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Out of Date Estate Plans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problem that many of those entrepreneurs are overlooking, as Forbes reports in “Most Successful Entrepreneurs Have Out of Date Estate Plans.”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Reference: Forbes (Oct. 9, 2017) “Most Successful Entrepreneurs Have Out of Date Estate Plans.”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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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