March 2017

Powerful Protection for Your Child’s Inheritance—Part 1

All too often, when clients first approach our office or

when we first meet with other professionals such as finan-

cial advisors or CPAs, we find that the focus is on antici-

pated expenses like avoiding probate costs and minimizing

taxes. And while those are certainly important endeavors,

we’ve found that many people overlook some of the big-

gest risks to their family—creditors, predators, and divorce.

While we’ve touched upon these issues briefly in past

newsletters, I thought it was worth taking a deeper dive

into them here. With a comprehensive estate plan, parents

and grandparents have a tremendous set of tools they can

use to protect the assets that they leave to their family.

The Pitfalls of “Traditional” Estate Planning

A typical traditional estate plan might consist of estate

planning documents such as a will, a trust, and beneficiary

designations that leave clients’ assets to their surviving

spouse, and then to their children, outright. The planning

might include some basic provisions in case a child is rela-

tively young, such as under 21, but once the child turns 21,

any remaining funds are turned over to the child outright.

Potential Risks to Your Child’s Inheritance

What this type of “traditional” estate planning might ne-

glect, however, are the potential risks and “speed bumps”

that could come along in your child’s life. Here are a few

examples:

• Personal Injury Claim: If your child causes a car ac-

cident, or someone is injured in their home, and as a

result, your child gets sued, your child’s personal as-

sets, including inherited assets, are at risk to the law-

suit judgment.

• Professional Liability: Depending on your child’s

profession, your child may be at risk of being sued for

malpractice. At-risk occupations include medical pro-

fessionals, legal professionals, contractors, builders,

architects, business owners, and similar. Without pro-

tection, your child’s personal assets, including inherit-

ed assets, could be lost in the lawsuit judgment.

• Disability: If your child is injured in an accident or

has a catastrophic health event that leaves them disa-

bled, they may be forced to spend nearly all their per-

sonal assets (yes, including inherited assets) before

qualifying for government assistance for medical care.

• Divorce: Statistics indicate that almost one out of eve-

ry two marriages ends in divorce. Therefore, your

child’s inherited assets could be at risk to a future di-

vorce settlement.

• In-Laws: If your child dies, typically their assets, in-

cluding anything inherited from you, pass to the sur-

viving spouse—your son-in-law or daughter-in-law.

Do you trust—or like—your son-in-law or daughter-

in-law enough to give them your child’s inheritance?

What can we do about these pitfalls?

We’ll discuss it next month.

Can’t wait that long? Come to one of our

seminars or give us a call.

Jackie Bedard, Author and Estate &

Long-Term Care Planning Attorney

Get Your Ducks In a Row! Estate & Long-Term Care Planning News

from Carolina Family Estate Planning

Carolina Family Estate Planning

51 Kilmayne Dr., Suite 203, Cary, NC 27511

919-694-4437 | CarolinaFEP.com

Facebook.com/CarolinaFEP

Practice Areas:

Wills • Living Trusts • Asset Protection Trusts Powers of Attorney • Health Care Directives • Living Wills

Long-Term Care Planning • Medicaid Planning Veteran’s Aid & Attendance Benefits

Special Needs Planning • Children’s Safeguard Planning Probate & Estate Administration • Trust Administration

This publication is for general education purposes. It is not intend-

ed to be legal advice. This newsletter may be freely copied and

distributed so long as it is copied in its entirety.

We’re kicking off a new series where we highlight the

hometowns of our team members at Carolina Family Es-

tate Planning. This month, Client Services Coordinator

Robyn Keller shares why we should all visit Chattanooga!

I have called NC home for over 20 years, but Chattanooga,

TN is my hometown. The mighty little city of Chattanooga

is nestled in the southeastern corner of the State, along the

winding Tennessee River.

Chattanooga plays host to museums, theaters, scenic at-

tractions, historical sites, and the best regional fare in the

South! The downtown area is peppered with a variety

things to do and see like the Historic Choo Choo Hotel.

Once a terminal train station, the original 1909 bones still

live on with visitors able to rent a train car, instead of a

traditional hotel room, for the night.

You can leave your car and take an electric shuttle from

the Choo Choo straight down to the banks of the Tennes-

see River where you will find the Tennessee Aquarium.

Once the world’s largest freshwater aquarium, this jewel

sits atop a water-themed historic park that tells the stories

of Chattanooga’s native people, rich cultural heritage, and

historical significance to the river.

Bridging the banks of the river spans the longest walking

bridge in the world! The Walnut Street Pedestrian Bridge

was first built in 1891 and stretches an enormous 2,376

feet. It is a haven for runners, dog walkers, and those just

wanting to enjoy the winding foot paths on both sides of

the river.

The bridge will take you to the North Shore and Coolidge

Park, where you can find a 1894 Dentzel antique carousel.

The 52 hand-carved animals were restored by a local mas-

ter woodcarver and his team. You can climb aboard a

dancing elephant or a whimsical fish and enjoy the classi-

cal sounds of calliope band organ for just $1!

