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The Cary Connection DECEMBER 2022
Getting Your House in Order Estate Implications of a Second Property
There’s also the potential for resentment. Maybe you want to leave your property to two siblings, but only one lives in the state and would end up doing all the work. Or perhaps the faraway child you assume doesn’t want the vacation home would love it. Inheritances can stir up sibling rivalries and other family resentments when not handled properly, so we encourage you to communicate with your heirs to save them potential problems later. Some people also choose to give their property to a charitable organization after they pass away. Doing so can be a fantastic way to leave a legacy and provide tax benefits. Ideally, you should discuss the matter with your organization of choice before setting up the charitable gift — just like we suggest with your family. Once you’ve made the most crucial decisions about who will receive your additional property, the question becomes how to best transfer the assets after you’re gone. Perhaps the simplest method is by putting the house in a trust. A trust not only eases the transfer of ownership but also avoids probate. Another option for those using the additional property as a source of income is establishing a limited liability corporation (LLC). The LLC can insulate any liabilities associated with the money-making venture and add a businesslike layer. Leaving stakes in the LLC can be more pragmatic than other transfer methods. The course we recommend for your property will depend on your unique circumstances, the value of the property, and the tax implications it holds. Attorney Steven Lundberg is Cary Estate Planning’s resident on stand-by to help answer your tax questions, so we’ll be glad to bring him into the process to determine the solution that will work best for your family. We can assist with any property in North Carolina, and if you have a property in another state, we have trusted referral partners who can help. If you’ve recently purchased a second property or see one in your future, make an appointment to talk to us. We will work through your concerns together — and maybe even address a few you hadn’t considered.
All the attorneys here at Cary Estate Planning have recently fielded increased questioning about purchasing a second property. Some people want a lake house or cabin where they can take vacations and meet with family. Others are considering purchasing investment properties to create an additional income stream during retirement. North Carolina has also welcomed many new transplants, many of whom are buying a second home in the state. If you’re purchasing additional property, you’re right to have questions about how it will impact your estate plan. For tax and legal purposes, second homes and investment properties are treated differently than your primary residence. And your plans for what will happen to these properties after your death will also look different. As with most aspects of your estate plan, we recommend talking to your family or other beneficiaries about their wishes before creating legally binding documents. How will they feel about inheriting a vacation home or investment property? Some people would jump at the opportunity for additional income. But we’ve also met many others who expressly want nothing to do with a family member’s second home. What many would consider a gift can be a curse for others.
-Paul Yokabitus
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Melanie Shaha is currently fighting her third brain cancer battle. For 15 years, she’s been suffering from a benign tumor on her pituitary gland. Although she doesn’t mind being sick, going to her appointments, focusing on her treatment, and talking to loved ones about her cancer, she doesn’t like looking sick. If you didn’t know Shaha, you wouldn’t realize she was battling cancer. But this suddenly changed once she lost all of her hair. She had two surgeries, in 2003 and 2006, in hopes of removing the tumor on her pituitary gland, but they weren’t successful. Then, when she began radiation therapy in 2017, the treatment caused her hair to fall out. “Not having hair [makes] you stick out like a sore thumb, and well- meaning people can say things that break your heart,” Shaha told TODAY. She didn’t like all the attention and the looks people gave her in public. So, her 27-year-old son Matt had an idea. At first, Matt joked about cutting all of his hair off to make his mother a wig. But the joke soon became a plan, and Matt followed through in 2018. Locks of Love Son Makes a Wig for His Mother
him from cutting it, but Matt wanted to help her feel confident and comfortable in her skin. So, he chopped it off and sent his locks to Compassionate Creations, a hair company in Newport Beach, California, that created a wig for his mother. Now, Shaha has a piece of her son to take everywhere with her beautiful new tresses. “The color is spectacular, and we had it cut and styled with a hairdresser. Matt said it looked great on me. It sure fills your emotional cup,” Shaha says. If you — or someone you know — would like to donate your hair to cancer patients, you can donate to Locks of Love, Wigs For Kids, Chai Lifeline, and Children With Hair Loss. Research donation centers in your area if you would like to give back locally. Holiday Shopping Scams Businesses boom during the holiday season because more people buy their products and services. But this means potential scams can also increase, but you can do a few things to ensure your personal information and banking details are safe. You may see products online or advertisements on Facebook, Instagram, and TikTok that pique your interest. But before you click “buy,” ensure the website is legitimate. Search for the product on a search engine to see if the same links appear. Carefully read reviews, look for website security credentials, and research unknown retailers before purchasing. It’s better to take extra precautions to ensure your information isn’t compromised. In addition, never use public Wi-Fi when purchasing items online. You’re more likely to be hacked when the Wi-Fi connection isn’t protected or in a secure network. Hackers tap into public internet sources and intercept your data through techniques like eavesdropping. Although it’s appealing to use public Wi-Fi because you think it’s free, it’s not. You pay with your personal information and data. If you or someone you know is a victim of fraud, report the scam to the Federal Trade Commission (FTC) online or by phone at 1-877-382-4357. For more information on scams, fraud, and identity theft, go to USA.gov/scams-and-frauds to learn how to protect yourself better.
