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Giving It All Away, Elder Law Attorney, Woodstock, GA


A recent trend among the megawealthy is to give all or most of their fortune away to charitable causes either during their lifetimes or in their estate plans. While the intentions are noble, there is a potential drawback that you should be aware of.

Yahoo Finance reports that Apple CEO Tim Cook is the latest wealthy American to announce plans to give his entire fortune to charity. Cook plans to pay for his nephew’s college education and give everything else away.

You can read more about this story in the original article titled “Apple’s Tim Cook will give away all his money.”

This is a trend that started with Warren Buffet, who encourages billionaires to donate at least half of their wealth to charity. The theory is that you can rear your family well enough so they will be able to take care of themselves and not need to inherit the wealth.

However, the big potential drawback to this plan is that family members may not agree that they do not need the inheritance.

In fact, the views of your family members regarding what they need or want might be very different from yours.

It is better to uncover their thinking now before you are gone.

Why?

Because estate litigation can be very expensive and unduly enrich trial attorneys.

Accordingly, if you plan to give all of your wealth to charities, then it is only prudent that you communicate this with your family members sooner rather than later.

It is important that you get your family to buy into the plan while you can.

Reference: Yahoo Finance (March 26, 2015) “Apple’s Tim Cook will give away all his money.”

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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