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The Cary Connection JANUARY 2025
Cary • Raleigh • Wake • Forest • Chapel Hill
FINANCE AND FAMILY REIMAGINED Turning the Tides on Trusts
Welcome to 2025! Since everyone’s still drained from the hustle and bustle of the holidays, I figured now is the perfect time to talk about the exciting world of financial planning! All kidding aside, the start of a new year is always the best time to retool, refocus, and become more grounded in our adulting responsibilities and tasks. This is a big reason why our phones ring in January — which, appropriately enough, is Financial Wellness Month. Although thinking about finances can feel like a tall order for some folks at the start of the year, we always welcome an opportunity to review your estate plan and help you make any necessary updates to your assets or beneficiaries. Even though you’ve already done your plan, it may not be set in stone. We’re always happy to take a look at it and help you determine your best course of action for the future. If you need to refresh your financial foundation, Cary Estate Planning clients can keep their goals in-house through our other service, Cary Financial Planning. We offer clear, straightforward, and tailored solutions to your unique plans or concerns, enabling you to address various things with us under the same umbrella. Please let us know if we can assist you in making 2025 your most economically secure year yet. Of course, a new year inspires many of us to think of new ways to better ourselves in the months ahead. As part of our goal to continually expand our services, we’re excited to announce the official launch of our new Trustee Services, designed to meet our clients’ demand for assistance in this area. Over the years, we’ve encountered several situations in which clients updating their estate plans realized they didn’t name a trustee. Having a trustee lined up is critical. This person is appointed to oversee the trust and is responsible for its beneficiaries. The absence of a named trustee often occurs when long distances separate families, or they have
suffered the loss of their previous trustee, or face situations involving immigration. Without a designated trustee, an estate plan could be subject to disagreements between siblings and legal complications — issues no one wants to be part of their legacy. Fortunately, clients can now name us as trustees through our Trustee Services. As a neutral third party, we can administer, carry out, control, and act in the best interest of your trust, ensuring your assets remain secure. Providing support and a clear direction for your loved ones is the whole point of establishing a trust, so we’re pleased to help our clients let out a huge sigh of relief knowing their plans are in good hands. As estate planning experts, we understand how confusing, complex, and emotional it can be to discuss your legacy with your loved ones and properly document your intentions. We’re committed to helping you approach these matters with clarity and confidence. Our new Trustee Services are just one part of our broader plans for 2025, and we hope you’ll join us as we move forward on this journey.
If you need to take a fresh approach to your estate plan or want to explore naming us your trustee, please contact us as one of your New Year’s resolutions.
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-Paul Yokabitus
CaryEstatePlanning.com • 1
YOUR ROLE AS EXECUTOR Estate Plan Responsibilities Explained
Being named an executor is an honor that comes at a difficult time. But looking after the estate of a loved one after they are gone is a privilege that comes with many responsibilities. You must manage paperwork, assets, and maintenance costs. Moreover, as executor of the estate, you
are responsible for carrying out the will of the deceased. If you have been named executor of an estate, here are three duties you must manage.
This is necessary to file a tax return for the decedent’s final year of life and to file a life insurance claim. It will also be required when notifying applicable government agencies, such as the Social Security Administration, of the decedent’s passing. It will also be your responsibility to notify the decedent’s credit card company, banks, and mortgage lenders. Funeral Arrangements and Accounts The decedent’s wishes for funeral arrangements will most likely be included in the will, and it is your role as executor to carry them out. Additionally, all payments made on behalf of the decedent should come from an estate account. Establishing an estate account for dividend payments, paychecks, tax refunds, and burial expenses is key. This role may seem complicated, but whoever gave it to you knew you were up to the task.
Asset Distribution The primary role of the executor is to
distribute the estate’s property according to the decedent’s wishes. This also includes paying for maintenance costs during probate and before distribution can occur. As the executor, you are responsible for paying any mortgage, utility, car, and other necessary bills until the beneficiaries take over those responsibilities. Although some assets may avoid probate, the executor must file the will in probate court in most states. Paperwork and Notification As executor, you must obtain copies of the death certificate from the funeral home.
Enrich Your Golden Years With L’art de Vivre Embrace the French Art of Living
Living like a French person isn’t just about enjoying cheese and wine; it’s about embracing l’art de vivre , or the art of living. This philosophy emphasizes finding joy in simple pleasures, prioritizing quality over quantity, and cultivating beauty in everyday life. For those of us reaching our golden years, adopting this way of life can enhance our quality of life and make every moment more fulfilling. Let’s explore how you can infuse your daily routine with French elegance and leisure. Slow down and savor. The essence of the French lifestyle is taking the time to savor life’s joys. In France, this might mean lingering over a meal rather than rushing through it. Apply this principle by taking time to appreciate the small details of your day, whether enjoying the quiet morning hours with a cup of coffee or watching the sunset. This deliberate
slowdown helps to reduce stress and increase mindfulness. Prioritize self-care. Self-care is paramount in French culture. It goes beyond vanity to encompass a comprehensive lifestyle that maintains mind and body health. This can involve a balanced diet rich in natural foods, regular physical activity, and routines nourishing the body and soul. As you age, these practices are vital for maintaining your health, energy, and vitality, allowing you to enjoy your years to their fullest potential. Choose quality over quantity. The French are known for their classic style, which favors quality over quantity. This principle applies to various aspects of life, from clothing to kitchenware. Investing in fewer but better-quality items ensures longevity and guarantees your purchases are meaningful and genuinely improve your life.
