Unless you are doing a DB to track historical times more than a century ago, using
Modified datetime DEFAULT ((0))
is perfecly safe and sound and allows more elegant queries than '1753-01-01' and more efficientt queries than NULL.
However, since first Modofied datetime is the time at which the record was inserted, you can use:
Modified datetime NOT NULL DEFAULT (GETUTCDATE())
which avoids the whole issue and makes your inserts easier and safer - as in you don't insert it at all and SQL does the housework :-)
With that in place you can still have elegant and fast queries by using 0 as a practical minimum since it's guranteed to always be lower than any insert-generated GETUTCDATE().