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“
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.
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!
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.
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!
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!