Eagle & Fein - February 2021

Eagle & Fein - February 2021

FEBRUARY 2021

E AGLE A ND F EIN . COM

317-726-1714

Meet the 4-Legged Friends in My Estate Plan

WELCOME TO THE LINNEWEBER FAMILY, ARCHIE!

Last November, my wife and daughter decided that we needed to get a puppy. They had three main arguments:

1. My daughter Elliott was stuck at home doing e-learning because of the pandemic, and she thought a puppy would be great company. 2. Elliott is graduating soon, and my wife thought a second dog would help fill the gap she will leave behind when she goes to college. 3. They both thought that our 8-year-old Goldendoodle, Stella, could use a buddy. I still was not convinced, but then our vet got on board. They suggested that a young male puppy would be a good companion for Stella at her age. So, I relented. Why did I even bother arguing? A few days later, we brought Archie the Bernedoodle home. This is my first time having a puppy in the house, and oh boy, has it been an experience . In the past, my wife Danielle and I have always adopted dogs that were already at least 6 months old and housebroken, including Stella and our last dog, Chick. Thank goodness Archie is adorable because he gets in trouble so often that his name might as well be, “Archie, no!” That said, Stella is really enjoying him and they play together quite a bit. Archie has definitely brought some fun into her senior years. I have to admit that I fell for him, too. I have always loved how excited Stella gets whenever I come home from work, and now Archie is there wagging along with her — what an awesome greeting. Sometimes I think the dogs are even happier to see me after work than my wife and teenager. Now that Archie is here, our family is including him in our pet traditions. One of those traditions is having a celebration on Valentine’s Day that is all about the dogs. Feb. 14 was the day Danielle and I picked for Chick’s birthday, and even after she passed, we kept up the tradition of celebrating it with Stella.

Having a dogs’ day on Valentine’s Day is great because it takes the pressure off Danielle and me to do something wild and romantic. Instead of spending a lot of money on each other, we splurge on the pets! Archie will be spoiled with plenty of toys and treats this month. Our other pet tradition is adding our dogs to our estate plan. After we got Stella, Danielle and I wanted to make sure she would be taken care of if something happened to us, so we added provisions for her into our plan. It gave us both a lot of peace of mind to know she would be okay. Now, we need to add Archie, too! That second tradition might have surprised you, but I actually help a lot of our clients here at Eagle & Fein with pet trusts. Some of them have really extensive provisions. They leave behind significant amounts of money for pet care and detailed instructions about who can take ownership of their four-legged friends. If that sounds like something you would do, you can read more about pet trusts on Pg. 3. They really are a great option for animal lovers. I enjoy working with those clients because I understand the happiness and joy pets bring. Even when Archie is piddling on the rug or biting my ankle, he always makes me smile! I hope this photo of him and Stella brings you a bit of joy, too. Feb. 20 is National Love Your Pet Day, so I figured this was the perfect time to share it. If you have a dog or cat at home, give them a hug from me! – Scott Linneweber, Associate Attorney

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February is the month when many of us give up on New Year’s resolutions. We lose motivation, or life simply gets in the way. If you find yourself sitting on the couch more than you did in January, when you may have been actively pursuing your fitness goals, consider this permission to sit a little while longer: Rest days are good for you! Here’s why. Your body needs to move. Exercise has many benefits, but from a survival standpoint, exercise and movement help your body perform daily functions with ease. But that’s not when your body gets stronger. It’s actually on the days you choose to rest that your muscles and joints improve as a result of your exercise. Exercising creates tiny tears in your muscles. (Maybe that’s why it burns so much!) In the regeneration process — aka your rest days — the muscle is built back stronger than it was before. That’s why incorporating rest days into your workouts ensures you can climb up from 5 to 10 to 15 pounds for dumbbell curls or run more miles in a faster time than last week! RELAX A LITTLE Why Rest Days Are Good for You!

Beyond the improvement and fitness goals you have, rest days can also be essential to preventing injuries. Your body won’t become overworked, and your muscles get the necessary respite they need. Fatigue won’t set in as quickly, and you will find that you can do more as you properly incorporate rest days into your schedule. Fitting rest days into your daily routine is easier than you may think, but it sadly doesn’t involve sitting on the couch for too long. You should always find a way to move at least once each day. If you want to try running, start by running three days each week. On your “off” days, incorporate some yoga, go for a leisurely walk, or focus on your arms and shoulders. This gives your legs and core a break from running while you still get the benefits of movement. (Plus, on the days you run, you will get a break from yoga or weightlifting!) It’s okay if you haven’t met your resolution goals just yet, but don’t give up! Find a way to add more rest into your routine, and you just might be more invigorated than ever before.

We Are Better Off Together

In a 2017 article for The Globe and Mail, the president of PayPal Canada wrote, “Strategic partnerships benefit everyone: businesses, employees and customers.” This was not idle speculation. PayPal has a long history of partnerships ranging from eBay to the Toronto Parking Authority, and though they have not all lasted, it is difficult to argue with the success of the company, which recently brought in $20.3 billion in revenue in one year. Not every company has the resources of PayPal, but history shows that almost all businesses benefit from partnerships. This Valentine’s Day, consider these three perks when you are debating making the plunge and partnering your company with another. 1. Two heads are more creative than one. Partnerships, either between founders or companies, spark creativity. The partners can exchange ideas, improve on each other’s visions, and share game-changing advice. Ben & Jerry’s ice cream, for example, wouldn’t be the same if Ben Cohen and Jerry Greenfield had not joined forces. Cohen suffers from anosmia and cannot taste or smell, so he masterminded the ice creams’ texture while Greenfield focused on flavor. Left alone, Greenfield might have made smooth, unremarkable ice cream, and Cohen might have made terrible tasting pints.

can gain more traction than they would alone. Look at DoorDash, which recently had a successful IPO that valued the company

at $72 billion. By partnering with restaurants, the app made a place for itself in the market and brought local eateries more income by helping them reach new diners. That is a textbook win-win. 3. Referrals make the business world go round. Companies do not have to actually go into business together to be partners, of course. Referral partnerships are just as valuable. In fact, a 2017 Alignable survey found that 85% of business owners say word-of-mouth referrals are the best way to acquire local customers. Whether the companies in question are in the same industry or two separate ones, they can both leverage the power of referring clients to each other for mutual benefit.

