Easy Questions  
Free Legal Documents

Longevity and modern family relationships make estate planning harder than ever in Allamuchy, NJ

Longevity and modern family relationships make estate planning harder than ever in Allamuchy, NJ


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


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. Longevity and modern family relationships (ex-spouses, step kids, step grand kids, siblings) are turning the already tricky matter of estate planning into a giant challenge. 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 NJ Last Will Download 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 NJ Living Trust Download 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 Allamuchy, NJ
Cunningham Lisa K
170 Mount Airy Rd
Basking Ridge, NJ 07920
(908) 630-9900
General Practice Attorneys, Attorneys
Patel Milan C
1740 Oak Tree Rd Ste E
Edison, NJ 08820
(732) 452-9888
General Practice Attorneys, Attorneys, Legal Service Plans
Friedman Martin & Beth
25 Stockmar Dr
Basking Ridge, NJ 07920
(908) 204-9642
Attorneys, Legal Service Plans
Shulman William Z
115 River Rd Ste 201
Edgewater, NJ 07020
(201) 313-9300
Attorneys, General Practice Attorneys
Gurnani & Gurnani,
101 State Route 27
Edison, NJ 08820
(732) 494-8900
Attorneys, Labor & Employment Law Attorneys, Immigration Law Attorneys, Corporation & Partnership La
Nieschmidt Law Office
412 Monmouth St
Hightstown, NJ 08520
(609) 426-8807
Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  Tax Attorneys,  Divorce Attorneys,  Bank
Bressler Duyk Law Firm
60 State Route 27
Edison, NJ 08820
(732) 494-8555
Attorneys, Business Law Attorneys, Real Estate Attorneys, Litigation & Tort Attorneys, Estate Planni
Legband Donna
93 S Finley Ave
Basking Ridge, NJ 07920
(908) 696-7977
Attorneys, Legal Service Plans
Mavinkurve & Patel Law Offices
44 State Route 27 # D
Edison, NJ 08820
(908) 222-7966
Attorneys, Legal Clinics, Real Estate Attorneys, Divorce Attorneys
Warshaw Law Firm
403 King George Rd Ste 201
Basking Ridge, NJ 07920
(908) 350-7771
General Practice Attorneys, Attorneys
Zelley Frederick B
88 S Finley Ave # G
Basking Ridge, NJ 07920
(908) 766-6666
General Practice Attorneys, Attorneys
Speck Amy
202 2nd Ave
Bradley Beach, NJ 07720
(732) 776-6610
Attorneys
Pasricha Gary S
1794 Oak Tree Rd
Edison, NJ 08820
(732) 593-6200
Immigration Law Attorneys, Patent, Trademark & Copyright Law Attorneys, Attorneys
Hanlon William J
170 Mount Airy Rd Ste F1
Basking Ridge, NJ 07920
(908) 766-6100
Attorneys, Legal Service Plans
Ziegelbaum Joanne E A
107 Manlove Ave # Ae
Hightstown, NJ 08520
(609) 443-5950
Attorneys, Legal Service Plans
Siggelakis Gus T
162 Broad St
Hightstown, NJ 08520
(609) 443-5533
Attorneys, Legal Service Plans
Del Tufo Linda
88 S Finley Ave # D
Basking Ridge, NJ 07920
(908) 766-5200
Attorneys, General Practice Attorneys
Stephen L Klein
17 Hilliard Ave
Edgewater, NJ 07020
(201) 654-4592
Social Security & Disability Law Attorneys,  Attorneys,  Real Estate Attorneys,  Accident & Property
Richford Lisa Law Office
4327 S Broad St
Trenton, NJ 08620
(609) 581-4414
General Practice Attorneys, Attorneys, Legal Service Plans
Asma J. Warsi Chaudry
2 State Route 27 Suite 402
Edison, NJ 08820
(732) 662-4125
General Practice Attorneys, Attorneys
Bonk Family
1941 Oak Tree Rd Ste 201
Edison, NJ 08820
(732) 321-4026
Attorneys, General Practice Attorneys
Gosnell Emily At Attorney Law
614 US Highway 130
East Windsor, NJ 08520
(609) 371-3820
Attorneys, Legal Service Plans
Vallejos Law Ofc & Morales
200 Mercer St
Hightstown, NJ 08520
(609) 371-3600
General Practice Attorneys, Attorneys, Legal Service Plans
Gattoni E RN
300 Undercliff Ave
Edgewater, NJ 07020
(201) 313-3576
Attorneys
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US