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The Cary Connection JUNE 2025
Cary • Raleigh • North Raleigh • Chapel Hill
EXECUTOR EVOLUTIONS Alternative Avenues for Changing Times
For as many clients as we assist in creating their estate plans, we suspect just as many are too embarrassed to call us.
We discuss these and other options during our planning meetings with clients. Above all, we stress
Our years of experience have taught us that no two estate plans — or lives — are alike. Sometimes, individuals may shy away from devising an estate plan because they don’t have any family members or friends to whom they can give their assets or anyone in their lives who could serve as their executor. The executor is most critical in an estate plan because they carry out your wishes. They oversee all associated financial affairs, pay off debts, work through the probate process, and distribute assets to beneficiaries. Naturally, you want a trustworthy person who is available and willing to fulfill these responsibilities, but finding one can be difficult — if not seemingly impossible — under certain circumstances. In some cases, a named executor becomes estranged or passes away. We’ve also encountered situations where an individual’s immediate choice for executor would complicate family dynamics, such as when that person has twin adult children or an eldest child has a history of substance abuse or poor financial decisions. On rare occasions, someone doesn’t have anyone in their family who could serve as an executor. Fortunately, these scenarios don’t need to prevent you from moving forward with an estate plan. Here are five alternative options for when you can’t rely on an immediate family member to be your executor: • Name a trusted friend. • Name a professional fiduciary. • Name a corporation (bank, law firm, trust company, etc.). • Name a charity. • Let the court appoint an executor.
the importance of naming at least one executor in your will. If you pass away without one, settling your affairs can become lengthy and arduous. If no suitable candidates fill this position on your behalf, the court will designate a public administrator to handle your estate. The most distressing aspect of this conclusion — which we see occur almost daily — is that it’s completely avoidable.
If you’ve let out a sigh of relief while reading this article, knowing you have an executor in place today, the possibility still exists that the person may not be the best choice tomorrow. What happens if that individual decides they no longer wish to be the executor or faces a health crisis that incapacitates them or hinders their ability to perform the required tasks with a sound mind? What if they move 3,000 miles away and decide they’re no longer available to carry the burden of your plan? There are numerous reasons why a chosen executor may leave the picture — and why it is essential to review your estate plan regularly to make necessary revisions. Also, we highly recommend that you name a backup executor in your will to protect against these issues. If it has been some time since you’ve thought about your estate plan, please consider reviewing it sooner rather than later to ensure everything — and everyone — identified within it still reflects your
wishes and can be carried out in a logistically sound way. Please contact us if revisions are necessary or if you’d like to discuss assigning an alternative executor. When it comes to securing your assets and legacy, 90% of the work is picking up the phone. -Paul Yokabitus
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CaryEstatePlanning.com • 1
Protect What Matters Most YOUR FAMILY, VALUES, AND WEALTH
When people hear the term “estate planning,” they think of wills, trusts, and the legal steps to distribute assets after death. But what if there’s more to planning than just securing finances? Legacy planning goes a step further, focusing on preserving values, beliefs, and the well-being of future generations. It’s about leaving a mark that transcends material wealth — creating a lasting impact on your family, community, and causes you care about most. Though estate and legacy planning are similar in many ways, the two have key differences. You must ask yourself what you want the world to remember you for. Is it simply ensuring your assets are divided fairly, or do you want to pass down wisdom, tradition, and a sense of purpose? Protect what you built. Estate planning is the process of preparing a plan for what will happen to your property, money, and other valuable assets when you pass away. It’s focused on the financial details and the legal steps to ensure everything goes smoothly for your heirs. Your estate is not about you; it’s about what you own. Through estate planning, you create legal documents that spell out every aspect of asset distribution, ensuring there are no surprises, complications, or disputes for your loved ones.
You’ll look at how to reduce the estate’s taxes so more of what you’ve built over your lifetime goes directly to your family. The main elements in an estate plan are wills and trusts, designating a power of attorney, establishing health care directives, and choosing who will act as guardian to your children if you die or become incapacitated. Emphasize values over valuables. Legacy planning includes all of the same designations and protections, but it goes far beyond finances, getting into abstract valuables in your life. The focus is on the lasting impact you want to leave behind and the values you hope to instill in younger generations. While you think about the essentials, like who will care for your children, you also consider what you’re most passionate about. You can chronicle your personal history, the experiences that shaped you, and the life lessons that matter most through a legacy letter, a personal document to accompany your will. Legacy planning often includes family meetings so you and your loved ones can discuss your values together and learn the reasoning behind your choices. This is also an opportunity to give back to the philanthropic causes that bring you joy and purpose. If you volunteered for a nonprofit for many years, are a proud alum of your college, or want to support a social cause, you can establish charitable foundations, scholarships, or endowments in your legacy plan. Cover all the bases. Legacy and estate planning are crucial parts of a comprehensive and holistic plan for your future and the people you love. When you have both in place, they can complement each other and provide a greater sense of peace and confidence that your wishes will be respected. By combining both strategies, you address your financial and legal responsibilities while prioritizing your ethics. This comprehensive process provides for your family and secures funds to support the causes you care about. By addressing the financial and emotional aspects of estate planning, you can leave behind a legacy that secures your family’s well-being and leaves a lasting mark.
