Check out our September newsletter!
The Cary Connection SEPTEMBER 2023
A Streamlined and Secure Future Why We Launched Cary Financial Planning
are in your best interest. We are transparent about our fees and do not receive any commissions, ensuring our advice is objective and unbiased. As a fee-only fiduciary advisor, Cary Financial Planning is legally obligated to act in your best interest and has no financial incentive to recommend one investment or strategy over another. Michael Honea is Cary Financial Planning’s primary financial planner, though I am also licensed and can step in as needed. He comes to us with over 12 years of experience focused on providing personalized financial guidance to clients and tailoring strategies to their individual needs and goals. As with attorneys performing estate planning work, Michael is committed to building solid relationships with his clients. He understands trust is essential and financial planning is not a one-time event. Your plan can and should be updated as your circumstances and goals change. An estate planning attorney can only fully protect your interests if your finances are in order. A wealth and investment strategy is the best way to maximize your assets. We’ve found that the estate planning process often inspires people to review
Estate and financial planning go hand in hand. Some of the biggest challenges our clients have when making decisions about their estate come from financial confusion. People have retirement accounts on the back burner and confess they don’t know where their current investments stand. As with estate planning, financial planning feels overwhelming, and many people avoid it. Many of our clients have asked if we also offer financial planning services over the years. We’re excited to say the answer is now “yes!” Our new financial advisory practice will enable us to better serve you by providing comprehensive financial planning services that align with your estate planning needs and strategy. There is no obligation for Cary Estate Planning clients to use Cary Financial Planning. We are happy to work with clients who use outside financial planners, but many are unhappy with their current financial advisors or haven’t hired one. If that describes you, there are several reasons why working with a fee-only fiduciary financial advisor like Cary Financial Planning can benefit you. Our services are completely independent and unbiased, ensuring our recommendations
Michael Honea, Financial Planner
their financial plans or vice versa, and we hope to streamline the process by giving our clients the option of going with one service provider. We’re excited to be expanding our services to better serve you and look forward to helping you achieve your financial goals. If you’re interested in learning how we can help you with your retirement planning, investment management, and financial planning needs, please contact us at 919-694-6945. You can also visit tinyurl.com/yeymta85 to learn more about our offerings and how we can help you better secure your future.
-Paul Yokabitus
Cary Financial Planning, LLC, is a North Carolina registered investment adviser. Information presented is for educational purposes only intended for a broad audience. The information does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and are not guaranteed. Cary Financial Planning, LLC, has reasonable belief that this marketing does not include any false or material misleading statements or omissions of facts regarding services, investment, or client experience. Cary Financial Planning, LLC, has reasonable belief that the content as a whole will not cause an untrue or misleading implication regarding the adviser’s services, investments, or client experiences.
Past performance of specific investment advice should not be relied upon without knowledge of certain circumstances of market events, nature and timing of the investments, and relevant constraints of the investment. Cary Financial Planning, LLC, has presented information in a fair and balanced manner.
Cary Financial Planning, LLC, is not giving tax, legal, or accounting advice. Consult a professional tax or legal representative if needed.
CaryEstatePlanning.com • 1
2. Your Funeral Wishes and Preferences — You should avoid placing your funeral wishes and preferences in your will. It can take multiple weeks before your heirs or attorneys consult your will, and by then, your funeral wishes may have been completely ignored. Rather than adding these desires to your will, leave them in a letter to your closest relative so they can have it on hand when the time comes. Consider things like whether you’d prefer to be buried or cremated, what you’d like included in your obituary, and where you want your funeral to take place. 3. Inheritance for Your Children With Special Needs — One of the most crucial elements to keep out of your will is any assets or funds left for a child with special needs. If you leave funds for them in your will, the government can cut any federal benefits they may be receiving, which can cause a significant reduction in their income. Instead, you should create a special needs trust, which will set money aside for your child that will supplement their government benefits. 4. Your Wishes for Your Pets — Lastly, your will should not include any assets or desires you have for your pets. No pet has any lawful claim to an estate or property. After you designate a guardian for your pet in the event of your passing, you should make arrangements directly with them about your wishes and what you want to leave for your pet. Another great option is to create a pet trust that officially establishes funds meant for your pet’s care and well-being. This is a favorite strategy of celebrities, who often love to pamper their pets. In 2007, wealthy real estate tycoon Leona Helmsley, for example, famously left $12 million to her Maltese, Trouble. The fluffy pup quickly became a millionaire! This is just a short list of additives that may be harmful when left in a will. The details are much more complicated! To learn more about what should and shouldn’t be part of your will, speak with an experienced estate planning attorney who can help you properly place your property and final wishes. Want to Protect Your Assets? Avoid These Inclusions in Your Will
When creating your will, you may be tempted to include directions for every single piece of your property and every personal wish that you have. This instinct makes sense, but the “better safe than sorry” approach can actually come back to bite you! In truth, you’re better off leaving some personal properties and directives out of your will. Adding these specific things to your document could backfire. Instead of successfully protecting your assets, you’ll leave an enormous mess behind for your loved ones. We’d hate to see that happen, so we’ve put together a list of the things you should never include if you want to keep your legacy safe. Here are the top four. 1. Your Business — You must never add your business to your will. All wills must go through a probate process, which can take a significant amount of time. Not only can the time delay cause issues with your business, but this probate process also opens the door for someone to challenge your will and whatever wishes you intend for your business. You don’t want your will or the company you worked so hard to operate to be subject to this challenge. Instead, work with your lawyer to create a business succession agreement to bypass these problems entirely.
