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Planning for Your Passion, Elder Law Attorney, Woodstock, GA

Estate planning for complicated financial instruments and business interests is often tricky at best. However, planning for the things people are often passionate about can be the most complicated part of estate planning.

When some people think about investments they think about traditional assets. The kind of assets in which you invest depends on the hoped for return you expect (and the risks you are willing to assume). Securities and real estate are two common assets familiar to most people.

However, there are other people who also think in terms of “tangible items of personal property” when thinking about investments. For example, these people invest in art, wine, collectible toys, vintage cars and much more. In the sense that these things can be sold later for profit, they can be seen as investments.

On the other hand, there is almost always more involved when people make uncommon investments, which is why they are sometimes referred to as “passion assets.” Those who invest in these assets have an emotional attachment to the objects themselves beyond their pure investment value.

Investopedia, in a recent article entitled “How to Handle Passion Assets in an Estate Plan,” discussed how planning for these passion assets can be problematic. One key problem is determining whether heirs want to keep the items or want them to be sold. The answer to that question can make different ways of holding the assets better than others. For example, if heirs want to sell a passion asset, then holding it in an irrevocable trust can create a substantial capital gains tax liability. Alternatively, holding title directly can avoid capital gains taxes but can create estate tax issues if heirs do not also inherit enough liquid assets to pay the tax.

If you have invested in any passion assets, it is important that you consult with an estate planning attorney about the impact on your estate plan.

Reference: Investopedia (Dec. 17, 2015) “How to Handle Passion Assets in an Estate Plan

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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