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 49792

Longevity and unusual family relationships can complicate estate planning in Zip Code 49792


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 MI 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 MI 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 49792
Granzeier & Blankenship
2630 Biddle Ave
Wyandotte, MI 48192
(734) 285-9920
DUI & DWI Attorneys,  Attorneys,  Criminal Law Attorneys,  Personal Injury Law Attorneys,  Traffic L
Stuart Pinsky
3280 E 13 Mile Rd
Warren, MI 48092
(586) 558-9642
Attorneys, Family Law Attorneys, Divorce Attorneys, General Practice Attorneys, Legal Service Plans
Elizabeth DiSanto
2218 Biddle Ave
Wyandotte, MI 48192
(734) 720-9555
Family Law Attorneys,  Attorneys,  Legal Document Assistance,  Criminal Law Attorneys,  Mediation Se
Babi & Sanfield PLLC
28850 Mound Rd
Warren, MI 48092
(586) 573-9000
Attorneys,  Bankruptcy Services,  Criminal Law Attorneys,  Bankruptcy Law Attorneys,  Financial Serv
Babi & Sanfield
28850 Mound Rd
Warren, MI 48092
(586) 573-9000
Attorneys,  Bankruptcy Services,  Criminal Law Attorneys,  Bankruptcy Law Attorneys,  Financial Serv
Nahhat Edward
29199 Ryan Rd
Warren, MI 48092
(586) 573-8900
Attorneys
Ortner Betty A
1815 Ford Ave
Wyandotte, MI 48192
(734) 284-8283
Divorce Attorneys, Family Law Attorneys, Attorneys, Legal Service Plans
Bishop Gregory A
1932 Ford Ave
Wyandotte, MI 48192
(734) 284-8200
Attorneys, Legal Service Plans
Kelly L. Leimback, PLLC
3173 Biddle Avenue
Wyandotte, MI 48192
(734) 288-8118
Child Custody Attorneys, Criminal Law Attorneys, Divorce Attorneys, DUI & DWI Attorneys, Wills, Trus
Gilbert, Gregory L
2427 Fort St
Wyandotte, MI 48192
(734) 285-8020
Attorneys,  Social Security & Disability Law Attorneys,  Social Security Consultants & Representativ
Zorza John Atty
5120 University Ave
Warren, MI 48092
(586) 573-7988
Attorneys
Loeckner & Loeckner
140 Elm St
Wyandotte, MI 48192
(734) 309-7886
Estate Planning Attorneys,  Attorneys,  Criminal Law Attorneys,  Accident & Property Damage Attorney
Jacoby & Meyers-Bankruptcy, LLP
2930 Biddle Ave Suite C
Wyandotte, MI 48192
(734) 258-7878
Bankruptcy Law Attorneys
Total Attorneys - Divorce
PO Box 273842
Wyandotte, MI 48192
(734) 258-7825
Attorneys,  Family Law Attorneys,  Legal Service Plans,  Divorce Attorneys
Braverman
3509 Biddle Ave
Wyandotte, MI 48192
(877) 466-7700
Elder Law Attorneys,  Attorneys,  Accident & Property Damage Attorneys,  Medical Law Attorneys
Taliaferro Jeffrey
1267 Oak St
Wyandotte, MI 48192
(734) 282-7382
Attorneys, Legal Service Plans
Mancini Schreuder Kline & Conrad
28225 Mound Rd
Warren, MI 48092
(586) 751-7203
Personal Injury Law Attorneys, Attorneys, Insurance
Conrad James P
28225 Mound Rd
Warren, MI 48092
(586) 751-7202
Attorneys
Pentiuk Couvreur Kobiljack PC
2915 Biddle Ave Ste 200
Wyandotte, MI 48192
(734) 281-7100
Corporation & Partnership Law Attorneys, Legal Service Plans, Attorneys, Real Estate Attorneys
Abdrabboh Law
1620 Ford Ave
Wyandotte, MI 48192
(734) 283-7000
Attorneys
Look Makowski & Look PC
2241 Oak St
Wyandotte, MI 48192
(734) 285-6500
Probate Law Attorneys, Attorneys, Wills, Trusts & Estate Planning Attorneys
Morello Thompson PC
1800 Biddle Ave
Wyandotte, MI 48192
(734) 281-6464
Estate Planning Attorneys, Attorneys, Legal Service Plans
Abdo Matthew
32888 Ryan Rd
Warren, MI 48092
(586) 412-5555
Criminal Law Attorneys, Attorneys
Palmer Charles W PC
140 Elm St
Wyandotte, MI 48192
(734) 284-5550
Social Security & Disability Law Attorneys,  Attorneys,  Labor & Employment Law Attorneys,  Civil Li
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US