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The Cary Connection JUNE 2023
It’s Time to Talk About Estate Planning How to Break the Ice This Summer
out is for an attorney to create a comprehensive plan. A piece of paper stashed in a desk or a spoken agreement won’t cut it.
You’ve done your planning — but what about others in your life? Estate planning can be misunderstood and intimidating to many people, but as you’ve already discovered, it doesn’t have to be. Your loved ones might feel uncomfortable with the topic or fail to see a “need” to create an estate plan. But you can help them overcome their hesitations and understand the benefits of the process. Every summer, people travel and gather together more than at other times of the year. As you see your neighbors, adult children, siblings, and other loved ones, it’s worth starting a conversation. It might feel awkward, but something as simple as mentioning your own estate plan can open a discussion. Those you love might not even realize estate planning is for someone like them. Many think estate plans are for people who are wealthy, retired, or own multiple properties. But everyone should at least have a will! And they shouldn’t try to do it themselves. Some people use TurboTax to file their taxes, so they decide they might as well use online resources or DIY websites to create their will. Others work with a friend who’s a notary, write down their wishes by hand, or verbally tell loved ones what they want. But the only way to avoid unintended consequences and ensure your wishes are carried
Encouraging your relatives to get their affairs in order also provides a significant benefit to you. People are affected all the time by family members who don’t make estate plans, finding themselves roped into very arduous processes and family disputes. A conversation now could save heartache later, and any major life event like a new baby, divorce, or property purchase is an opening to a discussion. Cary Estate Planning is here to provide guidance through every step of the process, so we hope you’ll encourage your friends and family to reach out and learn more. They might also benefit from some of our newest offerings — and so could you. While we’ve always performed special needs planning, we’re expanding our services to fill an unmet need in our community. We now have an experienced social worker on staff who is well- versed in North Carolina law and benefits. She liaises with our attorneys to ensure they have the latest information, and she has created multiple resource guides for families. So far, the feedback we’ve received has been incredibly enthusiastic. We’ve also recently launched Cary Financial Planning LLC. Estate planning and financial planning often go hand-in-hand, and our team has significant experience in this area. We offer fee-only services as a fiduciary, meaning we always put your interests first and have no financial incentive to recommend one investment strategy over another. We can ensure your goals are aligned and integrated by performing estate and financial planning together. We hope you’ll consider our services if you don’t have a financial planner. Whatever you or your family’s needs, we’re proud that you have put your trust in us and are always looking for more ways to serve you. Please don’t hesitate to call us with any questions you may have. We’re always standing by to help you and your loved ones.
-Paul Yokabitus
CaryEstatePlanning.com • 1
Break the Ice on Estate Planning How to Start a Family Conversation About the Future
So, how do you start that potentially uncomfortable conversation? Begin by choosing the right moment. Ideally, you should talk in person, but don’t disrupt a holiday or special occasion with the topic. A phone call can work for faraway relatives who rarely meet in person, but chatting via text is unlikely to go well. You might begin the conversation by bringing up a recent news item, but it’s also okay to say, “I’ve been working on my estate plan, and I’d like to share some of the details with you.” Remember that your loved ones will likely be surprised and uncomfortable when you raise the topic. They might try to change the subject or deflect by stating you have a long life ahead. It’s a defense mechanism to avoid thinking about losing a loved one. Talk initially in broad strokes; the details of your trust and how you’ll minimize tax consequences are too much to start. Explain why you have created an estate plan, what you aim to accomplish, and why you think it’s important to discuss. Then, ask for their input or if they have any concerns they’d like to raise. If things get too emotional, take a break and return to the topic later. No estate planning conversation should be one-and-done. Your assets, wishes, and the makeup of your family may change over the years. Try normalizing talking about estate planning periodically; it will feel less daunting. These conversations usually feel uncomfortable initially, but they’ll eventually strengthen your relationships and help you and the people you love better understand each other. You owe it to your family to share your wishes, clarify your intentions, and prevent future heartache. Talking about your estate plan is an unconventional but necessary act of love.
Estate planning is a delicate subject. It stirs up feelings about our mortality, raises questions of fairness, and can open old family wounds. In large part, to avoid this discomfort, countless people choose not to make an estate plan. Even fewer decide to discuss the matter with their loved ones. Keeping quiet on the subject usually feels easier, but it’s a mistake with lasting consequences. While few people look forward to these conversations, having them before anything happens to you is best. When emotions run high, people can make poor decisions and say things they regret. In an outcome no one wants, families can fracture due to fights over estates after a loved one’s death. Further, you probably want to use your assets to benefit family members fairly after your death. But what you and your family members consider fair may be very different. For example, you may learn that one family member doesn’t want a particular asset or that a property means more to one child than another. Dividing your assets is ultimately up to you — but if your goal is to leave your loved ones better off, it’s worth listening to what they say.
