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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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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