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336-547-9999 | CherylDavid.com April/May/June 2024
Create an Estate Plan to Secure Your Family’s Future When you meet with an estate planning attorney to create a plan, you’re taking an essential step toward protecting your family and your legacy. spouse. On top of that, any real estate owned outside of North Carolina could require probate in each respective property’s state, and that includes timeshares. The Peace of Mind You Deserve
If you pass without any type of estate plan in place, the courts will essentially conduct this process for you, deciding on your behalf to whom your assets will go A trust, however, avoids the probate process altogether. We can put nearly every asset you own into this trust, including real estate or timeshares in other states. So, if you pass away and all of your assets are appropriately titled according to your trust, there is no court — not for the first spouse or the second. And trusts aren’t just for married couples; they’re important for single people, people who want to take care of their pets, and individuals with and without kids. But aside from protecting your loved ones from the time, cost, and emotional turmoil of probate, trusts offer many other benefits that can meet your unique end-of-life goals. For example, depending on your explicit directions, we can protect your family’s inheritance from creditors and even future divorces. We can also add language to disburse funds to heirs when they turn 18, to a trusted guardian of that heir, gradually over time, or when the heir reaches a specific age. Lastly, all of our trusts at the Law Office of Cheryl David include “an enhanced power of attorney” with nursing home protection triggers. This allows us to work with your power of attorney to safeguard a significant amount of money or property, depending on the trustee’s capacity or need for care. We can help ensure you have the right power of attorney document in place to prevent catastrophic loss due to nursing home costs. Having an enhanced power of attorney specific to your needs will protect assets, even if you have no other plans in place. Our office will review your existing power of attorney at no cost to be sure you have the best protection. Just mention the newsletter when you call to schedule your complimentary power of attorney review.
Unfortunately, though, many people fail to create a comprehensive estate plan, and if they do, they often choose a simple will they can create online or by hand. The sad truth is that if you pass without an estate plan — or even just a will — in North Carolina, you’re giving your family a one-way ticket to probate court. Wills (no matter where they’re from) are better than nothing, but your estate will still go through probate, where the executor and the courts will administer the will. This process requires inventory counts, appraisals, notices to creditors, and sometimes even a bond. Most often, families must hire an attorney, and it’s not unusual to see families stuck in the probate process for a year. And it’s expensive: On average, we see people lose roughly 5% of their estate by the time the probate process ends. Also, if you or your spouse have assets in just one person’s name, even if you’re married, it may require two probates — one for each At the Law Office of Cheryl David, we want to ensure your future is protected. That’s why we’re offering a FREE personal consultation to anyone interested in creating an estate plan with us, a value of $350! And, if you decide to create a trust, we’ll include one FREE deed for any North Carolina property to put into the trust, saving you and your family $385. This offer expires on June 1, 2024 , so don’t wait to call! The personal consultation is completely free, and discussing possible estate planning options that meet your goals can never hurt. To redeem, simply mention this article in our spring newsletter when you call 336-547-9999 or email Info@cheryldavid.com. We look forward to hearing from you!
-Blaire McClanahan
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4 Meaningful Pursuits to Explore After Retirement
education but couldn’t fit it into your schedule, now you can. There are courses available online and in person. Many classes specialize in educating seniors, while others offer highly discounted rates. Some colleges allow seniors to audit their courses at little to no cost with a tuition waiver. Lifelong learning also helps reduce the risk of Alzheimer’s and dementia. So, if you worry about these diseases, continuous learning is one of the best defenses you can have. No. 3 Help and Advocate Many retirees find purpose through volunteering. Many organizations need a hand, like food banks, soup kitchens, and animal shelters. Giving them some of your time allows you to support your community, further a cause, and even save lives. Volunteer work also connects you with like- minded people, ensuring you make friends with people who share your values.
Retirement is the end goal after decades spent working and saving. Once reached, a common question retirees ask is, “Now what?” There’s a massive gap in your schedule now, and there are countless things you can fill the time with. So, here are four big ideas you can use to take advantage of your newfound freedom. No. 1 See the World The world is a vast and beautiful place, and now that you don’t have obligations tying you down, you can finally get out there and see everything on your bucket list. If you ever wanted to experience the breathtaking size of the Grand Canyon or dreamt of dining at French cafes by the Seine River in Paris, then retirement is the perfect opportunity to go on those adventures. No. 2 Never Stop Learning Be a lifelong learner. If you’ve always wanted to explore your interests through
No. 4 Retire a Little Less Some retirees miss the purpose that work gives (as well as the income). Many jobs also keep you on your feet and active. If you count yourself among them, consider picking up a part-time job. Roles like delivery driver, substitute teacher, and dog walker allow you to line your pockets while meeting people. Retirement is not just the end of work — it’s the start of leisure. You can do and experience many things, from seeing the Mona Lisa to volunteering at an animal shelter. It’s time to take advantage of retirement and seize every opportunity.
HOW TO SUCCEED AS AN EXECUTOR TIPS TO AVOID MAJOR MISSTEPS
which is why changing the locks could be crucial if the family situation is contentious.
If you’ve been named the executor for someone’s last will and testament, you’ve been entrusted with the responsibility of carrying out a person’s last wishes. This honor — and legal responsibility — means you must take care of financial obligations, including paying any outstanding debt or taxes, and then properly dispense the remaining assets according to the directions in the will. The person who chose you to be executor trusts that you can handle this responsibility, so we’re here to walk you through the process and clear up any questions you may have. If you are listed as the executor or the trustee in someone’s estate planning documents, you should do a few things immediately upon their passing. First, you must secure their home and any other property as quickly as possible. This involves
Next, you should locate all relevant estate planning documents and then determine whether the estate must go through probate. You will need multiple copies of the death certificate for banks, credit card companies, and insurance. Other important documents you will need include insurance policies, credit card statements, investment account and pension statements, and contacts for attorneys and accountants. Give yourself time to review these documents carefully. Once you understand the estate plan, you can call a meeting with all involved to review the deceased family member’s instructions on how to distribute the assets. Being prepared and proactive will ensure you carry out your duties as an executor with precision and honor the person who entrusted you with this duty.
maintaining any property until the estate is settled, including changing the locks.
