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What to Leave to Your Family, Elder Law Attorney, Woodstock, GA


Throughout your life, you have most likely accumulated many different types of assets. When planning your estate, it is useful to know which of those assets you should leave to your family members.

Estate planning is not just about deciding how much you want to give your heirs. It is also about how you want to give it to them. Specifically, you might need to decide whether a particular asset should be passed along “as is” or whether it would be better to dispose of a certain asset now and reposition its value for maximum benefit to your estate (and your heirs). While every situation is unique, there are some general considerations to keep in mind as Investopedia recently discussed in “Estate Planning: Which Assets Are Best to Leave Your Family.” The three most important considerations are:

 

  • Liquidity – Generally speaking, the more liquid your assets are, the better they are for heirs to inherit. Liquid assets can be easily converted and used by heirs, and the assets do not take up physical space.
  • Sentiment – Assets that might have sentimental value to your heirs should be handled carefully. If more than one person may want them after you pass away, it is often best to discuss how the assets will be handled with those people because later surprises could lead to acrimony.
  • Taxes – It is important to plan how different assets will be taxed after you pass away. You will need to account for both the capital gains tax and the estate tax; thus, it is best to seek the advice of a professional about how to handle taxable assets.

If this sounds like a lot to consider, meet with an experienced estate planning attorney. He or she will help you create the right plan for your situation.

Reference: Investopedia (June 27, 2016) “Estate Planning: Which Assets Are Best to Leave Your Family

Hear From Our Clients
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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