Prepare for Historical Wealth Transfer, Elder Law Attorney, Woodstock, GA

Over the next few decades, the largest transfer of wealth from one generation to another will occur. Americans are largely unprepared for it.

Imagine that you had $3.2 trillion. Imagine that you were about to give all of it to someone else. If you did not prepare for how that money would be transferred and what the receiver should do with it, then you might assume that a lot of that money would go to waste.

People who are not prepared to receive large sums of money, do not normally deal with it well. This is especially true, if they are unprepared.

Collectively, that is exactly where the U.S. finds itself today.

The Baby Boomer generation will transfer $3.2 trillion to their heirs. Most people have not made proper preparations.

All of this is according to a new report from the Royal Bank of Canada Wealth Management, as reported by Private Wealth in “Americans Unprepared To Transfer Trillions, Report Says.”

Most Baby Boomers did not talk to their parents about their inheritances.

In turn, Baby Boomers have continued that tradition and are not communicating with their children about what they stand to inherit and how to manage it. Most do not even have wills, let alone any sort of comprehensive estate plan or wealth transfer plan.

While that might not seem like a big deal for any one family, it is a huge issue for the nation as a whole. Without proper preparation, there is a good chance that much of the $3.2 trillion could be wasted and lost.

If you plan to leave an inheritance to your children, it is important that you talk to them about it and what they should do to preserve it. It is also important to go to an estate planning attorney and make sure that the wealth transfer is done properly.

Reference: Private Wealth (Feb. 2, 2017) “Americans Unprepared To Transfer Trillions, Report Says.”


Hear From Our Clients

“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