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SPECIAL NEEDS TRUST CREATES OPTIONS Safeguard Assets for Family Members With Disabilities We create estate plans to protect our loved ones, and family members with disabilities are often most susceptible to financial difficulty. But safeguarding their futures is not always as simple as leaving a lump sum behind. An improperly structured estate can ultimately harm your loved one more than it helps, but a special needs trust will support and improve their lives. Many people with disabilities in the U.S. receive government assistance. But programs like Supplemental Security Income (SSI) or Medicaid have strict eligibility requirements. For example, an SSI recipient cannot own more than $2,000 in assets. Therefore, even relatively small gifts can affect their qualification for benefits.
Inspired by TheSpruceEats.com SEAFOOD PASTA SALAD
Ingredients
• ½ cup chopped red peppers • ½ cup diced onions • ½ cup shredded carrots • 2 cups halved cherry tomatoes • ½ cup of Parmesan cheese (optional)
• 4 cups fusilli noodles • 2 cups crab meat or shrimp • 2 cups shredded cheddar cheese • 2 cups ranch dressing • 1 cup frozen peas, thawed • ½ cup chopped green peppers
Directions 1. In a large pot, bring the fusilli noodles to a boil and cook until al dente, then drain. 2. In a large bowl, combine noodles, crab or shrimp, cheddar cheese, ranch dressing, peas, green and red peppers, onions, and carrots, then mix together gently. 3. Refrigerate the pasta salad for 3–4 hours. If salad is dry upon removing from refrigerator, add more ranch dressing. 4. Once you’re ready to eat, top salad with tomatoes and Parmesan cheese if desired.
A special needs trust holds funds for your loved one without impacting their eligibility for government programs. A person can fund the trust with as many or as few cash or property assets as they’d like. A special needs trust will grant your family member additional resources without restricting their access to otherwise costly support services, medical care, or housing. Under a special needs trust, your loved one with a disability is a beneficiary, and they will not have direct access to the trust. You must also designate a trustee, a third party who controls and distributes the funds. Depending on your situation and preferences, the trustee can be a trusted family member or a third-party paid administrator. The trustee cannot give cash directly to the beneficiary but can use the assets to purchase items and services to improve their quality of life. Many people use special needs trusts for out-of-pocket medical expenses, a home, bills, or recreation. A special needs trust can even fund a vacation for your loved one! Ultimately, the trustee has fiduciary responsibility and is legally obligated to act in the beneficiary’s best interests. Special needs trusts can be complicated, and people making their estate plans have options between multiple types of trusts. A mistake can cost a loved one dearly, so it’s always wise to speak to an experienced estate planning attorney to understand your options. They can confirm a special needs trust fits your goals and will draft all necessary documents correctly to ensure your wishes are fulfilled.
TAKE A BREAK
Beach Burgers Cycling Father Juneteenth Music
Pearl Pride Refugee Sailing Solstice Waterski
CaryEstatePlanning.com • 3
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155 Parkway Office Ct., Ste. 200 Cary, NC 27518 919-726-0896 • www.caryestateplanning.com
Inside This Issue
Do Your Loved Ones Have Estate Plans?
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Discussing Your Estate Plan With Family 101
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Seafood Pasta Salad
Special Needs Trust Creates Options
The History of the Statue of Liberty’s Arrival
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Behind the Landmark’s Journey to US Shores Lady Liberty Lands in America
for the statue because he imagined the figure welcoming people to America. Intended as a gift for the United States’ 100 years of independence in 1876, construction did not begin until that year due to funding issues. Even with the help of engineer Gustave Eiffel of Eiffel Tower fame, the project was a massive undertaking that took years for workers to complete. Titling it the Statue of Liberty Enlightening the World, its creators presented the finished monument to the U.S. Minister to France on Independence Day 1884, then disassembled it for shipping. On June 17, 1885, France’s gift arrived in more than 200 cases. But unfortunately, the United States wasn’t ready. Again facing a budget shortfall, the U.S. had not yet completed the pedestal to support the statue. When workers finally finished that last piece in 1886, a construction crew of mostly new immigrants reassembled the monument. Lady Liberty debuted to the public on Oct. 28, 1886, and she was an instant hit. Originally shiny like a new penny, the copper statue took less than 20 years to oxidize from the elements and gain the distinctive green hue it has today. Despite her French origins, the Statue of Liberty is now as American as apple pie, and her unmistakable image continues to represent the country’s values of freedom for all.
It’s hard to imagine the United States without its most iconic landmark, but the Statue of Liberty didn’t arrive on our shores until more than 100 years after the American Revolution ended. The torch-bearing monument so closely associated with our nation finally reached its home in the U.S. in May 1885 — but it arrived unceremoniously in 350 pieces.
Contrary to widespread assumption, the Statue of Liberty did not celebrate America’s founding. Edouard de Laboulaye was a French anti-slavery advocate who wanted to give the country a statue representing freedom as the Civil War ended. He conceived of the sculpture in 1865 to mark the recent abolition of slavery. Laboulaye and sculptor Auguste Bartholdi decided on Lady Liberty because she was a familiar icon in U.S. culture, and a similar image appeared on American currency. Though invisible from most viewing angles, the statue has a broken shackle by her feet, representing a move toward freedom.
Bartholdi chose Bedloe’s Island, now known as Liberty Island, as the ideal site
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