Ada-Icon
Required

Planning Mistakes of the Wealthy, Elder Law Attorney, Woodstock, GA


Many wealthy people think they are immune from making estate planning mistakes. That thought is their first mistake. They often commit many more.

When it comes to estate planning most wealthy people have heard about mistakes that other wealthy people have made. They all tend to think they would never make the same mistakes.

However, the wealthy make the same mistakes over and over again, so the most common mistakes are worth repeating in the hopes they will sink in through repetition.

Recently, the Wills, Trusts & Estates Prof Blog published an article titled “Five Estate Planning Mistakes Made By the Wealthy.”

The list includes:

  • Not Making an Estate Plan at all – All too often people think they have plenty of time to make an estate plan and wait until it is too late to make one.
  • Lifestyle Inflation – Wealthy people often think they need to spend a lot of money to project their success and often spend too much in the process.
  • Not Paying Taxes on Time – When wealthy people fall behind on their taxes, the fines and penalties can make the wealth disappear quickly.
  • Not Having a Prenuptial Agreement – It is great for wealthy people to assume that a marriage will work out, but they should plan for what will happen if it does not to protect their wealth.
  • Delegating too Many Financial Matters – Using professionals to assist with finances is important, but it is also important to stay involved and know what is happening with their assets.

Don’t fall prey to these otherwise avoidable mistakes.

Contact an experienced estate planning attorney to help you navigate these shoals.

Reference: Wills, Trusts & Estates Prof Blog (July 18, 2015) “Five Estate Planning Mistakes Made By the Wealthy.”

Hear From Our Clients
tes-prev
tes-next

“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