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336-547-9999 | CherylDavid.com Oct/Nov/Dec 2023
Discover the Other Services We Offer! BEYOND WILLS AND TRUSTS
As many of you know, our office offers estate planning, wills, and trusts. But we also provide a few other services you may not be familiar with. So this month, I wanted to take the opportunity to outline all of those other services here in our newsletter in order to spread the word. Probate Administration When someone passes away, whether they have a will or no will, their family will likely end up in court, in a process called probate. Probate is extremely cumbersome, expensive, and can take a year to complete. An attorney is helpful when navigating this process, which includes gathering assets, getting appraisals, conducting inventories, and alerting creditors. Trust Administration Trust administration is the process of administering, or managing, a trust when someone passes away by carrying out the trust document’s instructions. To do this, we assist successor trustees with inventorying estates, notifying beneficiaries and creditors, and making sure all assets are properly titled and divided among heirs. Essentially, we help guide successor trustees through the complexities of administering a trust and ensure its provisions are followed. Or, if a trust was not funded properly and requires probate, we can help with that too. Nursing Home Asset Protection We work with families, whether they’re proactively planning or in crisis mode, to help protect their assets from nursing homes. We have a dedicated team led by our Certified Medicaid Planner™ who uses intricate strategies to protect your assets
from catastrophic financial loss in the event of a major illness. If you do no planning, all assets are exposed and fair game for the nursing home to take. Don’t have 5 years to plan for illness? No worries! We work with many families where a loved one is about to be placed or already in the nursing home and come up with a plan that suits your family. Utilizing a customized and special power of attorney, our office aids our clients in protecting assets, even if they have done no planning in advance. However, not all powers of attorney have the detailed language needed to protect your real estate or assets, so please contact us so that we may review your documents to make sure they have the special required provisions. We will offer this review free of charge to anyone reading this newsletter. Guardianship We help families navigate the court system when an incapacitated adult needs court intervention in order to name a trusted adult to manage their financial and/or healthcare needs. Family Care Program This program gives families peace of mind by creating a comprehensive service that ensures their plan is current and ready for anything life throws at them. By enrolling, clients will receive: • Ongoing, exclusive access to free meetings, emails, phone calls, and requests with our team
• Numerous free workshops for
family members, trusted advisors, or any other person with access to your information
• Ongoing asset integration
• The benefit of our team contacting financial institutions on your behalf to ensure assets are titled correctly
• Family care meetings
• Document reviewals and updates
• A DocuBank card
Financial Planning and Investment Management
Through Wisdom Wealth Care, we offer an integrated full-service approach to wealth management to help you achieve your financial goals. Our comprehensive financial solutions help our clients grow, protect, and distribute their wealth. Through a combination of proven capabilities and expertise, we can customize and implement wealth management plans designed to help our clients reach their financial goals. If you, or someone you know, is interested in any of the above services, we’re offering a FREE consultation with the mention of our newsletter. All you have to do is call 336-547-9999 or email info@cheryldavid.com and mention this article! This offer expires Dec. 31, 2023.
• Priority appointments free of charge Securities offered through Avantax Investment ServicesSM, Member FINRA, SIPC. Investment advisory services offered through Avantax Advisory ServicesSM. Insurance services offered through Avantax affiliated insurance agency. -Blaire David McClanahan
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A Greener Future for All
EXCITING ADVANCES IN THE WORLD OF SUSTAINABLE ENERGY
The hunt for sustainable energy sources continues! Throughout the past two decades, we have seen countless efforts around the globe to develop more environmentally friendly energy practices. You may have noticed solar panels appearing on roofs around your community or watched news reports about wind turbines offshore. These are far from the only efforts organizations, governments, and individuals are making. Two large-scale sustainability projects were announced that could lead to a more sustainable future. Solar Railways In many areas of Europe, the best way to get from point A to point B is by train. Switzerland alone has a national railway network that stretches over 2,000 miles. A startup called
of Transport to proceed, as concerns have been raised regarding the durability and reflectivity of the panels.
