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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.”

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