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Communicating About the Great Wealth Transfer, Elder Law Attorney, Woodstock, GA


The largest generational transfer of wealth in history is starting to happen. It is important that families talk and make plans for it.

In the next couple of decades, the world will see what many are calling the “Great Wealth Transfer.” Trillions of dollars will flow from wealthy Baby Boomers to their heirs in Generation X and the Millennial Generation.

It is believed to be the largest such transfer of wealth between generations that the world and the U.S. has ever seen. This leads to real concerns whether younger generations are prepared to handle the wealth.

If it is not managed appropriately, then the possibility of all of that wealth being squandered could become a reality, as Private Wealth discusses in “Open Channels.”

Making sure that inherited wealth is not wasted, is something that must be done on a family by family basis. The younger generations need to be adequately prepared to manage inheritances from Day One.

Two basic things are needed to make sure that things go smoothly.

The first is that baby boomers with wealth need to have solid estate plans that appropriately detail how the wealth is to be transferred to heirs. The second is that heirs need to be educated about what to do with that wealth.

All of this starts by talking to heirs about what they will receive and how it should be handled. It also requires making sure that heirs have the appropriate experts to turn to for advice, if needed.

If you have not made plans for the Great Wealth Transfer and your family’s part in it, then speak to an estate planning attorney and get started.

Reference: Private Wealth (March 21, 2017) “Open Channels.”

 

Hear From Our Clients
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I heard Cindy’s presentation at a Senior Luncheon at my church, and was very impressed. She helped my daughter and me understand many aspects of elder law. Josh has also been very helpful in my planning to enter an independent living situation . I have told many friends about them.

- Charlotte

The very best elder law attorney and staff anyone could ever ask for! I have referred a number of clients to Cindy and she never disappoints. She is kind, caring, and extremely thorough in making sure everything is completed as it should be. I highly recommend Cindy for anyone needing lawyer services; she truly goes above and beyond for every client she helps and has had a huge impact in so many peoples’ lives. Thank you, Cindy and staff, for everything that you do- I’m so glad to know you!

- Kerri

Cindy and the Nelson Elder Care Law team are trustworthy and helpful. They are the experts in elder care law. At Leaf Cremation, we entrust our families to the care of the Nelson team when their services are needed.

- Pierce

Josh Nelson, and his staff, have been amazingly helpful to our family. The ins and outs of nursing homes, the rules and regulations that govern Medicare and Medicaid are daunting and the folks at Nelson Elder Care Law have been informative, responsive, and above all, empathetic. I cannot emphasize enough how their service has taken a weight off of our shoulders especially during a world pandemic that has targeted nursing homes across our country. I highly recommend retaining Josh and his firm!

- Marcia

I had a simple legal question to them that I needed answered and they very helpful in giving me the information I needed. I highly recommend them and will reach out to them if I need more advice or assistance. Thank you for taking your time to just answer a couple of questions I had!

- Ben