New Wind Turbines Offshore wind farms are nothing new. They first appeared in 1991, but the technology has evolved immensely. The Spain-based startup X1 Wind has created a new floating wind turbine prototype that could change the entire industry. Located off the Canary
Islands, the X1 floating turbine is more efficient and environmentally friendly than other turbines. The best news? In March, it generated its first kilowatt- hour of power, opening the door for further manufacturing. These are just a couple of the many sustainability projects recently introduced. As long as we continue to develop and discover environmentally
Sun-Ways recently announced a plan to outfit Swiss railway lines with solar panels to generate additional power. Sun-Ways developed a specialized train car to lay down solar panels between the rails of the track using minimal labor. The company estimates
that its solar panels can generate 2% of Switzerland’s annual energy consumption. At the time of writing this article, Sun-Ways is still waiting for a sign-off from the Federal Office
friendly practices, we can look forward to a greener future for all.
SAFEGUARD YOUR FAMILY’S FUTURE WITH A TRUST
When people begin the estate planning process, they usually do so to protect their assets and set their children and grandchildren up for success. An estate plan helps you safeguard everything you worked for and distribute your assets to your loved ones. However, many people believe they
only need a will, and everything else is just extra, but this is rarely the case.
categories: revocable and irrevocable. A revocable trust can be changed anytime during the owner’s lifetime. An irrevocable trust is set in stone as soon as you sign the agreement. One of the best parts about trusts is how they help keep your money in the family for generations. Many don’t realize it until they go through probate, but extreme taxes and fees arise after you pass away. Without proper planning, the value of your estate can dwindle to nothing as your family pays these fees, leaving minimal amounts for them. This is not what you want to happen to your loved ones. While trusts can be slightly more expensive than other estate planning options, their benefits are endless. Call us if you have any questions about trusts or want to create one to protect your family and assets.
Wills have become synonymous with estate planning thanks to pop culture, but in reality, wills are the bare minimum for most people’s estate planning needs. A will only comes into effect after you’ve passed away. If you become incapacitated, your health care and durable powers of attorney act in your place, which can complicate things. Having a will does not guarantee you’ll avoid probate, either. If you want to safeguard your family and assets fully, consider establishing a trust instead of just having a will. With a trust, you have more freedom and control over the management of your assets. There are different types of trusts to fit everyone’s specific needs, but they all fall into two
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Say Goodbye to Pet Hair Woes Tips and Tricks for a Hair-Free Home There’s no doubt about it: We love having our furry friends by our sides each day. Dogs, cats, rabbits, and other small animals make great companions, but they also come with their own challenges. One obstacle nearly every pet owner has to deal with is an overabundance of pet hair throughout their homes. Pet hair sticks to surfaces, and it’s not uncommon to find it on your clothes, on your carpets, or even in your car. You shouldn’t have to pat yourself down with tape or use a lint roller to remove hair whenever you leave the house, so here are a few methods to remove pet hair around your home. Fabric Softener Spray It’s no secret that fabric softener helps remove pet hair from clothes when used in a washing machine, but it can also free up the pet hair trapped in your carpets, rugs, and car seats. Mix 2 tablespoons of fabric softener with water in a spray bottle before applying the mixture to the hair-heavy area. This will cause the hair to clump together, which you can then sweep up with a broom. Run a vacuum cleaner over the area, and it will look (and smell) as good as new! Drill Brush You might not think your power tools would come in handy for this chore, but you’d be surprised. Using a brush attachment on a power drill is one of the best ways to loosen up pet hair. All you have to do is run the brush over the hair-covered area and follow behind it with your vacuum cleaner hose or crevice attachment, and the surface will look pristine. Brush attachments for drills are reasonably inexpensive and can be bought online or in home improvement stores. Prevention You don’t have to limit where your furry friends can go in the house, but using easily washable furniture and car seat covers will make pet hair cleanup much easier. Frequent passes with your vacuum, broom, and mop can also prevent pet hair buildup, but so can getting your pets groomed regularly! Whether you brush your furry friend down every day or take them to a professional groomer, these acts can help remove loose hair and stop it from ever reaching your floors.
