Take a look at our June newsletter!
JUNE 2024
800.698.6918
ng.com
PrestonEstatePlanni
Bill Walton: A GIANT OF A MAN
Nine years ago, as the Director of Operations, I reached out to Bill Walton to ask him to be a guest speaker at a quarterly workshop for our Life Plan clients. He graciously accepted. He was friendly, warm, and gracious — a bit of a character, too. I have a collection of old basketball cards from when I was a kid. I searched for one featuring Bill Walton and found one with him as a member of the Portland Trailblazers. I brought my card to the workshop and asked if he would be kind enough to sign it. Again, this friendly giant was more than accommodating. The workshop took place in December of 2015. I had previously asked Bill if he would be kind enough to have his photo taken with our clients. Of course, he agreed. After a very entertaining and energetic performance, Bill made good on his word and posed for photos for an entire hour. My favorite memory from that evening involved an elderly gentleman in a wheelchair accompanied by his sweet wife, who patiently waited in line for their turn to take a photo with Bill. When they finally reached the front of the line, the dear lady wheeled her husband, donning a ball cap, next to Bill. Then she asked, “Mr. Walton, do you know who this is?” Upon closer inspection, Bill’s eyes began to well up. He emotionally responded, “Coach Nash?”
At Helix High School, they won 49 consecutive games and two CIF titles. While the decades since their last championship had taken a physical toll on both these proud men, their minds were still sharp. With tears streaming down both their cheeks, this Hall of Famer embraced his former coach and told him what a profound influence he had on his life.
The mutual love and respect exchanged between these two was palpable. The bond between a coach and his players is sacred. I was walking on hallowed ground. Bill was the epitome of selflessness, both in his career and personal life, a trait he absorbed from his parents and his exceptional coach at UCLA, John Wooden. Bill was a legendary sports figure, yet he never acted like one. In a society filled with people who overestimate their worth, Bill remained humble. He was always kind and gentle. His mere presence uplifted everyone around him. Yet, Bill faced more injuries than any other professional athlete, missing over half of his career due to foot and back issues. He underwent 39 orthopedic surgeries. Bill lived a life defined by sacrifice, discipline, and honor — qualities rarely seen today. He was entirely authentic and perhaps the most
vibrant personality in sports. Despite his success, Bill lived modestly in the same home, near Balboa Park, for over 45 years. Bill was incredibly generous with both his time and money, especially in his hometown of San Diego, where he helped fund The Bill Walton Gymnasium at the Boys and Girls Clubs of East County in La Mesa, California. Bill often called himself “the luckiest guy in the world.” I think he had it backward. Bill, we were the lucky ones who had the opportunity to rub shoulders with you. This morning, I learned that Bill Walton had passed away at the age of 71. I simply wanted to pay my respects to a world-class athlete. More importantly, I wanted to pay tribute to an even better man. Rest in peace, Bill. –Ken Wilson
Gordon Nash, Bill’s high school basketball coach, was now side-by-side with his star player.
1
800.698.6918
Published by Newsletter Pro www.NewsletterPro.com
CHECKING ACCOUNTS
OFFICIAL MEMBER OF THE LONELY HEARTS CLUB
If there were a Lonely Hearts Club for assets, the checking accounts should be inducted. Why? Because it is the most often overlooked asset in the estate. For some unknown reason, clients are reluctant to retitle their checking account in the name of their Trust. Maybe it’s because so many don’t realize why this is so important. It is true that the account may not have that much money in it and, therefore, is not considered important. The argument is made that the money goes in and goes out. Keep in mind that the same can be said about your heart. The checking account is the heart of the Trust. There are three occasions when the checking account is needed and not accessible if it has not been properly titled in the Trust. In all three situations, let’s pretend that you’re not married or that you were, but your spouse has passed away. The first occurs when the then-acting Trustee is temporarily unable to write checks or when it would be impractical to do so. Let’s pretend you fall and break your hip. If you’re rushed to the hospital, it is unlikely that you will stop to grab your checkbook. If the account is registered in the name of your Trust, your
co-trustee has access to the account and can immediately take over and handle any bills that need to be paid. The second situation occurs when the “temporary” problem becomes permanent. In other words, your days of paying bills are over, but you’re
still alive. If the checking account is registered in the name of your Trust, it will take your Trustee seconds to take charge of paying the bills. The third situation is when you pass away. Again, if the account is in the Trust’s name, it will take seconds for the next Trustee to take over. Oh, by the way, none of this will happen if the account is a “POD” account. POD stands for “payable on death.” POD accounts get distributed on death, not on disability. We could also label it “FOD.” That stands for “frozen on disability.” Also, at death, a “POD” account is often payable to a person, not a Trustee. This means the Trustee doesn’t have access to the bank account to pay the decedent’s bills and settle the estate ... ever! This becomes a huge problem.
Many people try to solve this problem by adding a child to the bank account as a joint tenant (which is different than having a trust account with a silent partner trustee). Beware! This creates an even bigger risk because the child becomes a co-owner, which exposes you to their liabilities. In short, if you haven’t already done so, please go to your bank and re-title your checking account in the name of your Trust so it can join your other assets that are registered in the name of your Trust. And cancel the Lonely Hearts Club membership!
