Inheritance or Gifting, Elder Law Attorney, Woodstock, GA

Polls suggest that a majority of Americans would rather give to heirs than leave them an inheritance so that they can see the results of the gift during their lifetimes.

The traditional way of passing wealth down to later generations by giving descendants inheritances does not work for everyone. If a child needs money to start a business now, many wealthy parents would rather give the child the money when it is needed and when they can see the results of the gift. The alternative might result in the child missing out on the business opportunity.

Surveys suggest that a majority of older Americans would prefer to give to heirs now rather than wait to give them inheritances. However, before giving to heirs now there are a few things that need to be considered.

This subject was taken up recently by Merrill Lynch in “Why Make Your Heirs Wait?”

These things include:

If you give to one heir now, other family members might wonder what is going on and might want a gift as well, even if they do not have a pressing need for it. You should talk to your family and make sure everyone knows that a gift now might make their eventual inheritances smaller.
Do not give to your family for selfish reasons. Consider whether the receiver actually needs and wants the gift. Giving someone a responsibility they do not want or are not ready for could be a burden to them.
Do not give away so much that you neglect your own needs. Before giving to anyone take stock of how much money you need for your own retirement.

A qualified estate planning attorney can help you think through your options and remove the emotion from the decision.

Reference: Merrill Lynch (Aug. 2016) “Why Make Your Heirs Wait?”

Suggested Key Words: Inheritance, Gifting

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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.”

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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!

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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.

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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