ONE-BOWL PUMPKIN MUFFINS
Inspired by NoraCooks.com
Ingredients
• 15 oz can pumpkin purée • 1/3 cup melted butter (or vegetable oil) • 1/2 cup unsweetened plant- based milk • 1 1/4 cups brown sugar • 1 3/4 cups all-purpose flour
• 1 tbsp baking powder • 1/2 tsp salt
• 2 tsp cinnamon • 1/2 tsp nutmeg
• 1/2 tsp ground ginger • 1/4 tsp ground cloves
Join Our Team in the 2023 Walk to End Alzheimer’s! 2. In a large mixing bowl, add pumpkin, melted butter (or oil), milk, and brown sugar, then whisk until well combined and smooth. With a sifter, sift the flour, baking powder, salt, and spices over the wet mixture. 3. Using a large wooden spoon, mix until just combined (do not over-mix). 4. Fill the muffin cups and bake for 22–25 minutes. Let cool for 30 minutes and enjoy! Directions 1. Preheat oven to 375 F. Prepare muffin pan by greasing and placing paper liners.
On Saturday, Oct. 7, 2023, at 10:30 a.m., the Alzheimer’s Association is holding its annual Walk to End Alzheimer’s event at the First National Bank Field! We’d love for our clients, their friends, and their families to join our team and walk with us that Saturday.
“The Alzheimer’s Association Walk to End Alzheimer’s is the world’s largest fundraiser for Alzheimer’s care, support, and research. This event is open to participants of all ages and abilities and free to join (although we encourage you to donate!) Funds from this walk allow the Alzheimer’s Association to provide 24/7 care and support and advance research toward methods of prevention, treatment, and, ultimately, a cure.” To join our team, call 336-547-9999 or scan the QR code, click “join our team,” enter your information, show up on the 7th, and take a walk! If you’re unable to attend the walk on Oct. 7, you can also scan the QR code and click “donate” to contribute to our team’s collective contribution to the Alzheimer’s Association; we’re aiming to raise $3,500!
We hope to see you there.
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528 College Road Greensboro, NC, 27410 336-547-9999 | CherylDavid.com INSIDE THIS ISSUE
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The Other Services We Offer That You May Not Know About
All Aboard the Green Energy Revolution
Future-Proofing Your Assets With Trusts
One-Bowl Pumpkin Muffins
Pet Hair Takeover? Not Anymore! Top Solutions for Hair-Free Living
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Lessons From Anna Nicole Smith’s Billion-Dollar Drama
THE ANNA NICOLE SMITH STORY Costly Consequences of Neglected Estate Planning:
Whenever a prominent celebrity, entrepreneur, or athlete passes away, there’s usually quite a bit of money left on the table. Most of these individuals put careful consideration into their estate plans to ensure their assets are distributed appropriately, but that’s not always the case. In 1995, Anna Nicole Smith found herself in the middle of a probate case that would haunt her for the rest of her life. In 1991, a 23-year-old Smith met 86-year-old petroleum tycoon J. Howard Marshall. Marshall was worth over $1 billion at the time and quickly became smitten with Smith. In the following years, Smith appeared in TV shows, movies, and advertisements, and her popularity exploded. In June 1994, Smith and Marshall married in Houston, but their wedded bliss was short-lived. Marshall passed away 13 months after the wedding at the age of 90. Before passing away, Marshall promised Smith half of his estate. Unfortunately, he
didn’t make this change in his will or any other estate planning document. Instead, his $1.6 billion estate went to his son, Pierce Marshall. The matter went to probate, where it was determined that Smith would inherit nothing. The following year, she filed for bankruptcy in California, and the California court disagreed with the probate results, stating that Smith was entitled to $449 million. The case then proceeded to the federal level and was eventually presented to the U.S. Supreme Court. The Supreme Court ruled in Smith’s favor, but when all was said and done, there were no winners. Pierce passed away in 2006, and Smith passed away the following year. Smith’s son also passed away in 2006 and was the only beneficiary on her estate plan, as Smith had failed to add her 5-month-old daughter to it before she passed. There were several more legal battles between Smith’s and Pierce’s estates — one of which made it in front of the Supreme Court again — before finally, the last of Smith’s
cases was closed on Oct. 24, 2022, over two decades from when the disputes began. There are many lessons we can learn from this situation, but the most important one is to update your estate plan whenever you experience a life change. It’s also wise for celebrity couples to have a prenuptial agreement. It would have saved everyone years of struggle if Smith or Marshall had done either.
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