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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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“On the threshold of retirement, we finally decided to quit thinking we could self-prepare the requisite documents. We had previously had only a very simple will. We needed the necessary legal (including updated will) & health care docs but didn’t want to deal with the time & complication of legalese. Cindy made the process relatively painless. She took the time to explain and answer questions without trying to upsell services. We were done in 2 meetings plus the reading of emailed drafts. In addition to preparing the documents, Nelson Eldercare will be there when our adult children need advice on executing the plans we’ve put in place.So glad it’s behind us and would recommend Cindy and her helpful staff.”

- Bonnie

Cindy and her company treat their clients like family. Nelson’s offers clear, direct, and honest guidance in planning for your families security and future. No one wants to actively sit down and make these decisions, but Nelson’s makes this process seamless. I was so impressed with their willingness to answer all questions big or small. So glad I made the decision have them help my mom and dad and now me. You can’t go wrong with Nelson’s Elder Care Law.

- Hope

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

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

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