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 Zip Code 41603

Longevity and unusual family relationships can complicate estate planning in Zip Code 41603


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 KY 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 KY 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 Zip Code 41603
Blackburn Gregory A
990 Central Ave
South Williamson, KY 41503
(606) 237-9922
Attorneys, General Practice Attorneys
Robinson Calvin Ray
202 1/2 W 3rd St # 7
Owensboro, KY 42303
(270) 684-9838
Attorneys, Legal Service Plans
Varney Cecil C
601 Central Ave
South Williamson, KY 41503
(606) 237-9800
General Practice Attorneys, Attorneys, Legal Service Plans
Green, Donald R Jr
730 Clark St
Paducah, KY 42003
(270) 444-9651
Attorneys
Owens James W Law Firm
730 Clark St
Paducah, KY 42003
(270) 444-9651
Attorneys, General Practice Attorneys
Satterfield Dixie R
1703 Cameron Way
Bowling Green, KY 42103
(270) 793-9575
Attorneys, General Practice Attorneys
Schafer Michael A
440 S 7th St # 200
Louisville, KY 40203
(502) 584-9511
Attorneys Referral & Information Service, Attorneys, General Practice Attorneys, Legal Service Plans
Elam-Krizan Amy
811 S 2nd St
Louisville, KY 40203
(502) 992-9427
Bankruptcy Law Attorneys, Attorneys, Legal Service Plans
Franklin Berry
996 Wilkinson Trce
Bowling Green, KY 42103
(270) 793-9300
Attorneys, Wills, Trusts & Estate Planning Attorneys, Elder Law Attorneys
Berry Jr A Franklin
996 Wilkinson Trce # B1
Bowling Green, KY 42103
(270) 793-9300
Attorneys
Boswell Clifton A PLC
326 Saint Ann St
Owensboro, KY 42303
(270) 926-9295
Accident & Property Damage Attorneys,  Attorneys,  Personal Injury Law Attorneys,  Medical Malpracti
Campisano Law Office
436 S 7th St
Louisville, KY 40203
(502) 650-9276
Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  Divorce Attorneys
Richard P Green Law Office
436 S 7th St
Louisville, KY 40203
(502) 795-9260
Attorneys,  Wills, Trusts & Estate Planning Attorneys,  Personal Injury Law Attorneys,  Estate Plan
Sims, Van F
425 S 6th St
Paducah, KY 42003
(270) 442-9237
Attorneys, General Practice Attorneys, Legal Service Plans
Allison Joseph Attorney
771 Corporate Dr Ste 905
Lexington, KY 40503
(859) 219-9090
Attorneys, Legal Service Plans
Paralegal Professional Services Inc
1018 S 4th St
Louisville, KY 40203
(502) 585-9005
Paralegals
Bundrick Dave
222 Walter Jetton Blvd
Paducah, KY 42003
(270) 442-9000
Attorneys, Legal Service Plans
Edwards & Kautz
222 Walter Jetton Blvd
Paducah, KY 42003
(270) 442-9000
Accident & Property Damage Attorneys,  Attorneys,  Criminal Law Attorneys,  DUI & DWI Attorneys
Edwards & Kautz PLLC
222 Walter Jetton Blvd Paducah
Paducah, KY 42003
(270) 442-9000
Criminal Law Attorneys,  Attorneys,  Accident & Property Damage Attorneys,  Personal Injury Law Atto
Edwards, Mark - Edwards & Edwards
222 Kentucky Ave
Paducah, KY 42003
(270) 442-9000
Attorneys,  Criminal Law Attorneys,  Personal Injury Law Attorneys,  Insurance Attorneys,  Litigatio
Troutman David
222 Walter Jetton Blvd
Paducah, KY 42003
(270) 442-9000
Attorneys, Legal Service Plans
Tveite Chuck
222 Walter Jetton Blvd
Paducah, KY 42003
(270) 442-9000
Attorneys, Legal Service Plans
Donald R Green Jr
433 Adams St
Paducah, KY 42003
(270) 443-8992
Attorneys, Legal Service Plans
Cowan Law Office PLC
2401 Regency Rd Ste 302
Lexington, KY 40503
(859) 523-8883
General Practice Attorneys, Attorneys
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US