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Counting on an Inheritance to Retire, Elder Law Attorney, Woodstock, GA

A new survey suggests that many Americans are counting on receiving an inheritance to retire on instead of saving enough for retirement themselves. This has the potential to create disasters for several reasons.

Recently CNBC published the results of an inheritance survey about the retirement plans of people from several nations. The survey included 1,000 Americans and revealed interesting results, which were published in a CNBC article titled “Retirement plan workaround: Inherit enough to live on.”

It turns out that nearly half of working Americans surveyed expect to receive an inheritance large enough to meet their living expenses in retirement.

One of the big problems with this is that the older generation, the one that is supposed to be leaving these inheritances, is increasingly preferring not to leave large inheritances to their families. They prefer to give money to family now to meet current needs so they can see the fruits of their gifts during their own lifetimes.

So, what does this mean? Perhaps the expected large inheritances will not exist at all.

Even if the inheritances do come to fruition, if the money is spent for retirement then there is unlikely to be much left for later generations to inherit.

If you have children who you suspect may not be saving for retirement and instead counting on receiving a large inheritance, it might be a good idea to talk with them about what to expect after you pass away.

Better yet, visit an estate planning attorney to structure an estate plan that ensures there will be assets for your grandchildren to inherit as well.

Reference: CNBC (May 4, 2015) “Retirement plan workaround: Inherit enough to live on.”

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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