Check out our April newsletter!
The Cary Connection APRIL 2022
YOUR GUIDE TO DIGITAL ASSETS AND THEIR IMPACT ON YOUR ESTATE PLAN
By now, you’ve likely heard words like bitcoin, blockchain, NFT, and cryptocurrency on the news. Digital assets are booming, and they present unique challenges to estate planning. While our office hasn’t helped many clients with cryptocurrency assets, we know it’s only a matter of time until we have to face these matters head-on.
So, what do you need to know as we enter this new frontier? Let’s start by breaking down some key terms.
Cryptocurrency is any digitally encrypted currency that can be anonymously bought and sold or used to complete transactions. There are many types of cryptocurrencies trading under different names. Bitcoin is only one type of cryptocurrency, but it is currently the most popular and famous. Since January 2021, the value of one bitcoin has fluctuated anywhere between $30,000 and $60,000, so the market is volatile and many small-time investors only own a fraction of a single coin. Blockchain is a digital public record of transactions that underpins many types of cryptocurrency, most notably Bitcoin. When a group of transactions is verified, they create a new block to add to the chain, which helps prevent fraud and counterfeiting. Mining is the competitive process investors use to create the blockchain and additional cryptocurrency. Miners add blocks to the blockchain by solving extremely complex math problems with very expensive computers. When a miner uncovers a new block before anyone else, they receive newly released cryptocurrency as a reward. Many people enter the crypto market through mining instead of buying currency directly, but the process is costly, time-consuming, and — due to the energy costs — not very environmentally friendly. Non-fungible tokens (NFTs) are not a cryptocurrency, but they are stored on a blockchain. An NFT represents ownership of a unique digital item, such as art, music, or video. As with cryptocurrency, debate reigns over its long-term value and usefulness. For many cryptocurrency investors, the decentralized and anonymous nature of the system is part of the appeal. But those features can turn into bugs when an investor passes away. Owners cannot hold cryptocurrency in a traditional bank account, and if
heirs do not know it exists, it will be lost forever. Further, accessing cryptocurrency requires a private digital key — essentially, a very complex password. Without this key, no one can access the currency. Adding to the complexity, anyone who knows the key can access the cryptocurrency, so it’s not something you want to leave lying around. You may think that including the key in your will for your beneficiaries is the best way forward, but you’d be wrong — wills enter the public record, so they’re one of the worst places to store highly sensitive information. Different estate planning attorneys have crafted unique solutions to these problems. Perhaps the simplest and most popular is supplementary estate planning forms. Traditionally, these forms have provided practical instructions for accessing a safety deposit box, bank account, or important paperwork. But increasingly, they’ve helped testators record the locations of their cryptocurrency and details for accessing it. The world is changing quickly, and there’s a lot to learn. And as digital markets advance and new laws pass, we’ll be staying up to date on the latest best practices and regulations. Whether you prefer to store your assets in banks, trusts, real estate, or digital wallets, we’re here to help you secure them for the next generation.
-Paul Yokabitus
CaryEstatePlanning.com • 1
Get Sprung 4 Ways to Harvest Positive Vibes in Spring
Enjoy more hours of daylight. Spring brings more hours of sunlight and warming temperatures that can give you more time to enjoy your morning cup of coffee outside. You can take an early stroll around the block, get in a workout outdoors, or just enjoy the fresh air. Also, many areas observe daylight saving time, which extends sunlight into the evening, so no matter how you choose to spend your extra daylight, make it an adventure. Welcome spring-cleaning. It isn’t called spring-cleaning for nothing! Decluttering, dusting, reorganizing, and tidying up feels great! It’s empowering and refreshing. There is something special about creating more space in your living space that gets the positivity flowing. Eat fresh, colorful foods. During spring, many delicious fruits and vegetables come into season. Berries, oranges, apples, carrots, avocados, cherries, spinach, and kale are all at their peak. Your local farmers market is a great place to get the freshest produce to fuel your body!
Have you ever noticed that springtime just feels lighter and brighter? That’s because, believe it or not, the seasons affect us. When spring rolls around, the energy shifts, and it’s up to us to maximize those positive vibes. Let’s examine how we can make the most of spring and inject some color and vibrancy into our lives again after a long winter. Rely on color. Colors have the ability to elicit certain emotions and feelings. Tropical tones and pastels are everywhere in spring — the clear sky, grass, and flowers — so allow them to fill your space and take them with you as constant reminders to smile. If you’re up for it, wear some new colors to brighten up your wardrobe, and don’t forget to take in a sunset when you’re able!
Spring is a time for new beginnings and positivity. Make the most of this spring season by welcoming a fresh abundance of love and life.
Raise a Glass — Or Several 6 Ways to Drink More Water Without Thinking About It
Drink a full glass with medicines. Many of us get in the habit of only taking a large sip of water with pills. However, whether you take a supplement, medication, or vitamin, wash it down with a full glass of water. Carry around a large water bottle. Taking your water with you in a large bottle reminds you to keep sipping wherever you go. Every chance you get, fill it up.
Staying hydrated is one of the pillars of healthy living. In fact, according to the Mayo Clinic, women should drink 11.5 cups (92 ounces) of water a day, and men should drink 15.5 cups (124 ounces) a day. But, if we’re being honest, water can be pretty boring to drink — there are things we’d rather be drinking, and busy schedules make it difficult. Here are some ways to work more water into your daily routine to promote optimal health. Begin and end your day with water. Make it a routine to drink a large glass of water upon waking up and before going to bed. “Bookending” your day like this ensures that your body is hydrated for both the day and night ahead. Drink a cup of water with each cup of coffee. Many of us are used to drinking more than one cup of coffee throughout the day. If you drink a glass of water with each cup of coffee, you’re sure to stay hydrated. Keep in mind that while coffee is a liquid and contains water, it’s not very thirst-quenching. Ice is your friend. Each time you pour a drink or make a smoothie, use lots of ice! Your taste buds will hardly notice the difference, and you’ll still have lots of flavor while boosting your hydration.
