12Law Arrow 12Law Arrow  Easy Questions  
12Law Arrow 12Law Arrow Instant Legal Documents
 
 
FINANCIAL & MARITAL

Cohabitation Agreement coming soon!
Separation Agreement coming soon!
No-Fault Divorce coming soon!
Bankruptcy coming soon!
 
 

Longevity and unusual family relationships can complicate estate planning in Mc Lean, IL

Longevity and unusual family relationships can complicate estate planning in Mc Lean, IL


I've learned that regardless of your relationship with your parents, you'll miss them when they're gone from your life.
 
- Maya Angelou


Longevity and complex family relationships (ex-spouses, step-kids, step-grandchildren, extended siblings) are turning the already tricky matter of estate planning into a giant challenge.

It is estimated that more than $20 trillion will be transferred to heirs in the next 50 years — the largest transfer of wealth in U.S. history. People are living longer. Health care costs for seniors are eating up family estates. Reliance on others to feed and care for them and their finances can put more elderly at risk of financial or physical abuse by their caretakers.

The number of Americans age 65 and over has topped 40 million, or 13% of the U.S. population. It's estimated that the 65-plus population will make up one-fifth of the nation by 2050. Health care advances are pushing seniors to even longer lifespans, but are also adding enormous costs.

The fastest-growing age group among seniors is 85 to 94, jumping 30% to 5.1 million the last decade, according to the Census Bureau.

Many people mistakenly believe that Medicare and other retiree benefits will pay for their parents' care. In fact, only long-term health insurance will cover custodial care. Sometimes their children will be responsible for their parents in later life. If the estate is not clearly divided in a will, the children who took care of aging parents often feel that they should inherit more than the siblings who did little.

Sometimes, aging parents dangle the prospect of an inheritance to make sure their children will care for them in their later years. Yet the data suggests that most parents tend to distribute assets equally between children.

Family feuds over inheritance can multiply in blended families. There are ex-wives and ex-husbands, children and stepchildren, parents and stepparents. More than 50% of all first marriages end in divorce and about 75% of divorced people will marry again. More than 40% of American adults have at least one step-relative.

There are no foolproof solutions to the estate planning problem, but talking the issues out when parents are still alive can help. And planning is crucial. People might fight over money. They might fight over over memories. They might even fight over sentimental items. It is best to start planning at the first signs of health problems rather than waiting until you have to be put in a care facility.

Recognize that estate planning is hard. Whenever it involves money, someone always feels that they're on the short end of the stick. There is no perfect formula for the distribution of wealth. But plan you must, because we're all going to die at some point and you want to show your loved ones that you loved them all equally.
 
Personalize & Print a Free IL Last Will Create This Document
Page 1
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Page 8
Page 9
Page 10
 
Personalize & Print a Free IL Living Trust Create This Document
Page 1
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Page 8
Page 9
Page 10
Page 11
Page 12
Page 13
Page 14
Page 15
Page 16
Related Legal Services near Mc Lean, IL
Pintas Mullins Law Firm
368 W Huron St # 100
Chicago, IL 60654
(312) 429-9980
Accident & Property Damage Attorneys, Attorneys
Schweickert & Ganassin,LLP
2101 Marquette Rd
Peru, IL 61354
(815) 780-9934
Accident & Property Damage Attorneys,  Attorneys,  Employee Benefits & Worker Compensation Attorneys
Preferred Capital Funding
368 W Huron St # 200N
Chicago, IL 60654
(312) 204-9933
Accident & Property Damage Attorneys, Attorneys, Legal Service Plans
Law Office
10560 W Cermak Rd
Westchester, IL 60154
(708) 562-9880
General Practice Attorneys, Attorneys
Rose Bruce
10560 W Cermak Rd
Westchester, IL 60154
(708) 562-9880
General Practice Attorneys, Attorneys
Moreau Kenneth
710 Westchester Blvd
Westchester, IL 60154
(708) 343-9870
General Practice Attorneys, Attorneys
Kanoski & Assoc
2930 Court St
Pekin, IL 61554
(309) 353-9828
Attorneys,  Accident & Property Damage Attorneys,  Personal Injury Law Attorneys,  Legal Service Pla
Kanoski Bresney
427 1/2 Court St
Pekin, IL 61554
(309) 353-9828
Accident & Property Damage Attorneys,  Attorneys,  Personal Injury Law Attorneys,  Legal Service Pla
Raccuglia Anthony C & Assoc PC
1200 Maple Dr
Peru, IL 61354
(815) 780-9801
Accident & Property Damage Attorneys,  Attorneys,  Malpractice Law Attorneys,  Employee Benefits & W
Total Attorneys - DUI
PO Box 274145
Sugar Grove, IL 60554
(630) 277-9801
Attorneys, Legal Service Plans
Smoler Law Office
415 N La Salle Dr,Ste 402
Chicago, IL 60654
(312) 332-9800
Admiralty & Maritime Law Attorneys,  Attorneys,  Malpractice Law Attorneys,  Accident & Property Dam
Smoler Robert J
415 N La Salle Dr # 402
Chicago, IL 60654
(312) 332-9800
General Practice Attorneys, Attorneys
Taylor Luke P.
601 Margaret St
Pekin, IL 61554
(888) 798-9765
Attorneys, Criminal Law Attorneys, DUI & DWI Attorneys
Sterling Kevin
411 N La Salle Dr # 2
Chicago, IL 60654
(312) 670-9744
General Practice Attorneys, Attorneys
Krauskopf Stuart
414 N Orleans St # 210
Chicago, IL 60654
(312) 377-9592
General Practice Attorneys, Attorneys, Legal Service Plans
Bradford David J Attorney
353 N Clark St
Chicago, IL 60654
(312) 222-9350
General Practice Attorneys, Attorneys
Jenner & Block Llp
353 N Clark St
Chicago, IL 60654
(312) 222-9350
Legal Service Plans,  Attorneys,  Legal Clinics,  Criminal Law Attorneys,  Bankruptcy Law Attorneys
Weiss Daniel J
353 N Clark St
Chicago, IL 60654
(312) 222-9350
Bankruptcy Law Attorneys
Beverly A Pekala PC
505 N La Salle Dr
Chicago, IL 60654
(312) 222-9333
General Practice Attorneys, Attorneys
Chapter 7 Now
300 N State St # 4328
Chicago, IL 60654
(312) 595-9300
Business Bankruptcy Law Attorneys,  Attorneys,  Bankruptcy Law Attorneys,  Bankruptcy Services
Savitz Stuart M
444 N Wells St # 203
Chicago, IL 60654
(312) 644-9300
General Practice Attorneys, Attorneys
Matthew A Fritz PC
545 N Dearborn St
Chicago, IL 60654
(312) 419-9254
General Practice Attorneys, Attorneys
Weiss Frederick M
210 W Illinois St
Chicago, IL 60654
(312) 321-9200
General Practice Attorneys, Attorneys, Legal Service Plans
Nella E Mariani
221 W Chicago Ave
Chicago, IL 60654
(312) 551-9115
General Practice Attorneys, Attorneys
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US