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The Cary Connection FEBRUARY 2024
Cary • Raleigh • Wake • Forest • Chapel Hill
Introducing Cary Tax Planning Tax Planning Solutions for Business Owners
Cary Tax Planning will help you make informed decisions that align with your business.
As a commitment to always listen to your needs and questions about other planning services that would help you, we are proud to introduce Cary Tax Planning as a new practice area. Cary Tax Planning is for business owners looking for tax reduction strategies and proactive advice. Why Cary Tax Planning? There is a gap in the tax preparation and planning market for business owners where consultative, more frequent advising falls short, and not much is offered beyond tax compliance (filing the return). We are able to discuss implementation, offer guidance, keep tabs and perform maintenance on the plan as needed, and assist with tax preparation. We are elevating Cary Estate Planning to become a “one-stop shop” for clients where we can assist with all of their planning needs. As you know, we launched Cary Financial Planning last year for this same reason, and given the small business and entrepreneurial climate in our area, it makes sense to offer tax planning as well. We’ve designed our tax planning services to address the unique needs of business owners. For them, tax season is year-round, and tax planning should be year-round, too. Our consultative approach allows us to take proactive steps to minimize liabilities and maximize resources.
The Driving Force Behind Cary Tax Planning
Leading the charge in this innovative practice area is Steven Lundberg, whom many of you already know from his dedication and expertise in estate planning. Steven joined our team in June 2021 as an Estate Planning Lawyer and made a significant impact through his understanding of estate law and his client- centered approach. Before joining us, Steven was an Attorney Advisor for the Social Security Administration. This role gave him a nuanced understanding of the government’s perspectives and an invaluable insight into tax planning. He graduated with honors from Loyola Law School, earning a master’s of law in taxation. As a certified tax coach, Steven’s approach is comprehensive, empathetic, and always in tune with clients’ needs. Steven’s ability to translate complex tax regulations into clear, actionable strategies is the cornerstone of Cary Tax Planning. The combination of real-world experience and academic excellence makes Steven an ideal leader for Cary Tax Planning. While
guiding our new foray into tax planning, he will still advise clients in estate planning, just as before.
Full-Service Approach to Your Financial Well-Being
At Cary Estate Planning, we’ve always prided ourselves on the trust and understanding we’ve built with you, our clients. This bond is the foundation upon which Cary Tax Planning has been developed. We are here to guide, advise, and support you throughout your planning journey, whether updating your estate planning, consulting on financial planning goals, or providing tax planning services for your business. We are committed to providing informed, personalized strategies that align with your unique circumstances and needs. For more information on Cary Tax Planning, visit the Cary Estate Planning website or give us a call to schedule a virtual introductory tax planning conversation with Steven.
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-Paul Yokabitus
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Celebrate Love With Your Pet VALENTINE’S DAY IDEAS FOR FURRY FRIENDS
Heartfelt Homemade Delights Homemade and health-focused treats are the way to go for pets on this day of love. Bake heart-shaped biscuits for your dogs with nutrient-rich ingredients like pumpkin, peanut butter, or oats. Making little tuna or salmon treats into tiny heart- shaped cakes will be irresistible for cats. These treats are not just delicious but also healthy, ensuring your pets enjoy Valentine’s Day safely. Personalized Gifts and Quality Time Adding a personalized touch to your pet’s Valentine’s Day can make it even more special. Consider a new collar with a personalized name tag or a new fluffy bed or blanket for dogs! Are their toys ratty and chewed up? A new ball or squeaky toy will make their day! If you live in a colder region, a warm sweater for smaller furry friends is a way to show your love. For cats, a new scratching
post (or an upgrade) rubbed with catnip will be a hit. Cats also love laser lights, so this gift will not disappoint, providing hours of entertainment. And after all the activity? Try a new pet brush and a gentle grooming session to help your furry friends relax and feel loved. But above all, the most cherished gift you can offer is your time. Dedicate this day to enjoy a long walk, an extended play session, or simply some quiet cuddle time. These moments of undivided attention and affection are invaluable, reinforcing the loving bond you share with your pet. This Valentine’s Day, let’s celebrate all family members, including the furry ones, in our expressions of love. Our pets, always there for us with unconditional affection, certainly deserve a place in this day of love and joy. Happy Valentine’s Day to all pet lovers and their beloved companions!
As Valentine’s Day approaches, we feel love in the air, not just for humans but also for our cherished pets. It’s the perfect opportunity to show our four- legged family members how much they mean to us. Imagine the excitement and anticipation in their eyes (and the wagging tails) as they receive a special treat made with pure love. Here are a few fun ideas to get you thinking.