You can’t leave the downtown area until you have seen the

Hunter Art Museum. Perched high above the river on an

80-foot limestone bluff overlooking the Aquarium and

Coolidge Park, the Museum began as a 1909 mansion that

has grown over time to incorporate American works of art

from the Colonial Period through Modern Day.

The Southern Belle Riverboat will treat you to the sites

and sounds of the city on a 450-passenger vessel that was

We are dedicated to delivering first-class service to our

clients. It is an honor when clients, partners, and friends

refer their family and friends to us. We would like to

thank the following people for telling others about us:

Tracy Taylor, Abbotswood at Stonehenge

Linda Ward, Ward Family Law

Robert Villareal, Charles Schwab

Cary Magazine

Dave Lincoln

Coastal Wealth Management

Sommer Prestianni, Heartfields at Cary

William Mathews

Dan Thomason, First Citizens Bank

Cary Newcomers Club

Cary Senior Center

Mark Kean, Kean Group, Merrill Lynch

Bob Watral, Ameriprise Financial Services

Western Wake Law

Judy Fourie, Fourie Group

Barbara Moore

Mary Toland

Hurley Elder Care Law

Pat Nalluswamy

Anthony Paterno

My Hometown: Chattanooga, TN by Robyn Keller

built especially for the Tennessee River. From the river to

the mountain top, you have to check out America’s Most

Amazing Mile at the Incline. At the world’s steepest in-

cline train ride, enjoy a 72.7% grade, near-vertical trip up

the side of Lookout Mountain!

In addition to the downtown attractions, Chattanooga is

also home to the nation’s first and largest military park,

Chickamauga. With its unique location and access by river

and rail, Chattanooga saw some of the most strategic and

fierce turf battles of the Civil War. Monuments, muse-

ums, and historic sites can be found all around the city and

Lookout Mountain. Don’t miss an opportunity to enjoy

this great hometown!

Thank You For Introducing Your

Friends & Family to Our Office!

Nala’s Nook

Dislike raw broccoli? Try this delicious recipe from Jackie Bedard. You might just change your mind.

Ingredients

Honey Yogurt Dressing

1/2 cup plain Greek yogurt

1/4 cup light mayonnaise

1 Tbsp apple cider vinegar

1 Tbsp honey

1/4 tsp salt

Freshly cracked pepper

Salad

4 cups broccoli florets

1/4 red onion

1 carrot

1/3 cup dried cranberries

1/4 cup sunflower seeds

Nalsworth Dogglethorp, III, Esq. here (a.k.a, Nala). Okay, now that you've

made it through all that serious mumbo-jumbo, let’s have some fun. My

job is to bring you something fun or interesting each issue:

Broccoli Salad with Honey Yogurt Dressing

Instructions

Prepare the dressing by stirring together the yo-gurt, mayonnaise, vinegar, honey, salt, and some freshly cracked pepper. Set the dressing aside.

Cut the broccoli into very small florets. Place the florets in a colander and rinse with cool water, then drain. Peel the carrot, then use a large-holed grater to shred the carrot. Slice the red onion into paper thin strips. Add the rinsed and drained broccoli to a large bowl, along with the shredded carrot, sliced onion, cranberries, and sunflower seeds.

Pour the prepared dressing over top, then stir until coat-ed. Let the salad marinate for 10-15 minutes before serv-ing. I like to add grilled chicken for a little protein. Enjoy!

We want your mom’s pearls of wisdom!

For Mother’s Day in May, we are planning to print some lessons we’ve

learned from our mothers. Do you have a one of your mom’s pearls of wisdom you

would like to share with our readers? Email it to newsletter@carolinafep.com, and

we’ll print some of your favorites.

Upcoming Free Seminars: RSVP required

March 22nd: 10:00 am • March 30th: 6:30 pm • April 13th: 6:30 pm

Register by phone: 919-694-4437 or online: seminars.carolinafep.com

Planning for the 2nd Half of Life in these Political and Economic Times…

11 Threats to You, Your Family, and Your Assets

Can’t attend? Call us & we’ll update you about future presentations or other resources.

What’s the Story Behind this Fun Photo?

Our new feature on page two

highlights one of our team

member’s hometown. This month

we are featuring the hometown

of Robyn Keller, our Client Ser-

vices Coordinator. This happy little

girl, is Robyn’s daughter, Katie,

enjoying the carousel at

Coolidge Park in Chattanooga, TN.

Turn to page two to learn more

about all this great hometown

has to offer!

CAROLINA FAMILY ESTATE PLANNING

51 Kilmayne Dr., Suite 203

Cary, NC 27511

Phone: 919-694-4437

www.CarolinaFEP.com

What’s New at Carolina Family Estate Planning

inside this issue

For up-to-date information and recent announcements, remember to

Page 1

Power Protection for Your Child’s

Inheritance, Part 1

Page 2

My Hometown: Chattanooga, TN

Thank You for Thinking of Us!

Page 3

Nala’s Nook: Broccoli Salad

Upcoming Seminars

Page 4

What’s New at CFEP