The bottomless water bottle is a perfect way to work more water into your day. As a bonus, you can use a measured bottle to see how much you’ve actually drank throughout the day! Infuse your water. Try giving your H2O an extra kick. Add berries, lemon, lime, or mint to your water to give it some flavor and help make it more enticing to drink!
Water is important for a healthy body and mind, so follow these tips and stay hydrated!
2 • 919-726-0896
TAKE A BREAK
The Difference Between Robbery, Theft, and Burglary WERE YOU REALLY ‘ROBBED’?
Robberies, thefts, and burglaries are all crimes, and the terms are often used interchangeably when people talk about
them. However, the actual definitions of each word are different in the legal and law enforcement world. There are a few things that you should know when it comes to using the correct terminology.
Theft Theft is the criminal act of taking another individual’s property (both tangible and intangible) without their permission. To fulfill the requirements of the crime, the person committing the act must have the intent to permanently deprive another person of that property. Shoplifting, taking a motor vehicle without the owner’s permission, stealing money from another person, and taking by deception are all examples of theft. Robbery Robbery differs from theft in that while they both involve taking something from someone, robbery includes force or the threat of force. It is a violent crime, and the victim must’ve been in fear for the crime to be classified as robbery. It should be noted that the property that is taken during the crime does not need to be taken directly off of the victim’s person. It can be property that someone is in control of, such as bills in a cash register. Burglary Unlike theft and robbery, burglary is not always a theft crime. A burglary occurs when one unlawfully enters a structure they do not own or have permission to enter — and they have the intent to commit a crime once they are inside. Some examples of burglary include breaking into a vehicle or opening up an unlocked door to commit a crime after they enter. Thefts, robberies, and burglaries can be confusing, but they all share one thing: If you’re convicted of one of these crimes, you will face serious consequences. If you ever need legal advice or assistance, get in touch with a lawyer you trust. They’ve got your back!
PECAN CREAM PIE
This creamy pecan pie tastes like a dream and is simple enough for even a novice baker.
Ingredients
• 1/2 cup light brown sugar • 1/4 cup pure maple syrup • 1 1/2 cups finely chopped pecans, divided
• 1 9-inch uncooked pie crust • 1 cup heavy whipping cream • 1/4 cup powdered sugar • 2 8-oz bars of cream cheese, softened
Directions
1. Cook pie crust according to package instructions. 2. In a small bowl, combine heavy whipping cream and powdered sugar. Beat for several minutes with a hand mixer until stiff peaks form. 3. In a separate larger bowl, combine the softened cream cheese, brown sugar, and maple syrup. Beat together until combined and creamy. 4. Fold the whipped cream into the cream cheese mixture and stir together until combined. Stir in 1 cup of chopped pecans. 5. With a spatula, spread mixture into the baked and cooled pie crust.
Sprinkle the remaining pecans on top of the pie. 6. Cover and refrigerate overnight before serving.
Inspired by TogetherAsFamily.com
CaryEstatePlanning.com • 3
PRST STD US POSTAGE PAID BOISE, ID PERMIT 411
155 Parkway Office Ct., Ste. 200 • Cary, NC 27518 919-726-0896 • www.caryestateplanning.com
Inside This Issue
1 2
How Digital Assets Affect an Estate Plan
Welcome Spring With Open Arms How to Drink More Water
3
Pecan Cream Pie How to Tell if You Were Robbed or Burglarized
4
Major April Fools’ Day Fails
April Fools’ Day Gone Wrong 3 Pranks That Severely Backfired
her brand-new car, the DJ came out with a remote control toy car. They then went on air and laughed about how they fooled everyone. Castillo hired an attorney and sued the radio station for $60,000 — the cost of a new Hummer. Practical Joke at Work Creates a Law Glenn Howlett was a services manager at London City Hall in London, Ontario, Canada. In 2004, he decided to take a vacation to relax and not think about work. His colleagues decided to tell him that a major project he was working on was due earlier than Howlett expected. So, he made his vacation short and decided to return to work to finish his project. He became so stressed out that he began having heart palpitations and collapsed. Afterward, he sued his now former employer for damages. As a result, the city passed a law prohibiting practical jokes within workplaces. As you plan your pranks for April Fools’ Day, remember not to go too far with your jokes. Make them lighthearted and fun so everyone can laugh about them in the future.
April 1, aka April Fools’ Day, is when people love to pull pranks on one another. But if they’re not careful, pranks can end with a court case or jail time. Let’s take a look at a few April Fools’ pranks that have brutally backfired. Navistar Plant Shutdown In April 2021, Pamela Sisco texted her sister about an active shooter at Navistar Plant in Clark County. Her sister was frightened, and she called the authorities to let them know about the situation. The plant shut down after hearing about the incident because they thought it was a real threat. When officers were at the scene, they charged Sisco with inducing panic and disrupting public services. This is a fifth- degree felony in Ohio, and she was sentenced to a year in prison. Radio Contest Gone Wrong KBDS (103.9 FM) is a radio station in California that held a contest in 2005. They told their listeners they could win a new Hummer if they tracked the number of miles of two Hummers as they drove around town. Shannan Castillo won the contest, and when she went to pick up
4 • 919-726-0896
Published by Newsletter Pro • www.newsletterpro.com
Page 1 Page 2 Page 3 Page 4Made with FlippingBook Ebook Creator