In the competitive world of high school athletics, where every second counts and victories are often measured in milliseconds, an incident at the Neenah Cross Country Invitational in Wisconsin reminds us of a fundamental but often forgotten aspect of sports: good sportsmanship. On this race day, amid the blur of sprinting figures and cheering crowds, a moment of true sportsmanship unfolded. Two runners from Stevens Point Area Senior High, Cooper Erickson and Ethan Olds, encountered a fellow competitor, Seppi Camilli, in distress. Camilli had collapsed, his strength waning just shy of the finish line. Erickson and Olds chose empathy over rivalry in a split-second decision that would resonate far beyond the race track. They paused their own race to help Camilli cross the finish line. This act, simple in its execution but profound in its implication, speaks volumes about the values ingrained in these young athletes. It’s a vivid reminder that the essence of sports isn’t solely found in the glory of winning but also in the moments of shared humanity. In extending their hands to a competitor in need, Erickson and Olds demonstrated that real victory lies in lifting each other up, even amidst fierce competition. Beyond the Finish Line Compassion at the Neenah Invitational
This incident is a beacon for young athletes and a reminder for coaches, parents, and spectators alike. It underscores the importance of nurturing not only physical strength and skill in our young athletes but also the values of kindness, teamwork, and respect for others. As Erickson and Olds demonstrated, sometimes the most enduring triumphs on the sports field are those of the heart. The coaches and spectators at the Neenah Invitational witnessed more than a race that day; they witnessed a powerful lesson in character and humanity. In a world where headlines often speak of division and conflict, stories like this inspire us to look beyond the finish line and see the broader horizon of human kindness and fellowship. The spirit of sportsmanship, as shown by these young athletes, is a testament to the true essence of competitive sports — a celebration of shared humanity alongside physical prowess.
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TAKE A BREAK
AQUARIUS CANDY CUPID GROUNDHOG HEART LINCOLN CHOCOLATE PENNSYLVANIA PHIL
History of Pregnancy Testing
PRESIDENTS VALENTINE WINTER
FROM SEEDS TO SCIENCE
From ancient times, human ingenuity has been pivotal in unraveling medical mysteries, and pregnancy testing is a particularly fascinating example. In Egypt, around 1350 BCE, pregnancy testing blended mysticism and early science. Women would urinate on wheat and barley seeds, an intriguing method that modern research has shown to be surprisingly accurate, with a 70% success rate. If barley grew, it indicated a male child; wheat signified a female. Across different cultures, unique approaches emerged. The Greeks, influenced by Hippocrates, developed diagnostic theories based on the four bodily humors. In India, ancient Ayurvedic texts detailed pulse examination techniques for various conditions, including pregnancy, showcasing remarkable observational abilities and a deep understanding of the human body. The Middle Ages saw a curious amalgamation of superstition and the beginnings of scientific inquiry. “Piss prophets” examined urine for its color and clarity, practices that were precursors to today’s urinalysis. A significant advancement came in the 20th century with the discovery of the hormone hCG. This breakthrough led to the first reliable home pregnancy tests in the 1960s, marking a dramatic shift from rudimentary ancient methods and offering greater accuracy and privacy. This journey from ancient seed tests to sophisticated modern diagnostics illustrates the evolution in our understanding of the human body. Those early tests laid the groundwork for the reliable techniques we use today, inspiring us to continue improving our medical knowledge and practices.
Marry Me Chicken Inspired by HealthyLittlePeach.com
Ingredients
• 1/2 cup heavy cream • 3/4 cup sun-dried tomatoes • 1 tsp dried oregano • 1/2 tsp red pepper flakes
• 3 boneless chicken breasts • 1 tsp salt and pepper • 1 tbsp olive oil • 3 cloves garlic, minced • 1 cup chicken broth
Directions 1. Season chicken with salt and pepper. In a skillet over high heat, add olive oil and allow it to heat up. Then add chicken. 2. Let cook for 6 minutes or until golden brown. Repeat on the other side. Remove cooked chicken to a plate and set aside. 3. Reduce heat to medium and add minced garlic, broth, and heavy cream to the skillet. Stir sauce for 1 minute. 4. Add sun-dried tomatoes, oregano, and red pepper flakes to the mixture. 5. Bring sauce to a simmer, then reduce heat to medium-low. Add chicken back to the skillet, coating each side. Cook until chicken reaches 165 F.
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Ask about our Financial Planning services at your next review meeting, or call Cary Financial Planning at 919-694-6945 to learn more!
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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
Meet Steven Lundberg, Your Tax Planning Expert
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Valentine’s Day Pet Pampering
When Compassion Trumps Competition
Marry Me Chicken
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Seeds, Science, and Surprises in Medicine
Lessons From Hoffman’s Estate
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Beyond the Stage PHILIP SEYMOUR HOFFMAN’S ESTATE OVERSIGHT
The situation raised significant questions about how Hoffman’s daughters figured into the estate since they were born after the will’s creation. Thankfully, New York law, like many other states, offers protection for children in this situation, provided there’s no explicit intent to exclude them. Hoffman’s choice not to marry O’Donnell further complicated matters, leading to a substantial estate tax burden. Unmarried, Hoffman’s estate faced a staggering tax rate of up to 40% federally and 16% in New York State, culminating in a potential $14 million tax bill from his $35 million estate. Marital status plays a crucial role in estate tax liabilities, something entrepreneurs with significant assets should note.
The unexpected demise of actor Philip Seymour Hoffman at just 46 shocked the world and brought to light the intricacies of estate planning. His passing left behind a substantial estate worth over $35 million, primarily bequeathed to his long-term partner, Marianne O’Donnell. A glaring issue with Hoffman’s will was its outdated status, failing to encompass his entire family. Drafted in 2004, it only acknowledged his son, Cooper, with daughters Tallulah and Willa, born after that, absent from the document. This oversight necessitated a complex navigation through New York’s probate system, showcasing the need for everyone to update their will regularly.
Photo: Georges Biard
Hoffman’s case exemplifies why proactive and continuous estate planning matters. Regular updates to one’s estate plan can significantly ease the burden on your loved ones during times of grief. It’s a stark reminder to meticulously manage and regularly revise your estate plans, especially for entrepreneurs overseeing considerable assets. It ensures your final wishes are honored, and your loved ones are provided for.
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