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TAKE A BREAK
TURNING THE TIDE ON STUDENT HOMELESSNESS The Dunamis House
ADVENTURE BAREFOOT FATHER GEMINI HIKING JUNETEENTH PARK PICNIC PRIDE SANDALS SUNBURN VOLUNTEER
College is supposed to be a time of growth, learning, and opportunity, but what happens when a student doesn’t have a place to sleep at night? In Los Angeles, a significant number of college students face housing insecurity, which can make earning a degree and achieving career goals very difficult. Often, students must choose between continuing their education or covering their basic needs, but the Dunamis House is stepping in to change that. The Reality of Student Homelessness When people think of homelessness, they rarely picture a young college student balancing coursework and multiple jobs. However, statistics show that housing insecurity is a major problem for today’s youth. The high cost of rent combined with a lack of financial resources put many at risk. Today, more than half of the 220,000 students enrolled across nine Los Angeles Community College District institutions are experiencing housing insecurity. Nearly 1 in 5 are homeless. Without support, these students can struggle in school and enter a cycle of poverty that is difficult to break. How the Dunamis House Is Making a Difference Led by the nonprofit Los Angeles Room & Board, the Dunamis House opened in 2023 in a historic building that once housed Japanese Americans working to rebuild their lives following World War II. Today, the group residential facility provides housing for 40 Los Angeles college students ages 18–24 at risk of homelessness. In addition to free, stable housing, Dunamis provides community support to help residents overcome challenges in school and life. Residents can access nutritious meals, tutoring services, and job training programs. Rather than providing short-term relief, the focus is on helping students become more self-sufficient to achieve long-term success. Los Angeles Room & Board allows residents to live at Dunamis for up to three years. Residents can then transition into one of the nonprofit’s other homes, where they can continue working toward their goals while paying subsidized rent. The housing, support, and stability provided by Dunamis and associated programs provide many with precisely what they need to finish their studies, secure stable employment, and break free from the cycle of poverty.
SIMPLE SUMMER GARDEN PASTA Inspired by TheKitchn.com
Ingredients
• 4 cups cherry tomatoes, halved • 4 cloves garlic, minced • 1/2 cup extra virgin olive oil • 1 tsp red pepper flakes (optional, to taste) • 1 tsp kosher salt
• 1/2 tsp black pepper • 1 lb angel hair pasta • 1 cup fresh basil • 2 cups freshly grated Parmesan cheese • Cooked, chopped chicken for serving (optional)
Directions 1. In a large bowl, combine tomatoes, garlic, olive oil, red pepper flakes, salt, and black pepper and toss until well coated. 2. Cover and let the mixture sit at room temperature while the pasta cooks. 3. Add pasta to a pot of boiling water and cook per package directions until al dente. 4. Drain the pasta, reserving 1/4 cup of the pasta water to add to the tomato mixture. 5. Coarsely chop the basil leaves. 6. Add the pasta, Parmesan cheese, and chopped basil to the tomato mixture and toss again until combined. Serving suggestion: Add cooked, chopped chicken for more protein!
CaryEstatePlanning.com • 3
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PLANNING, NOT PAPERWORK.
Cary • Raleigh • North Raleigh • Chapel Hill 1255 Crescent Green, Suite 200, Cary, NC 27518 919-726-0896 • www.caryestateplanning.com
Inside This Issue
1
Tips for Choosing Your Legacy Leader
2
Pass Down More Than Just Money
3
Simple Summer Garden Pasta
The Home Giving Students a Future
4
Allison Holker’s Financial Nightmare
DANCING WITH DEBT The Costly Lesson From tWitch’s Estate
When dancer Allison Holker lost her husband, Stephen “tWitch” Boss, unexpectedly, she wasn’t just grieving — she was hit with a financial nightmare. After his passing, Holker recently revealed she was left with a staggering $1 million tax bill, saying she’s “still in the trenches,” trying to dig her way out. Though spectators may have assumed she would inherit the wealth from his reality TV and dancing career, she inherited his debt. It’s a reminder that money problems don’t discriminate, and financial planning isn’t just about building wealth — it’s about protecting yourself and loved ones from unexpected burdens. In Holker’s new tell-all book, she said her late husband had spent money recklessly, giving away significant sums to family and friends and purchasing everything from weird art to drugs. The news blindsided her since they had always maintained separate bank accounts, and it seemed they were both managing their independent finances just fine. Though they had been married for nine years, Boss never left a will, leaving her to sort through the financial mess with no plan or instructions. Paying off his debts drained his accounts, and the challenges kept adding up to more dollar signs. The family had no medical insurance after his death because he didn’t list them on his policy. He also failed
to pay his family’s homeowners insurance and still owed car payments, which were all bills Holker had to “catch up” on. The small residuals Holker earned from Boss’ television work barely dented the tax bill.
Photo: Lexi DiStefano
Holker said she had never expected to face a substantial financial emergency like this and wishes they had planned better for the unexpected.
“I think it’s a really important conversation to have because you can’t really prep for something like this,” she said.
Holker had to navigate this financial storm with no plan in place or clear directives from her late husband, all while facing the pain of losing him. It’s an important reminder that an estate plan can help protect loved ones from overwhelming debt and legal complications when the unthinkable happens.
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