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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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“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