is essential to that foundation, providing security and clarity for you and those you cherish most.
With tax season behind us and the promise of summer just around the corner, now is the perfect time to embark on a different kind of spring cleaning: refreshing your estate plan. While many view estate planning as a one-time task, it’s an ongoing process that needs to reflect life’s inevitable changes. Here’s why thoroughly reviewing your estate plan this season is wise.
These events can alter your intentions for asset distribution, guardianship decisions, and your designated power of attorney or healthcare proxy. MOVING TO A NEW HOME Spring and summer inspire many to clean and move. The real estate market typically sees a surge in buying and selling activity during the warmer months. If you’re among those planning to change your living situation, it’s essential to consider how this move impacts your estate plan. For instance, if you’re like me and my wife and possibly looking to purchase a new home soon, ensuring this significant asset is properly titled and included in your trust is paramount. This step can avoid probate,
ESTATE PLANS ARE A LIVING DOCUMENT First and foremost, it’s crucial to
understand that estate plans are not a “set it and forget it” deal. Just as a home requires regular maintenance, your estate plan needs periodic reviews to ensure it aligns with your current circumstances, laws, and personal wishes. Changes in relationships, financial status, or health can significantly impact the relevance of your existing estate plan. LIFE CHANGES AND FLUCTUATIONS Significant life events are the most compelling reasons to update your estate plan. Marriage, divorce, the birth of a child or grandchild, the death of a beneficiary, and significant financial changes are all milestones that necessitate a review of your documents.
streamline asset distribution, and provide certain tax advantages.
A TIME FOR PROFESSIONAL GUIDANCE Given the complexities of estate planning, spring cleaning your plan isn’t necessarily a DIY project. It’s wise to seek professional guidance from an estate planning attorney at Dahl Law Group. Our experts can help navigate the intricacies of your estate, suggest updates in line with current laws, and ensure your documents accurately reflect your desires.
–Elliott Harry
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Understanding Qualified Personal Residence Trusts
Did You Know? Did you know that almost 70% of Americans currently don’t have an estate plan? It’s shocking but true! According to CNBC, a 2022 survey reported the following reasons many individuals have neglected to put together an estate plan: • 40% reported that they haven’t yet made the time. • 33% said they don’t have enough assets to place into a will. • 13% felt that the estate planning process is too expensive. • 12% said that they aren’t sure how to achieve a will. At Dahl Law Group, we are here to alleviate these concerns and streamline the process to ensure that your assets, legacy, and wishes are passed down to future generations exactly how you’d like them to be!
A Key Tool in Estate Planning
Effective estate planning utilizes tools to save money by avoiding the heavy tax burden of transferring assets to beneficiaries. Homeowners often face a significant tax bill when transferring properties to heirs because their home is among their most expensive assets. This is where a Qualified Personal Residence Trust (QPRT) helps. WHAT IS A QUALIFIED PERSONAL RESIDENCE TRUST (QPRT)? A QPRT is a type of irrevocable trust designed to exclude your personal home from your estate, which, in turn, lessens the estate/gift tax burden when the home is transferred to your beneficiary on a specified date. HOW IS THE GIFT VALUE OF THE PROPERTY CALCULATED? It’s important to understand that the home’s entire value is not excluded from your estate. The resident retains a partial interest in the home, which means retaining partial value in the estate. To calculate this, apply the applicable federal rates (AFRs) when the home is put into the QPRT. TERM MATTERS WITH QPRT If you pass away before the term of the QPRT expires, the home will be transferred back into your estate, eliminating the potential tax relief. Choosing the right term for your QPRT is imperative. Are you confident you are healthy enough to survive the length of the trust? If the trust expires and you would still like to live in the home, you can enter into a lease agreement with whoever takes ownership of the home. WHEN IS A QPRT APPROPRIATE? If you believe your home’s value will increase significantly and want to transfer ownership to your children while you’re still alive, a QPRT is right for you. This allows you to avoid incurring a tax bill for the capital gain of the home’s increased value. QPRTs are also beneficial for individuals with a high-value estate who need to lower its value to avoid the taxes that come with it. You can reduce the estate tax incurred in passing your home to your chosen heirs while still ensuring you have a place to live during your lifetime. At Dahl Law Group, we consistently have these conversations with our clients and aid them in making the right choices for their estate, finances, and beneficiaries. Let us help you make the right decision about your personal residence.
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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The Differences Between Trademarks, Copyrights, and Patents
Your work and your craft provide a living for you and your family. Protecting that work goes a long way toward preserving your financial interests. Our team provides intellectual property services, including acquiring, maintaining, and enforcing trademarks. We want to help you protect and get the most out of your intellectual property (IP), but it’s important to understand the means available for protection. WHAT TRADEMARKS, COPYRIGHTS, AND PATENTS PROTECT These three registrations protect different innovations in different ways. To simplify: • Trademarks protect words/phrases, names, logos, sounds, and designs that differentiate the source of a product. • Copyrights protect original works like art, photographs, literature, music, and architecture. • Patents protect inventions, processes, and plants. HOW THEY ARE REGISTERED The registration of each IP will look different depending on the circumstance. Trademarks garner automatic registration regionally through common law trademarks. This provides IP protection in the immediate term while the mark owner officially registers the work through the U.S. Patent and Trademark Office (USPTO).