Inspire your inner artist. The French celebrate creativity as a significant aspect of their daily life. Emulate this by setting aside time for cultural activities that spark your creativity and passion. Whether attending a concert, visiting an art gallery, or simply engaging in a creative hobby at home, these activities enrich your life, stimulate your mind, and provide tremendous joy. Adopting these elements of the French art of living can bring richness and joy to your everyday life, proving that the golden years can be your most vibrant.
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TAKE A BREAK
BEGINNINGS BLANKETS CARNATION CAPRICORN GARNET HEALTHY ICICLE PENGUIN PLANNING RESOLUTION SNOWBOARD SOUPY
Photo: Matthew Fox Recolored from original
Nashville is known as “Music City” because of its role in the birth of country music and its centuries-old Ryman Auditorium. Famous performers like Jimi Hendrix, Otis Redding, and Dolly Parton have performed in venues on the city’s iconic Jefferson Street. As amazing as their live performances are, they are nowhere near as impactful as Jon Bon Jovi’s was on Tuesday, Sept. 11, last year. I Don’t Want to Live Forever On Wednesday, Sept. 12, Jon Bon Jovi, frontman of the rock band Bon Jovi, became the unwitting star of a viral video released by the Nashville Metropolitan Police Department (NMPD). The day prior, while filming a music video for his upcoming album on the public Seigenthaler Pedestrian Bridge, Bon Jovi came across a woman standing on the ledge overlooking the Cumberland River. He quickly acted to ensure she didn’t get “One Step Closer” and did his best to provide her with “Something to Believe In.” Over several minutes, Bon Jovi evoked his song, “I Got the Girl,” and successfully convinced her to step away from the ledge to safety. Nobody’s Hero The NMPD was impressed by Bon Jovi’s selfless act. After YouTube took down the video of Bon Jovi’s rescue, the NMPD reposted it on their Facebook page and lauded the singer’s achievements wherever they could. Rock Legend Saves Woman in Peril JON ‘BRIDGE’ JOVI
CITRUS-HERB PORK ROAST Inspired by TasteOfHome.com
Ingredients
• 1 boneless pork sirloin roast (3–4 pounds) • 2 tsp dried oregano • 1/2 tsp ground ginger • 1 tsp pepper • 2 medium onions, cut into thin wedges • 1 cup plus 3 tbsp orange juice, divided
• 1 tbsp sugar • 1 tbsp grapefruit juice • 1 tbsp steak sauce • 1 tbsp reduced-sodium soy sauce • 1 tsp grated orange zest • 1 tsp salt • 3 tbsp cornstarch • Egg noodles, cooked
Directions 1. Cut roast in half. In a small bowl, combine oregano, ginger, and pepper; rub over pork. In a large skillet coated with oil, brown roast on all sides. Transfer to a slow cooker; add onions. 2. In a small bowl, combine 1 cup orange juice, sugar, grapefruit juice, steak sauce, and soy sauce; pour over roast. Cover and cook on low for 4–5 hours or until meat is tender. Remove meat and onions to a platter. 3. Transfer cooking juices to a small saucepan. Add orange zest and salt. Bring to a boil. Combine cornstarch and remaining orange juice. Gradually stir into the pan for 2 minutes or until thickened. Serve with pork and noodles.
“It takes all of us to help keep each other safe,” NMPD Chief John Drake said of Bon Jovi on X (formerly Twitter).
Bon Jovi is no stranger to altruism. His nonprofit organization, the JBJ Soul Foundation, assists those suffering from homelessness, poverty, and hunger. His foundation’s food and affordable housing programs have aided the less fortunate since 2006. It sure seems like Bon Jovi is committed to “Work for the Working Man.”
CaryEstatePlanning.com • 3
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PLANNING, NOT PAPERWORK.
Cary • Raleigh • Wake • Forest • Chapel Hill 1255 Crescent Green, Suite 200, Cary, NC 27518 919-726-0896 • www.caryestateplanning.com
Inside This Issue
Trusts Transformed
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The Responsibilities of an Executor
Live a More Joyful, French-Inspired Life
Citrus-Herb Pork Roast
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Bon Jovi Saves Woman on Bridge
The High Price of Dying Without a Will
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PURPLE HAZE Prince’s Heirs Face Difficult Legal Battle
Estate attorneys constantly harp about the importance of having an updated, thorough estate plan. It may seem like nothing more than a marketing pitch, but those
reminders are consistent because of their dire importance. Take, for example, the case of the legendary musician Prince. When he passed away in April 2016, his estate was valued at over $150 million. The singer had no children or spouses to speak of, but he had six siblings entitled to inherit his estate. However, determining all potential beneficiaries without an estate plan was a challenge that cost the estate dearly. Prince’s Probate In the case of Prince’s estate, the absence of any will led to a prolonged probate process. While the six siblings were named as legal heirs, they could not agree on a distribution of assets between them. This resulted in frequent court visits and a prolonged legal entanglement that cost the estate millions. During this process, several heirs sold their inheritance shares to a company called Primary Wave, which acquired the rights to
Prince’s music. This only complicated the process further. Unworthy Suitors Due to the estate’s value, many suitors came looking for a portion of the inheritance. This included 45 imposters alleging kinship to the late musician. Ruling them out took half a decade, thousands of court filings, and numerous DNA tests. When all was said and done, the potential heirs cost the estate over $3 million in legal fees. The Importance of an Estate Plan The lack of an established will or trust in Prince’s case may have come down to his natural mistrust of lawyers. However, his failure to confide in legal advisors cost his estate and heirs millions of dollars. If you have yet to establish an estate plan, let this be your wake-up call: You do not want a fight to occur in your wake. Prepare for your family’s future.
Photo: Allen Beaulieu
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