Easy Questions  
Free Legal Documents

Longevity and modern family relationships make estate planning harder than ever in Atlas, MI

Longevity and modern family relationships make estate planning harder than ever in Atlas, MI


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 MI 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 MI Power of Attorney Download this Document
Page 1
Page 2
Page 3
Page 4
Page 5
Related Legal Services near Atlas, MI
Total Attorneys - Bankruptcy
PO Box 271785
Detroit, MI 48211
(313) 335-9527
Bankruptcy Law Attorneys,  Attorneys,  Banking & Mortgage Law Attorneys,  Bankruptcy Services,  Lega
Cint Tine
7850 Haggerty Rd
Belleville, MI 48111
(734) 957-9091
General Practice Attorneys
Mcclure Richard P
122 South St
Belleville, MI 48111
(734) 697-8392
Attorneys
Canjar Gary J, JD
6810 S Cedar St
Lansing, MI 48911
(517) 694-7710
Attorneys,  Probate Law Attorneys,  Personal Injury Law Attorneys,  Traffic Law Attorneys,  Automobi
Mendez Janet A
3380 Pinetree Rd
Lansing, MI 48911
(517) 394-7500
Attorneys, Business Law Attorneys, Legal Service Plans
Sinas Dramis Brake Baughton & McIntyre
3380 Pine Tree Ln
Lansing, MI 48911
(517) 394-7500
Accident & Property Damage Attorneys,  Attorneys,  Family Law Attorneys,  General Practice Attorneys
Harper, Mark C - Sinas Dramis Brake Boughton
3380 Pinetree Rd
Lansing, MI 48911
(517) 394-7500
Divorce Attorneys,  Attorneys,  Criminal Law Attorneys,  Family Law Attorneys
Goldman, Suliman PLLC
287 Industrial Park Dr
Belleville, MI 48111
(734) 699-7360
Attorneys,  Civil Litigation & Trial Law Attorneys,  Child Custody Attorneys,  Divorce Attorneys,  D
Miller, Barbara Rogalle
321 Main St
Belleville, MI 48111
(734) 697-7177
Attorneys, Family Law Attorneys, Probate Law Attorneys, Legal Service Plans, Child Custody Attorneys
Dua & Associates
7045 S Cedar St
Lansing, MI 48911
(517) 346-7000
Viterna Law
175 2nd St
Belleville, MI 48111
(734) 325-6986
Military & Veterans Law Attorneys, Attorneys
Express Probate of Michigan PLLC
321 Main St
Belleville, MI 48111
(888) 681-6812
Justice Courts,  Probate Law Attorneys,  Elder Law Attorneys,  Attorneys,  Family Law Attorneys,  Wi
Elder Brian K
301 W Midland Rd
Auburn, MI 48611
(989) 662-6151
Estate Planning Attorneys, Attorneys, Wills, Trusts & Estate Planning Attorneys, General Practice At
White Thomas A Attorney-At-Law
35 Main St
Belleville, MI 48111
(734) 697-6010
Attorneys
McKenzie & Talaska PC
108 S Moore St
Bessemer, MI 49911
(906) 663-4771
Attorneys, Criminal Law Attorneys
Korpela & Kauppi
215 S Sophie St
Bessemer, MI 49911
(906) 663-4544
Divorce Attorneys, Family Law Attorneys, Attorneys
Morth Mi Family Law Group
35 Main St
Belleville, MI 48111
(734) 699-3845
Attorneys
Dipietro Thomas
557 Main St
Belleville, MI 48111
(734) 697-3800
Attorneys, Legal Service Plans
Pomann John J
46775 S Interstate 94 Service Dr
Belleville, MI 48111
(734) 699-3611
Attorneys
Jedo Law Firm PLC
6035 Executive Drive, Suite 21
Lansing, MI 48911
(517) 580-3396
Legal Service Plans,  Bankruptcy Law Attorneys,  General Practice Attorneys,  Immigration Law Attorn
Jedo Law PLC
6035 Executive Dr
Lansing, MI 48911
(517) 580-3396
Bankruptcy Law Attorneys
Legal Services of South Central Michigan
3490 Belle Chase Way
Lansing, MI 48911
(517) 394-2985
Attorneys, Legal Service Plans
Total Attorneys - Bankruptcy
PO Box 271802
Bay Shore, MI 49711
(231) 769-0917
Bankruptcy Law Attorneys,  Attorneys,  Banking & Mortgage Law Attorneys,  Bankruptcy Services,  Lega
Taylor David Lee
3100 Pinetree Rd
Lansing, MI 48911
(517) 393-0600
Attorneys, Legal Service Plans
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US