Often, family members will try to go into the house after someone passes away and remove items. As the executor or the trustee, you have to ensure this does not happen,
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TAKE A BREAK
Keeper Ledesma Showed Fans a Different Kind of Save
ARBOR ARIES
BASEBALL CHERRIES CHOCOLATE DAISY DIAMOND ENVIRONMENT GARDEN KITE
How a Goalie Helped Rescue a Stricken Spectator
RAINBOW SHOWERS
The European football pitch is often the scene of bitter rivalries and even violence between fans, but spectators at a 2022 match between the Spanish professional football clubs FC Barcelona and Cadiz CF witnessed an entirely different kind of drama. The match was suspended when a spectator in the end zone collapsed. As medical staff rushed to help, the goalie for Cadiz broke from his position, raced to his team’s dugout, retrieved a medical kit with a defibrillator, sprinted back toward the scene, and tossed the kit to the medics. Thanks in part to the defibrillator, which medics used to resuscitate the victim, he was safely transferred to a nearby hospital.
Grilled Steak With Chimichurri Sauce
Many onlookers credit Cadiz’s goalie, Jeremias Ledesma, with averting a tragedy.
It is hard to tell who will step up in a crisis and who will freeze. People who are normally empathetic may shrink back, while sometimes introverts dive in to help, surprising even themselves. Those who respond heroically tend to be hopeful people who take charge in difficult situations — traits professional soccer goalies clearly need. People who step up to help others also tend to have a strong sense of responsibility, another requirement of keepers. The coach of the rival team praised Ledesma’s quick thinking. “We’re talking about a human life, and any human life is above a soccer game,” Barcelona’s coach, Xavi Hernandez, was quoted as saying. Only after the spectator was revived and en route to the hospital did the teams agree to resume the game. Although Cadiz lost the match 4-0, Cadiz fans went home with a different kind of win — global recognition of their goalkeeper’s good deed. Video of Ledesma’s quick response quickly went viral, earning “massive respect” from commenters and worldwide plaudits for heroism.
Ingredients
Inspired by TheSpruceEats.com
For the grilled steak: • 2 lbs steak (flank, sirloin, or skirt steak) • 2 tbsp olive oil • Salt and pepper, to taste
For the chimichurri sauce: • 1 cup fresh parsley, chopped • 2 cloves garlic, minced
• Juice of 1 lemon • 2 tbsp olive oil
• 1 tsp red pepper flakes • Salt and pepper, to taste
Directions 1. Preheat grill to medium-high heat. 2. Rub the steak with the olive oil, salt, and pepper. 3. Grill the steak for 4–5 minutes per side or until it reaches desired doneness. 4. Meanwhile, make the chimichurri sauce: In a small bowl, mix together the parsley, garlic, lemon juice, olive oil, red pepper flakes, and salt and pepper. 5. Let the steak rest for 5 minutes before slicing. 6. Serve the steak with the chimichurri sauce and enjoy!
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528 College Road Greensboro, NC, 27410 336-547-9999 | CherylDavid.com INSIDE THIS ISSUE
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Protect Your Legacy With an Estate Plan – and Save Up to $735!
How to Flourish in Your Retirement Years
How to Be a Successful Executor
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Grilled Steak With Chimichurri Sauce
Soccer Goalie Saves a Fan’s Life
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What We Can Learn From Chaotic Celebrity Probate Battles
Chaotic Celebrity Probate Battles Hold Lessons for All BIGGER STARS, BIGGER MESSES
her an allowance so she could remain in the couple’s home. However, his three children eventually inherited the home, and the widow agreed to a settlement in 2015. Even murkier is the case of Gary Coleman, star of the TV series “Diff’rent Strokes.” Coleman died at age 42 after a fall in his home left him in a coma with a brain hemorrhage. Coleman and his ex-wife, Shannon Price, divorced in 2008, and the actor left his estate to Anna Gray, his personal assistant and former girlfriend, in a 2005 will. Price claimed Coleman created a 2007 codicil that left his assets to her, so the battle dragged on for years. The lesson here? The bigger they are, the harder they fall? Perhaps. But there is also real wisdom to be gained: Don’t do as these celebrities did. Seek professional help with estate planning — long after you’re gone, your loved ones will thank you for it.
In November 2020, after 20 years of leading the high-flying retailer Zappos, Hsieh died alone without a will at age 46 from injuries caused by a fire he set himself, leaving a $500 million estate. He had jotted many of his final wishes only on sticky notes, so his family and friends are still battling in court. After the artist formerly known as Prince died in 2016, no fewer than 700 people claimed to be his descendants. Without a will or named executor, the artist’s estate remained unsettled for years as lawyers, bankers, advisers, and heirs haggled over it. It took DNA testing to clear the fog, qualifying his sister and five half-siblings as his rightful heirs. Relatives of the beloved comedian Robin Williams mounted a long and bitter legal fight over his estate, estimated at more than $100 million. His widow, Susan Schneider Williams, claimed Williams intended to leave
While living celebrities claim an outsized share of our attention, many keep grabbing headlines long after they die. Among crazy celebrity probate cases, few have made a bigger mess than celebrated entrepreneur Tony Hsieh.
Photo: Eva Rinaldi
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