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Planning a Successful Succession, Elder Law Attorney, Woodstock, GA


Transferring wealth to successive generations is not an easy matter. One study found that it is something that 70% of wealthy families fail to do successfully. What are the 30% doing that everyone else is not?

Most wealthy people have or will have estate plans. These plans will carefully lay out how money and other assets should be distributed to succeeding generations. The plans will often include how any business operations should be handled.

The estate plans themselves are mostly solid. However, as cited in Denver Postarticletitled About to inherit? Tips for avoiding family fights and tax trouble,” a study conducted by U.S. Trust found that some 70% of estate plans created by wealthy families fail to function as intended.

Why?

The reason most plans fail is due to lack of communication.

Succeeding generations destined to inherit the family wealth and business interests need to know what to expect and what to do when the time comes. Just as important, they also need to have plans of their own regarding the action they will take when the wealthy family member passes away. When they do not know what to expect and what to do, family feuds tend to erupt.

It is not enough to just have an estate plan. That plan needs to be communicated to those who will inherit through the estate plan. A good way to start the communication is to speak with your elder care or estate planning attorney about exactly what needs to be told to whom and when.

A good rule of thumb is to communicate early and often.

Reference: Denver Post (October 26, 2014) About to inherit? Tips for avoiding family fights and tax trouble

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