After graduating from college, Matt began growing his hair out. In no time, he had long and luscious hair. His mother tried to dissuade
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emails like these are all too common; unfortunately, millions of people’s data is compromised as a result. Understandably, when you first receive these scam emails, you panic because you think they are legitimate. But remember, USPS, UPS, Amazon, and FedEx won’t ask for personal information over email. A good rule of thumb is never to click on links in emails — even from the actual company. Scammers are very good at making their emails look authentic. Instead, go to the delivery company’s website and log in to your account. If action is required, you should see a notification in your portal. Alternatively, you can call the business’s customer service line to check if their email is authentic.
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TAKE A BREAK
We’ve all felt anxious, guilty, fearful, and sad — it’s a part of life. Perhaps you’ve tried to avoid or suppress these emotions, but you’re not a rock. As humans, we experience these feelings all the time. Trying to control them may only make matters worse. So, instead, focus on something you can control — your actions. That’s the central premise of Mark Freeman’s mental health book “You Are Not a Rock.” He aims to teach readers how to build emotional fitness and overcome their struggles and hardships with different techniques. The book is divided into two sections titled “The Basics” and “The Transformation.” The first half is about learning basic mental health skills and unlearning ways of thinking about mental health that cause us challenges. The second half focuses on how to create and build what you want to see in your life instead of trying to avoid and control what you can’t see. As you read, you’ll learn how to recognize your problems, practice mindfulness, prioritize and follow your values, and understand your fears. The strategies in “You Are Not a Rock” are the same tactics Freeman used in his personal life, and he shares some of those stories in the book. There are exercises at the end of each chapter that Freeman highly encourages you to complete. By TIRED OF FEELING ANXIOUS AND FEARFUL? Read ‘You Are Not a Rock’ by Mark Freeman
WINTER VEGETABLE SHEPHERD’S PIE
Inspired by BBCGoodFood.com
performing these exercises, you can
Ingredients
better understand the book’s contents and implement Freeman’s tactics in your life. Before Freeman helps readers begin their journey, he states that strengthening your mental health is like working on your physical health — you won’t see instant results. “Changing your brain takes time
• 4 garlic cloves, sliced • 1 sprig rosemary • 15-oz can diced tomatoes plus liquid • 1/2 cup water • 1 1/2 cups frozen peas • Milk, to desired consistency
• 6 1/2 cups potatoes, cut into large chunks • 2 tbsp olive oil • 2 onions, sliced • 1 tbsp flour • 2 large carrots, cut into rounds • 1/2 cauliflower, broken into florets
Directions
1. In a pot, boil potatoes until tender. 2. In a pan, heat oil over medium heat. Add onion and cook until softened. Stir in flour and cook for 2 minutes. Add carrots, cauliflower, garlic, and rosemary and stir until softened. 3. Pour tomatoes into mix and add water. Cover and let simmer for 10 minutes, then remove lid and cook for 15 minutes until thickened. Stir in peas and simmer. 4. Drain and mash potatoes. Stir in milk to desired consistency. 5. Preheat oven to 375 F. Spoon hot vegetable mix into pie dish, then top with mashed potatoes. Bake until top is golden brown.
and effort … I’m not going to share with you any magical supplements or special mantras. This is simply a book about actions,” Freeman says in his introduction. If you’re interested in reading “You Are Not a Rock,” you can purchase your copy wherever books are sold online or in bookstores.
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Will a Second Property Impact Your Estate Plan? Inside This Issue
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What Started as a Joke Became Reality
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Winter Vegetable Shepherd’s Pie Tired of Feeling Anxious and Fearful?
Protect Your Personal Data From Scammers
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We get busy shopping for Christmas gifts online and in-store during the holiday season. It’s the season that keeps on giving — but not for all. Scammers will devise clever ways to con you out of your hard-earned money. Some will take advantage of your generosity. So, as you scroll through shopping websites and wait for your gifts to come in the mail, be sure to protect yourself from scammers. Here are some tips. Holiday Mail Scams Shipping companies will give you updates and status on your items when you order something online or ship a package off. Although this tool is excellent for tracking where your orders are, scammers will send phishing emails pretending to be these shipping companies. These emails claim your package is lost or more information is needed to process your order or shipment. Some may have a webpage link for you to submit personal information. Phishing How to Avoid Holiday Scams ’Tis the Season for Giving — Not Stealing
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