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 Garnerville, NY

Longevity and unusual family relationships can complicate estate planning in Garnerville, NY


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 NY 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 NY 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 Garnerville, NY
Brumer Micheal
45 W 60th St # 28H
New York, NY 10023
(646) 836-9980
Attorneys Referral & Information Service, Arbitration Services, Attorneys
The Brumer Law Firm, P.C.
45 W 60th St #28H
New York, NY 10023
(646) 836-9980
Family Law Attorneys
Shaw & Associates, P.C.
450 Seventh Avenue
New York, NY 10123
(646) 380-9556
Civil Litigation & Trial Law Attorneys, Elder Law Attorneys, Family Law Attorneys, Wills, Trusts & E
Christensen Law Offices
450 7th Avenue Suite 3002
Manhattan, NY 10123
(646) 380-9555
Bankruptcy Law Attorneys, Attorneys
Christensen Law Offices
450 Fashion Ave
New York, NY 10123
(646) 380-9555
Attorneys,  General Practice Attorneys,  Bankruptcy Services,  Legal Service Plans,  Bankruptcy Law
Eisman Clyde
450 Fashion Ave
New York, NY 10123
(212) 683-9550
Attorneys
Higbie Roger C
450 Fashion Ave
New York, NY 10123
(212) 594-9292
Attorneys, Legal Service Plans
Ross Alan
2649 Coney Island Ave
Brooklyn, NY 11223
(718) 646-8888
Attorneys, Legal Service Plans
Goldman Deborah G
3 Townline Cir
Rochester, NY 14623
(585) 427-8870
Attorneys, Legal Service Plans
Cohan Robert J
160 S Central Ave # 3
Elmsford, NY 10523
(914) 592-8844
Attorneys, Legal Service Plans
Enders Richard D
12 W Park Row
Clinton, NY 13323
(315) 853-8691
Attorneys, Legal Service Plans
Marc A. Duclos
1425 Jefferson Rd
Rochester, NY 14623
(585) 272-8558
Attorneys, Criminal Law Attorneys, Family Law Attorneys, Legal Service Plans
Freedman Jeffrey Attorneys
3445 Winton Pl Suite 104
Rochester, NY 14623
(800) 343-8537
Social Security & Disability Law Attorneys,  Attorneys,  Workers Compensation Assistance,  Personal
Popkin Michael S
277 W End Ave
New York, NY 10023
(212) 877-8464
General Practice Attorneys, Attorneys
Michael J. Laucello
40 Chenango Avenue
Clinton, NY 13323
(315) 853-8399
Bankruptcy Law Attorneys,  Divorce Attorneys,  Personal Injury Law Attorneys,  Social Security & Dis
Global Wealth Foundation
PO Box 230628
Brooklyn, NY 11223
(347) 713-8076
Bankruptcy Law Attorneys
Theophilos Thomas P
1201 Colvin Blvd # 1
Buffalo, NY 14223
(716) 447-7899
Attorneys, Legal Service Plans
Marchioni & Associates LLC
2024 W Henrietta Rd
Rochester, NY 14623
(585) 272-7870
DUI & DWI Attorneys,  Attorneys,  Criminal Law Attorneys,  Real Estate Attorneys,  Traffic Law Attor
Gallant Kenneth
1425 Jefferson Rd
Rochester, NY 14623
(585) 232-7560
Attorneys,  Legal Service Plans,  Criminal Law Attorneys,  Family Law Attorneys,  Divorce Attorneys,
Friedman Bernard
10 W 66th St Apt 27G
New York, NY 10023
(212) 874-7545
Accident & Property Damage Attorneys, Attorneys, Legal Service Plans
Caman Berlove Marafioti
135 Corporate Woods # 300
Rochester, NY 14623
(585) 325-7440
Attorneys, Legal Service Plans, Criminal Law Attorneys, Family Law Attorneys, Divorce Attorneys, Civ
Reiber George M
3136 Winton Rd S # 206
Rochester, NY 14623
(585) 427-7225
Attorneys, Legal Service Plans
Gallo & Iacovangelo LLP
180 Canal View Blvd Suite 100
Rochester, NY 14623
(585) 454-7145
Divorce Attorneys, Attorneys, Wills, Trusts & Estate Planning Attorneys, DUI & DWI Attorneys, Person
Stoner Max T
2540 Brighton Henrietta Town Line Rd
Rochester, NY 14623
(585) 272-7007
General Practice Attorneys, Attorneys, Legal Service Plans
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US