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Out of Date Estate Plans

Wealthy people do not have a good excuse for not planning for their estates. People who have means need to make sure that after they pass away, their heirs can inherit their fortunes in a way which minimizes the amount of taxes to be paid to the federal and state governments.

When that is not done, much of the value of an estate can disappear quickly.

Most successful business people are aware of this. A recent survey found that 9 out of 10 entrepreneurs have at least a will, if not more estate planning documents.

However, there is another problem that many of those entrepreneurs are overlooking, as Forbes reports in “Most Successful Entrepreneurs Have Out of Date Estate Plans.”

The survey found that 85% of the entrepreneurs have estate plans that are more than five years old. That is not always a problem.

Newly acquired property can sometimes be accounted for in old estate plans. Tax laws often change though.

If a significant tax law has changed, the way in which an old estate plan handles an estate can be less than ideal. The plan may no longer do what was intended.

What that means is the estate plans of wealthy people need to be reviewed regularly to make sure those plans still do what was intended.

This is something that should be done with the assistance of elder law attorneys who can provide advice regarding laws which might have changed.

Reference: Forbes (Oct. 9, 2017) “Most Successful Entrepreneurs Have Out of Date Estate Plans.”

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