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Give Your Pet’s Kibble a Healthy Upgrade!
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We’ve heard time and time again that dry kibble isn’t exactly the best food for pets, but it’s undoubtedly the leading product on the market. If your busy schedule doesn’t allow for homemade meals for your canine or feline friend, you can keep them in tip-top shape with their usual food with these four health-boosting tips!
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Hydrate dry kibble. This may be the most crucial step when enhancing your pet’s meals because, without hydration, it can be difficult for them to digest and even absorb the nutrients in dry food properly. You can ensure your furry friend stays nourished by soaking their food in warm bone broth or goat’s milk. If you don’t have either on hand, that’s perfectly fine — warm water works too! Add fish oil for omega-3s. We humans often talk about the benefits of fish oil for its supportive omega-3s, and that applies to your pets too! Not only does fish oil help pets have shiny coats, but it also supports healthy joints, hearts, cognitive functions, and more. You simply pump some fish oil onto hydrated kibble, and it’s ready for your pet to eat. Top with raw food. Your pet will love devouring a highly nutritious pile of raw food on top of their kibble! Freeze-dried, air-dried, or frozen raw toppers are all outstanding options for increasing your pet’s protein and vitamin intake, as they’re a mix of meats, fruits, vegetables, and sometimes even ground bone! Dried or frozen toppers also retain their nutritional value and health benefits while staying storage-friendly. Pack in the vitamins! Every pet can benefit from a multivitamin, just like people! Because the nutrients in kibble can be difficult to absorb, a multivitamin can help fill any gaps left. Countless pet multivitamins are available on the market, and they include incredible supplements like probiotics, immune support, joint support, and more! Speak with your pet’s veterinarian to learn what nutrients you should prioritize for their diet. Then, you can start filling their kibble dish with everything they need to live a happy and healthy life!
WALNUT AND BLUE CHEESE TOMATO SALAD
Inspired by FeastingAtHome.com
Ingredients
• Chopped fresh Italian parsley, to taste • 3 tbsp olive oil • 2 tbsp red wine or balsamic vinegar • 1 garlic clove, finely minced
• 1/2 cup walnuts • 2 lbs ripe heirloom tomatoes • Kosher salt, to taste • Black pepper, to taste • 1/4 cup smoked blue cheese, thinly sliced • 1 tbsp fresh dill
Directions 1. Preheat oven to 350 F. On a baking sheet, toast the walnuts in the oven for 12–14 minutes. 2. Wash and slice the tomatoes. Place slices on a platter, slightly overlapping. Sprinkle with salt and pepper to taste. 3. Scatter toasted walnuts and blue cheese on top, followed by dill and preferred amount of parsley. 4. In a small bowl, whisk olive oil, wine or vinegar, and garlic to make the dressing. 5. Spoon dressing evenly over salad and serve.
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Now proudly serving the Triangle with three convenient locations: Cary, Raleigh, and Wake Forest
155 Parkway Office Ct., Ste. 200 Cary, NC 27518 919-726-0896 • www.caryestateplanning.com
Inside This Issue
Why Estate and Financial Planning Go Together
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Want to Protect Your Assets? Avoid These Inclusions in Your Will
Walnut and Blue Cheese Tomato Salad
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Improve Your Pet’s Health With These Kibble-Enhancing Tips
Step-Up in Basis Will Save You Tax Dollars
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USE THIS ESTATE PLANNING LOOPHOLE TO SAVE Don’t Pay More Capital Gains Tax Than You Should!
two decades, the home’s appreciation can easily be hundreds of thousands of dollars. As a result, they could be left with little profit after forking over the capital gains tax. Meanwhile, if your child were to inherit the property after your passing, they would only need to pay the capital gains tax from the market value at the time of your death instead of when it was initially purchased. The basis of the asset’s value is stepping up in time to adjust the appreciation value. That’s why it’s called a step-up in basis! The result? Your child will save on expensive taxes and start building wealth with this property’s profit.
There are plenty of estate planning maneuvers, but when done without the guidance of an attorney, these techniques may end up costing your family a fortune. One action that can do more harm than good is transferring your assets into your children’s names. While it might seem like you’re helping them, they could miss out on a significant tax break: step-up in basis.
What is the step-up in basis loophole? When you want to transfer a physical property or stocks into your child’s name, they will often need to pay a substantial capital gains tax. The value of these assets increases over time, and
when you transfer them to your child, they will have to pay tax on all the appreciation, or the increase in value, from when you first purchased the property to the sale date.
Instead, try putting your assets in a living trust. So, how can your child take advantage of the step-up in basis? You can put your assets in a living trust and add them as a beneficiary. Instead of being considered an owner, your child will only inherit your estate after your death. While a living trust has plenty of benefits, you should always consult an attorney to understand if this is the right move for you, your specific assets, and your children.
Regarding homes, the value can significantly increase over just a few decades. After
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