Check out the latest edition of our newsletter!
The Cary Connection JULY 2024
Cary • Raleigh • Wake • Forest • Chapel Hill
ELDER LAW ESSENTIALS PROTECTING RIGHTS AND ASSETS
As the general population grows older, elder law is an increasingly important area of legal practice. Recently, we’ve had a noticeable rise in inquiries about when and why to engage an elder law attorney, which reflects a growing awareness of older adults’ unique legal needs. Let’s explore what elder law encompasses and when to consult with a specialist. Creating an Estate Plan First and foremost, it is essential to consider whether you have an estate plan in place. Without a comprehensive estate plan, older adults are vulnerable to financial exploitation, abuse, and the potential mishandling of their affairs. An elder law attorney helps navigate these complexities, ensuring their client’s wishes are honored. Elder law is not about litigation or dispute; it focuses on protection and proactive planning, which includes establishing or revisiting powers of attorney, wills, and trusts. Best of all? Proactive legal planning helps families avoid or navigate probate.
Scan this code with your smartphone to visit our website!
having a plan ensures that loved ones are not taken advantage of and their needs are met. Retaining an Elder Law Attorney The surge in interest in elder law can be partially attributed to high- profile cases, such as the “Free Britney” movement, which highlighted concerns about guardianship and the legal control of personal affairs. Families often face uncertainty about when to step in and how to recognize the signs that an older loved one needs legal assistance. By consulting with an elder law attorney, individuals can learn what to look for and how to proceed in the best interests of their loved ones. Understanding Medicare and Medicaid Medicare and Medicaid planning are also crucial components of elder law. Understanding these complex systems from a legal standpoint can help prepare seniors to receive the benefits they need while protecting their assets. An elder law attorney can assist in managing these programs and setting up structures like special needs trusts to ensure comprehensive protection. Each individual’s situation is unique, and a tailored approach is essential to meet individual needs and goals. Hiring an elder law attorney can be invaluable in addressing the legal needs of older adults. Whether crafting an estate plan, managing
health care decisions, or protecting assets, an elder law attorney provides essential support. By getting ahead of potential issues and having these conversations early, families can ensure their loved ones are well protected and their wishes are respected. Cary Estate Planning is always here to help.
Securing Peace of Mind Assisted living arrangements, veteran benefits, asset management, and determining who is in charge of various aspects of an older adult’s life are all critical in elder law. The goal is to give older adults and their families peace of mind, knowing they are safeguarded against those who may not have their best interests at heart. It is crucial to start thinking about elder law issues even if you or your loved ones do not need help. Situations can change quickly, and
-Paul Yokabitus
CaryEstatePlanning.com • 1
NO MORE NIBBLES Do’s and Don’ts for Training Puppies Not to Bite
Grab Technique Don’t get angry, yell, or react adversely if your puppy mistakenly nibbles on something or isn’t succeeding in their training. You can traumatize your pet if you use physical or verbal force to show them something isn’t allowed. Teething is not an act of aggression; it’s one of exploration. Try what trainers refer to as the “grab technique.” Gently place a finger over and under their muzzle. Though this is uncomfortable for a puppy, it is not painful and reinforces that the behavior is something they must stop. Puppy Party Don’t keep your puppy away from other dogs or people. Socializing and playing with other friendly dogs can teach your puppy by example. Puppies learn how to control their bites naturally when playing with other dogs. If a puppy nibbles on its
Puppies are adorable and entertaining family members, but training them not to bite is crucial as their teeth grow and they learn the rules of companionship. All puppies go through a nibbling phase as they discover the world around them using their mouths. The teething process won’t last forever, but establishing proper training now will stick with them for a lifetime. Here are some do’s and don’ts for training your puppy not to bite. Chew Toys Don’t give puppies chew toys while training them; they are too young and inexperienced to differentiate between what they can chew and can’t. An inexpensive and safe alternative is giving them an ice cube. Not only are these fun for a puppy to chew and won’t damage your home, but they also provide soothing relief for their gums.
playmate too hard, it usually results in a yelp that shows the puppy it was biting too hard. Supervised play opportunities with puppies will also reduce their energy, making them less motivated to chew on you or your belongings. By using gentle corrective actions and positive reinforcement, you can teach your puppy to play with you and others safely. Have patience through the process and trust your puppy’s ability to grow and learn.
Transfer Trouble LIMITATIONS AND RISKS OF TRANSFER ON DEATH DEEDS
Many once-complicated processes have become simplified in the modern age of convenience, such as booking a hotel room online. It can be tempting to try to simplify other parts of our lives with a couple of clicks on a computer. However, when it comes to estate planning, simple does not always mean better. An example of this is the Transfer on Death Deed or TODD. TODDs allow you to name a beneficiary who will receive your property upon your passing. While this seems like an elegant and hassle-free way to establish your inheritance, it has significant downsides and potential pitfalls. Joint Ownership One of the greatest points of contention around TODDs involves joint ownership. If you are a joint owner of a property, the other joint owner will inherit sole ownership upon your death — regardless of whether there is a TODD on record. This
is an especially important issue for married couples, who often share joint ownership of a property, such as a home; this joint ownership will supersede the TODD, even if the intended beneficiary is someone other than your spouse. Disinheriting by Mistake If a will and TODD contain conflicting information regarding property
inheritance, it can cause significant problems for your beneficiaries. Existing TODDs can also resurface and derail other estate plan documents representing the deceased’s most recent and accurate wishes. Because of this, it is important to revoke TODDs before completing new estate plan agreements. Potentially Costly With TODDs, there is no warranty of title, which means a property owner’s debts may be passed on to their beneficiary along with the property. In effect, your beneficiary may be liable for your financial obligations, which can cause undue economic hardship. Another shortcoming with TODDs is that, unlike wills, they cannot be amended and must be revoked. If you want to rework a TODD, you must incur the costs of drafting one entirely from scratch, making the money you spent on your previous TODD meaningless.
