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Giving to Children Now, Elder Law Attorney, Woodstock, GA


It is traditional for parents to give any inheritances for their children in their estate plans for the children to receive after they pass away. However, some people prefer giving that money to their children before they pass away.

People who have more income than they need for their own expenses, normally do one or more things with their extra money. They invest it, give it to charity or spend it on luxury items they do not really need.

Any money they then have left after they pass away, is typically left to their children in their estate plans. That is what is traditionally done with wealth. It is transferred to the next generation.

However,  The New York Times recently had an article by a man who has chosen to do something else with his extra money. The article is titled “Why I Am Giving My Children Their Inheritances Now.”

The author and his wife are not wealthy, but they make enough to be comfortable and have money left over. They do not wish to spend their extra money on vacations or luxuries. Instead, they have decided to give their extra money to their adult children now.

As a result, their children can use their “inheritance” to meet their current needs or to invest it for their retirements, if they prefer to do that.

This is something that many people would not be interested in doing. On the other hand, anyone interested in doing this should go about it carefully.

Why?

There are possible gift tax implications that need to be considered.

Reference: New York Times (June 9, 2017) “Why I Am Giving My Children Their Inheritances Now.”

 

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