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Your Children’s Retirement, Elder Law Attorney, Woodstock, GA


A new study suggests that an important factor in whether people reach retirement age with adequate resources, is how much wealth they receive from their older family members.

Some people are able to retire comfortably while others are not. The difference between the two groups is often thought to be due to one of two things, if not both.

First, it is believed that those who are able to retire more comfortably than their peers had higher incomes than their peers. Second, it is believed that those with more in retirement did a better job saving and investing money for retirement.

In some cases, both of things are true.

However, a new study suggests there is another important factor between those who retire well and those who do not.

Wealth Management recently discussed the study in “Wealth Transfers Boost Retirement Readiness, Social Inequality.”

The study found that a key factor in retirement readiness is what people receive from previous generations of their family.

Those who receive financial assistance from their parents while their parents are alive and those who receive inheritances are more likely to have security in retirement. That obviously makes sense.

Someone who receives assets from their parents will have more than someone who does not, even if the two people have the exact same incomes and balances in their retirement accounts.

What the study does show is this: if you want your children to have retirement security, you might need to have an estate plan that helps them achieve that.

Reference: Wealth Management (May 19, 2017) “Wealth Transfers Boost Retirement Readiness, Social Inequality.”

 

Hear From Our Clients
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“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