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 Torrance, CA

Longevity and unusual family relationships can complicate estate planning in Torrance, CA


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 CA 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 CA 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 Torrance, CA
Mandel Bruce A
3812 Sepulveda Blvd # 400
Torrance, CA 90505
(310) 791-9949
Attorneys, Family Law Attorneys, Probate Law Attorneys, General Practice Attorneys, Legal Service Pl
Conover & Grebe
3424 W Carson St
Torrance, CA 90503
(310) 542-9888
Attorneys, General Practice Attorneys
Kirk J Retz APC
21535 Hawthorne Blvd Ste 200
Torrance, CA 90503
(310) 540-9800
General Practice Attorneys, Attorneys, Legal Service Plans
LEE HARWELL, JR.
3424 Carson Street, # 320
Torrance, CA 90503
(310) 542-9710
Attorneys,  Immigration Law Attorneys,  Contract Law Attorneys,  Personal Injury Law Attorneys,  Lit
Decision Quest
21535 Hawthorne Blvd # 310
Torrance, CA 90503
(310) 618-9600
Attorneys Support & Service Bureaus, Attorneys, General Practice Attorneys
Stearns Kim & Stearns An Association of Professional Law Corporations
3424 W Carson St Ste 670
Torrance, CA 90503
(310) 793-9570
Family Law Attorneys, Attorneys, Legal Service Plans
Earl M Hyman
1991 W 190th St Ste 100
Torrance, CA 90504
(310) 530-9555
Corporation & Partnership Law Attorneys, Attorneys, Legal Service Plans, Employee Benefits & Worker
Tamashiro Law Office
21515 Hawthorne Blvd # 650
Torrance, CA 90503
(310) 316-9400
Attorneys, Corporation & Partnership Law Attorneys, Business Law Attorneys, General Practice Attorne
Attorney Donahue Kevin D
3848 W Carson St
Torrance, CA 90503
(310) 316-9399
General Practice Attorneys, Attorneys
Mikelson Larry D
21515 Hawthorne Blvd # 840
Torrance, CA 90503
(310) 543-9379
General Practice Attorneys, Attorneys, Legal Service Plans
Csengeri Stephen
24445 Hawthorne Blvd # 200
Torrance, CA 90505
(310) 373-9330
General Practice Attorneys, Attorneys
Michael S. Braun
3820 Del Amo Blvd,Ste 201
Torrance, CA 90503
(424) 286-9296
Attorneys,  Accident & Property Damage Attorneys,  Personal Injury Law Attorneys,  Wrongful Death At
Total Attorneys - Criminal Defense
PO Box 273726
Torrance, CA 90508
(424) 228-9296
Criminal Law Attorneys, Attorneys, Legal Service Plans
Price Law Group
21250 Hawthorne Blvd Suite 500
Torrance, CA 90503
(818) 986-9266
Attorneys,  Attorneys Referral & Information Service,  Bankruptcy Services,  Bankruptcy Law Attorney
Total Attorneys - Bankruptcy
PO Box 271741
Torrance, CA 90508
(424) 228-9209
Bankruptcy Law Attorneys,  Attorneys,  Banking & Mortgage Law Attorneys,  Bankruptcy Services,  Lega
Advanced Legal Document Center
3655 Torrance Blvd
Torrance, CA 90503
(310) 944-9188
Divorce Assistance,  Bankruptcy Services,  Legal Document Assistance,  Paralegals,  Immigration & Na
Derrick W Smalls
22750 Hawthorne Blvd #209
Torrance, CA 90505
(310) 856-9108
Divorce Attorneys, Attorneys, Criminal Law Attorneys, Family Law Attorneys
Karla Law Firm
23720 Arlington Ave #5
Torrance, CA 90501
(310) 325-9012
Bankruptcy Law Attorneys, Immigration Law Attorneys
Rohn C. Barrow
3480 Torrance Blvd., Suite 212
Torrance, CA 90503
(310) 294-9012
Criminal Law Attorneys, Domestic Violence Attorneys, Drug Charges Attorneys, DUI & DWI Attorneys, Se
Chiang Max
3465 Torrance Blvd # M
Torrance, CA 90503
(310) 316-8989
General Practice Attorneys, Attorneys
Bruers Stuart E
2367 Torrance Blvd
Torrance, CA 90501
(310) 516-8963
Attorneys, Family Law Attorneys, General Practice Attorneys, Legal Service Plans
Moore Christopher
21515 Hawthorne Blvd # 490
Torrance, CA 90503
(310) 540-8855
Wills, Trusts & Estate Planning Attorneys, Attorneys, Family Law Attorneys, Legal Service Plans
Funada A T
3812 Sepulveda Blvd
Torrance, CA 90505
(310) 373-8633
Bankruptcy Law Attorneys, Attorneys, Bankruptcy Services
Law Offiices of Schuchman & Funada
3812 Sepulveda Blvd
Torrance, CA 90505
(310) 373-8633
Attorneys,  Bankruptcy Services,  Bankruptcy Law Attorneys,  Corporation & Partnership Law Attorneys
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US