2. Collaboration can increase business opportunities. When two companies work together and bundle their products or services, they

Do you have a referral for us or a partnership opportunity we should know about? Reach out today — we would love to hear from you.

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Set Your 4-Legged Friends Up for Life

SUDOKU

By Adding a Pet Trust to Your Estate Plan

‘My Furry Valentine’ Pup Snacks

If your pet is your best friend, then you have probably given some thought to what will happen to them when you pass away. Maybe you have a relative who you think would make a great pet parent and have money set aside for their care — but are your plans protected by law? On Pg. 1 of this newsletter, Scott told you about adding his dogs to his estate plan. Our clients do this to guarantee their furry friends are set for life, and the process is easier than you might think. All you need to do is set up a pet trust. What is a pet trust? A pet trust is an extension of your estate plan that allows you to leave money and items directly to your pet. The trust will last until your pet dies. In your trust, you can specify whom you would like to care for each animal, give caretaking instructions, and leave money specifically for your pet’s vet bills and other expenses. Sometimes, people take this to the extreme. In 2007, for example, heiress Leona Helmsley left $12 million to her Maltese, Trouble. In cases like that, a judge can reduce a pet’s inheritance if a family member challenges it in court (Trouble’s was cut to $2 million), but our clients rarely have to worry about this. What other options are there? If you truly trust the person who will be taking your pet(s), you can make a direct gift to the caretaker in your will, with a letter of final wishes to ensure they get custody of your pet immediately. This is an easier way of providing money for your pet’s essentials, but it is not as secure as a pet trust because the beneficiary could always give the pet away at a later day, or even pass away themselves without providing for continued care. How do I get started? To make sure your pet is taken care of in your estate plan, all you need to do is set up an appointment with us. We can lay out your options and help you pick the best strategy for your case. To get started, call us at 317-726-1714 or visit EagleAndFein.com.

Who needs a Valentine’s Day date when you have a furry friend at home? This Feb. 14, show your pooch your love with these frosty strawberry dog treats. Use a heart-shaped silicone mold to make this snack extra festive.

INGREDIENTS

•

1/2 cup plain yogurt

•

1/4 cup frozen strawberries, puréed

DIRECTIONS

1. Fill each heart in the mold 3/4 full with yogurt.

2. Freeze the yogurt hearts for 1 hour.

3. When the yogurt is set, add the puréed strawberry on top of each heart to fill the rest of the mold.

4. Freeze for another hour, then share the tasty treats with your dog!

Note: If you don’t have a heart-shaped mold, you can freehand your treats on a parchment paper-lined baking sheet. Freeze 1 tbsp dollops of yogurt for an hour, then top with 1/2 tbsp of strawberry purée and freeze another hour.

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INSIDE THIS ISSUE

1 Meet Archie, Scott’s New Puppy! 2 You’re Building Muscle While You Rest 3 Ways Partnerships Help Businesses Grow 3 How to Set Your 4-Legged Friends Up for Life ‘My Furry Valentine’ Pup Snacks 4 Is Air Travel as Risky as You Think?

Back in March, when the pandemic first started to affect our daily lives, the number of U.S. airlines’ international passengers fell by 53% from the previous year. In April, the difference was even more stark — a drop of around 96%. People didn’t trust that they would be safe from COVID-19 on airplanes, and why would they? Whether earned or not, airplanes have a reputation for being flying

that means you risk catching COVID-19 only if someone who’s infected is sitting directly next to, in front of, or behind you. However, that doesn’t account for people moving about the cabin on flights, so take that into consideration. BLOCKING THE MIDDLE SEAT Some airlines have tried to create social distancing between passengers by leaving the middle seat open on flights. According to research from Arnold Barnett, a professor at Massachusetts Institute of Technology, this does seem to reduce the number of passengers contracting COVID-19. Additionally, Barnett recommends that passengers try to get the window seat, since that’s where you’ll have the fewest points of contact with other passengers. It’s not quite 6 feet, but it’s better than nothing. PASSENGERS WEARING MASKS Most airlines mandate that passengers wear a mask during boarding and while flying, though some do allow passengers to take them off to eat and drink. Masks are still the best way to prevent the spread of COVID-19, even on airplanes. Back at the beginning of the pandemic, a man who later tested positive for COVID-19 flew all the way fromWuhan to Toronto but wore a mask the whole time. No other passengers were infected. While the risks may be less severe than you thought, you should still exercise caution. Practice social distancing during the boarding and disembarking processes as best you can and keep up to date on any outbreaks at your destination. Just because things are safer than you thought doesn’t mean you should throw caution into the air filtration system.

IS IT SAFE TO FLY DURING THE PANDEMIC?

AIR TRAVEL MAY BE LESS RISKY

THAN YOU THINK

petri dishes. That said, flying may be safer than you think, even if there are still some risks. Here are some of the ways airlines are taking precautions to minimize those risks. USING HIGH-QUALITY AIR FILTRATION The air filtration systems on airplanes are built to stop respiratory viruses from spreading. Air quality experts recommend that air in confined spaces be replaced six times per hour. Filtration systems on planes replace the air around 20–30 times an hour. In practice,

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