CORRECTION: Due to a printing error in May’s newsletter, the third sentence in the second paragraph in the article “What Are 529 Plans?” should read: “During life capital and earnings from the 529 are tax deferred for both federal and state taxes and if used for educational expenses, tax free. ”
2 PrestonEstatePlanning.com
Whether it’s blocking pucks during a street hockey game or checkmating chess hustlers at the park, traditionally indoor activities take on an entirely new feel and flavor when taken outside. While a rare sight these days, movie-goers worldwide used to enjoy cinema from the comfort of their cars at drive-in theaters. These made a brief resurgence during the pandemic, but now that movies are rolling in theaters again, the fad has begun to die off. These days, if you want to watch a movie, it seems like you are limited to three options: Watching it at the theater, on your TV, or on your phone or tablet. Now, I think we can all agree that watching a movie outside on your phone does not make for a great cinematic experience. Debtrette, a TikTok influencer and mom, has a suggestion. She put a spin on an old classic — family movie night — by holding it in her backyard with all the conveniences you would expect at a movie theater — like an air mattress, pillows, and blankets! If you are looking for a fun way to spruce up a traditional movie night, what better way than to bring it outside under the stars? Here are some necessities to make your moonlight movie night truly magical: • A portable projector screen, like a sheet on a clothesline • Portable movie projector • Candy, popcorn, and beverages • Some outdoor seating and cushions • Lamps, lanterns, or candles • Warm blankets • The perfect movie to bring it all together You can find screens and projectors to fit any budget, and your movie selection will depend on the crowd. Just make it fun: Lie back on the grass and watch “Antz” or lounge in the pool while watching “Jaws”! The key is to make the experience unforgettable, and all who share in it will be thankful for your effort to make it all possible. MOONLIT MOVIE MAGIC Hosting the Ultimate Outdoor Movie Night
Solution on Pg. 4
SHEET PAN SHRIMP FAJITAS Inspired by DamnDelicious.net
Ingredients
• 2 lbs shrimp, peeled and deveined • 2 bell peppers, sliced • 1 onion, sliced • 3 tbsp olive oil • 2 tsp chili powder • 2 tsp cumin • 1 tsp smoked paprika
• 1 tsp garlic powder • Salt and pepper, to taste • Tortillas
Topping Options • Sliced avocado • Salsa • Sour cream • Chopped cilantro
Directions 1. Preheat oven to 400 F and line a baking sheet with parchment paper. 2. In a small bowl, combine chili powder, cumin, paprika, garlic powder, salt, and pepper. 3. Place bell pepper and onion on the baking sheet. 4. Drizzle evenly with 2 tbsp of olive oil and sprinkle with the chili powder mixture; reserve some for shrimp. Bake for 12 minutes. 5. Remove sheet pan from oven and push veggies to one side. Add shrimp to the empty side. Drizzle with 1 tbsp olive oil and spices. Return sheet pan to oven and bake for another 6 minutes, until shrimp are pink. 6. Serve on warm tortillas with desired toppings.
3 800.698.6918
PR SRT FIRST-CLASS MAIL US POSTAGE PA ID BOISE, ID PERMIT 411
PrestonEstatePlanning.com
12396 World Trade Drive, Ste. 301 San Diego, CA 92128
800.698.6918
Inside 1
Bill Walton: A Giant of a Man
2 3
Checking Account Wisdom in Estate Planning
Host a Movie Night Under the Stars
Sheet Pan Shrimp Fajitas
4
Perfect Spots for a Laid-Back Holiday
Off the Radar
HIDDEN GEM VACATION DESTINATIONS
Crater of Diamonds State Park If you have ever felt envious of the
Are you tired of visiting hyped-up vacation destinations or getting lost in a big city or crowded national park? If so, consider a holiday at a less congested, more laid-back locale. These hidden gems offer beautiful views and exciting excursions — all without the headaches that come with vacationing to big-name destinations!
prospectors who made their riches during the California Gold Rush, then pay a visit to Crater of Diamonds State Park in Arkansas, where you can discover your own hidden gems! You can discover rare rocks and minerals in a massive field birthed by volcanic activity, including diamonds, amethysts, garnets, and quartz. The best part? Anything you find, you can keep! Seekers have found more than 35,000 diamonds at the park since it opened in 1972, and with some luck, you could add a few more to that tally!
Pinnacles National Park Make an excursion to Pinnacles in California to enjoy the splendor of nature without having to share space with millions of tourists. With over 30 miles of hiking trails crisscrossing rocky hills and river-strewn caverns, you’ll find plenty of opportunities for memorable adventure. Despite its wondrous views, Pinnacles was named the 15th least-visited national park in 2023, with just over 340,000 annual visitors.
Crater Lake National Park Make your way to Oregon and dive into the deepest lake in the country! Crater Lake National Park’s namesake was formed when a volcanic eruption triggered a mountain to come apart in spectacular fashion. You can stay at plenty of campsites and find excellent fishing in the lake’s pristine and seemingly bottomless water. If you are a fan of hiking, fishing, or breathtaking views, then Crater Lake is for you.
4 PrestonEstatePlanning.com
Published by Newsletter Pro www.NewsletterPro.com
sdf
Page 1 Page 2 Page 3 Page 4Made with FlippingBook Ebook Creator