2 • 919-726-0896
TAKE A BREAK
ALIEN BALLPARK CHERRY FIRECRACKER FLAG INDEPENDENCE ORCHID PADDLEBOARD PATRIOTIC SUNDAE
The History of the Wealthy and Powerful African Emperor Remembering Mansa Musa
SUNSCREEN TRAMPOLINE
Like a spark, some legends flicker and fade, whereas others give birth to a roaring flame that spreads far and wide. The title of Mansa, which means emperor, was the honorific used by rulers of the ancient kingdom of Mali in West Africa. Musa I inherited the title in 1312, after the kingdom’s last ruler, Mansa Abu Bakr II, set out on an ill-fated voyage to explore the Atlantic Ocean and never returned. While his predecessor may have had grand ambitions, Mansa Musa’s legacy would be immortalized by his astounding achievements. The Unknown Kingdom In the early 14th century, Mali was a flourishing kingdom that profited massively from its seemingly bottomless salt and gold mines. Despite the nation’s wealth, it was largely unknown outside of West Africa. This relative anonymity ended in 1324 when Mansa Musa, a devout Muslim, began his 4,000-mile pilgrimage to Mecca. Mansa Musa did not travel alone; 60,000 men, including over 10,000 slaves and 80 camels, each carrying 300 pounds of gold, accompanied him. The Legend Begins Mansa Musa’s legacy was born during his stop at Cairo, then part of the Mamluk Sultanate. According to a description of the visit written just a few years later, Mansa Musa showered the Mamluk courtiers and merchants with gifts of gold, spending and giving away vast swathes of wealth during his stay. So great was his expenditure that the value of gold plummeted in the country and would not recover for over a decade after Mansa Musa’s pilgrimage. Give and Take More than a giver, Mansa Musa was also a builder and conqueror. He annexed the Kingdom of Songhai in West Africa and the city of Gao, where he would later construct a great mosque. He also established the city of Timbuktu, which became famous as a center for Islamic studies. His reputation as a wealthy and generous ruler is still prevalent today, and some claim that he holds the title of the wealthiest man who ever lived!
QUINOA VEGGIE BOWL This recipe is packed with protein-rich quinoa and a colorful array of vegetables. It’s ideal for a healthy lunch or a quick dinner!
Ingredients
• 2 tbsp olive oil • 1 red bell pepper, diced • 1 yellow bell pepper, diced • 1 cup diced zucchini
• 1 cup diced mushrooms • 1 tsp dried oregano • Salt and pepper, to taste • 2 cups cooked quinoa
Directions 1. Heat olive oil in a large skillet over medium heat. 2. Add bell peppers, zucchini, and mushrooms and cook until softened, about 5 minutes. 3. Add oregano, salt, and pepper and stir to combine.
4. Add the cooked quinoa and mix thoroughly. 5. Cook for an additional 5 minutes, then serve.
CaryEstatePlanning.com • 3
PRST STD US POSTAGE PAID BOISE, ID PERMIT 411
ASK ABOUT OUR FINANCIAL AND TAX PLANNING SERVICES!
Cary • Raleigh • Wake • Forest • Chapel Hill - new location! 1255 Crescent Green, Suite 200, Cary, NC 27518 919-726-0896 • www.caryestateplanning.com
Inside This Issue
Knowing When to Hire an Elder Law Attorney
1
How to Master Puppy Manners
2
The Drawbacks of Transfer on Death Deeds
Quinoa Veggie Bowl
3
How Mansa Musa’s Splendor Impacted the Ancient World
An Inside Look at Matthew Perry’s Living Trust
4
THE LASTING IMPACT OF MATTHEW PERRY’S ESTATE TRAGIC LOSS AND LEGACIES
An estate plan is crucial for several reasons: It ensures your assets are distributed according to your wishes after you pass away and minimizes potential disputes among family members. You can also
designate guardians for minor children to ensure they are cared for. Matthew Perry, well-known for his role in “Friends,” proved to be one step ahead when he set up a living trust in 2009. The 54-year-old Hollywood star was found unresponsive after drowning in his Los Angeles, California, home on Oct. 28, 2023. According to NPR, “His drowning, coronary artery disease, and the effects of buprenorphine — a medication used to treat opioid use disorder — were noted as factors that contributed to his death, but were not the primary cause, according to the autopsy results. The death was ruled an accident.” According to a recent filing, most of Perry’s belongings will be placed in the Alvy Singer Living Trust, named after Woody Allen’s character in “Annie Hall.”
beneficiaries. His half-sister, Caitlin Morrison, and ex-girlfriend, Rachel Dunn, were also listed. Perry also indicated that any children he had would not be entitled to access his estate. (He never had children.) According to FindLaw, “The Alvy Singer Living Trust trustees are Lisa Ferguson and Robin Ruzan. Ferguson was Perry’s business manager, and Ruzan was a friend and executive producer. Perry’s estate is valued at over $120 million.” The passing of Matthew Perry marks the end of an era as fans mourn the loss of a talented actor whose work left a significant impact on the entertainment industry. However, beyond his artistic legacy, Perry’s death highlights the importance and benefits of estate planning, the significance of living trusts, and the blessing of orderly distribution of assets. His family is the fortunate recipient of his generous gift.
His father, John Perry, and his mother, Suzanne Morrison, are the trust
4 • 919-726-0896
Published by Newsletter Pro • www.newsletterpro.com
Page 1 Page 2 Page 3 Page 4Made with FlippingBook Ebook Creator