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Who Will Benefit from the Great Wealth Transfer? Elder Law Attorney, Woodstock, GA


When the Baby Boomers start passing away in greater numbers, the single greatest transfer of wealth in world history will occur, but the benefit might not all go to their heirs.

Generally speaking, throughout their lives, the Baby Boomer generation has amassed more wealth than any previous generation.  Since they cannot live forever or possibly spend everything they have, much of that wealth will be inherited by their children and grandchildren.

At least, that is where most Baby Boomers who have wealth hope it will go.

The problem is that not enough people have taken the steps necessary to ensure that their wealth does pass as desired.

The Wills, Trusts & Estates Prof Blog recently discussed this subject in “When Wills Become Won’ts.”

The source of the problem is that a significant number of heirs and beneficiaries think the distribution of estates is unfair. That can be bad for an estate by itself, but it is made even worse by the fact that a significant number of parents have not discussed their estate plans with their children.

When a person first hears about an estate distribution after a family member passes away and believes that distribution to be unfair, then the main ingredients are present for a battle over the estate in court.

Estate litigation is very costly and can bleed an estate of much of its assets.

What that means is this: if Baby Boomers are not careful, then much of their great generational wealth will go to lawyers instead of their children.

Reference: Wills, Trusts & Estates Prof Blog (May 28, 2017) “When Wills Become Won’ts.”

 

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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!

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