This process costs time and money and requires a strong trademark to secure protection. Work considered generic or likely to be confused with other previously registered trademarks will be denied. Patents go through the USPTO, too, but they require additional consideration before a patent is granted. Copyrights have their own registration office through the U.S. Copyright Office. This process requires you to file an application and pay the necessary fees. Depending on the circumstances, you may also begin to acquire copyrights immediately upon use. MAINTAINING A TRADEMARK, COPYRIGHT, OR PATENT Trademarks require renewal every 10 years but can last forever if the mark is actively being used commercially or has excusable nonuse. Copyrights depend on the date of first publication. For works created after Jan. 1, 1978, protection lasts 70 years after the author’s death. Anonymous work or work done for hire lasts 95 years after the first year of publication or 120 years after the year of its creation, whichever comes first. Patents last 14–20 years, depending on the type of patent. Once this date passes, the patent will no longer be active, and others can use the invention. ARE YOU ON TOP OF YOUR IP PORTFOLIO? Our team regularly checks with business clients to ensure their intellectual property portfolios are thorough, active, and not infringed upon. If your business needs a review of your intellectual property portfolio, contact Dahl Law Group.
Citrus BBQ Chicken
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 FoodNetwork.com
Ingredients • 8 skin-on chicken leg and thigh pieces
• 3 cloves garlic, minced • 1 tbsp Dijon mustard • 2 tbsp Worcestershire sauce • 2 tsp ground cumin • 1 1/2 tsp smoked paprika • Salt and pepper to taste
• 1 1/3 cups ketchup • 2 tbsp brown sugar
can create a precious gift for your children, grandchildren, and other loved ones that will preserve your memory for decades to come.
• Juice and zest of 1 orange • Juice and zest of 1 lemon
Directions 1. Place chicken in a large resealable plastic bag. Combine all other ingredients in a small bowl. 2. Reserve 1 cup of the sauce and add the rest to the plastic bag. Toss to evenly coat the chicken and marinate overnight. 3. In a small saucepan over medium-high heat, add remaining sauce and bring to a boil. Reduce heat and simmer to thicken sauce, about 10 minutes. Set aside. 4. On grill set for medium-high heat, arrange chicken skin side down. Cook until grill marks form, about 4 minutes. Flip chicken, cover grill, and cook until a thermometer inserted into thighs reads 165 F, about 20–25 minutes. 5. Serve with remaining sauce.
“Be a yardstick of quality. Some people aren’t used to an environment where excellence is expected.” –Steve Jobs
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INSIDE What’s
2. 1. The Importance of an Updated Estate Plan
The Shocking Statistics Behind Estate Planning Neglect Qualified Personal Residence Trusts 101 Safeguard Your Business’s Future With Intellectual Property Services Citrus BBQ Chicken Rejuvenate Your Routine With 4 Spring Wellness Changes
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Spring Into Wellness Refreshing Ways to Revitalize Your Health Routine
SPICE UP YOUR ROUTINE If you’re into yoga or weight training, try new exercises. A new routine ensures you won’t miss any muscles while keeping you engaged. When the treadmill becomes a dreadmill , do your cardio on an elliptical or stationary bike. Grab some free weights if you’re starting to find weight machines dull. There’s always an alternative to keep things interesting. FIND FRIENDS A workout buddy can keep you invested in your routine. They’ll keep you motivated and accountable — it’s much harder to skip a workout if someone’s relying on you. Even better, a partner can keep you safe if you’re weight training. Consider enrolling in a class if you have trouble finding someone to work out with. Not
Spring is the season of renewal and rejuvenation, so there’s no better time to revitalize your health and wellness routine. New routines can boost your motivation and keep you engaged. From workouts to diet, it’s time to get out and take advantage of the sunshine!
only can you learn new fitness tips and tricks, but you can also make friends. SPRINGIFY YOUR DIET Winter typically involves plenty of warm comfort meals, such as soups and hot chocolate, but spring is blooming with other options. It offers an array of refreshing and delightfully light dishes. Strawberries, pineapples, and avocados are best these months, along with many other delicious foods perfect for salads and smoothies. Shake up spring and keep to your regimen. There’s no better time to build healthy habits, especially in May’s warm weather. Take a jog with a friend, and afterward, enjoy a strawberry smoothie, and you’ll surely have an exceptional season.
GET OUTSIDE Winter is fierce, unrelenting, and
notorious for derailing outdoor fitness routines. It’s finally warm enough to exercise outside, so mix things up and get outside. Jump on a bike and ride through the wind. Slip on your jogging shoes and run through the neighborhood. Put on your swimsuit and head to the pool. Nature is full of challenging and fun activities, so take advantage of the warm weather before the next winter arrives.
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