Ada-Icon
Required

Surprise Millionaires

People normally think that the wealthy are easy to spot by their possessions and lifestyles. However, as some charities in Albany, New York recently found out that is not always the case.

When Phyllis Stone passed away most people in Albany assumed she was an ordinary elderly woman. After all, she lived a simple life in a rundown old home and drove an old beat-up vehicle. However, when the details of Stone’s will began to emerge, it quickly became clear that she was in fact a very wealthy woman.

As reported by the Times Union in an article titled Modest woman turned out to be millionaire next door, Stone had amassed a small fortune worth approximately $6 million.

Most of her estate was left to local charities who never knew she was wealthy or even a potential donor. As it turns out, Stone lived an eventful life and even went to Grateful Dead concerts when she was in her 80s. In addition, she knew members of the band personally.

Most people in Stone’s situation do not think they need an estate plan. Stone was never married and had no children. Similarly situated people are often content to leave their estates through probate to their closest living relatives as provided by state intestacy laws. However, because Stone went to an elder law or estate planning attorney, she was able to devise an estate plan that will do wonders for charities in the community in which she lived. She could have also used her estate plan to give money to specific family members.

Whether you live simply or extravagantly, if you have assets, then you should follow the example of Phyllis Stone and get your estate plan implemented.

Reference: Times Union (August 16, 2014) Modest woman turned out to be millionaire next door

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