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 32503

Longevity and unusual family relationships can complicate estate planning in Zip Code 32503


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 FL 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 FL 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 32503
J.J. Talbott, P.A.
900 E Moreno St
Pensacola, FL 32503
(850) 437-9600
Admiralty & Maritime Law Attorneys, Family Law Attorneys, Labor & Employment Law Attorneys, Employme
Ward & Barnes, P.A.
2009 N 9th Ave
Pensacola, FL 32503
(850) 912-9053
Automobile Accident Attorneys, Transportation Law Attorneys, Attorneys
Action Water Sports
3298 Summit Blvd
Pensacola, FL 32503
(850) 434-8845
Malpractice Law Attorneys, Attorneys
Ralls John
5201 N Davis Hwy
Pensacola, FL 32503
(850) 476-6898
Environment & Natural Resources Law Attorneys, Attorneys, General Practice Attorneys
Mitchell Gene
2101 N 9th Ave
Pensacola, FL 32503
(850) 232-5278
Litigation & Tort Attorneys, Attorneys
Sirote & Permutt
1115 E Gonzalez St
Pensacola, FL 32503
(850) 462-5147
Attorneys
Taylor Warren & Weidner PA
1823 N 9th Ave
Pensacola, FL 32503
(850) 438-4899
Social Security & Disability Law Attorneys,  Attorneys,  Attorneys Referral & Information Service,  
Janes Christopher
501 Brent Ln
Pensacola, FL 32503
(850) 438-4848
Civil Litigation & Trial Law Attorneys, Attorneys, General Practice Attorneys
Hanson II Douglas
501 Brent Ln
Pensacola, FL 32503
(850) 438-4848
General Practice Attorneys, Attorneys
Booth Rainey C
501 Brent Ln
Pensacola, FL 32503
(850) 438-4848
Civil Litigation & Trial Law Attorneys, Attorneys
Michles & Booth PA
501 Brent Ln
Pensacola, FL 32503
(850) 438-4848
Employee Benefits & Worker Compensation Attorneys,  Attorneys,  Accident & Property Damage Attorneys
Sapp David
4457 Bayou Blvd
Pensacola, FL 32503
(850) 438-3231
Attorneys Referral & Information Service, Attorneys
Walker Stephen L
5041 Bayou Blvd # 300
Pensacola, FL 32503
(850) 969-3151
Real Estate Attorneys, Attorneys, Legal Service Plans
Moulton, McEachern & Walker
5041 Bayou Blvd
Pensacola, FL 32503
(850) 969-3151
Attorneys, Corporation & Partnership Law Attorneys, Business Law Attorneys, Patent, Trademark & Copy
Beroset Barry W
1622 N 9th Ave
Pensacola, FL 32503
(850) 438-3111
Mon. - Fri. 9am - 5pm, Sat. - Sun. CLOSED
Hall Phil
905 E Hatton St
Pensacola, FL 32503
(850) 432-2856
Attorneys,  Social Security & Disability Law Attorneys,  Accident & Property Damage Attorneys,  Civi
McKenzie Law Firm
905 E Hatton St
Pensacola, FL 32503
(850) 432-2856
Attorneys,  Social Security & Disability Law Attorneys,  Wrongful Death Attorneys,  Personal Injury
McKenzie Alistair
905 E Hatton St
Pensacola, FL 32503
(850) 432-2856
Civil Litigation & Trial Law Attorneys,  Attorneys,  Consumer Law Attorneys,  Discrimination & Civil
Rosenbloum Louis K
4300 Bayou Blvd # 36
Pensacola, FL 32503
(850) 475-1211
Smith J D
4300 Bayou Blvd
Pensacola, FL 32503
(850) 479-1126
Corporation & Partnership Law Attorneys, Attorneys, Business Law Attorneys
Taylor & Van Matre PA*
4300 Bayou Blvd
Pensacola, FL 32503
(850) 474-1030
Attorneys
Taylor & Van Matre PA
4300 Bayou Blvd
Pensacola, FL 32503
(850) 474-1030
Wills, Trusts & Estate Planning Attorneys,  Attorneys,  Elder Law Attorneys,  Corporation & Partner
Hook & Bolton PA
3298 Summit Blvd Ste 22
Pensacola, FL 32503
(850) 433-0809
Attorneys,  General Practice Attorneys,  Personal Injury Law Attorneys,  Legal Service Plans
Attorneys Title Insurance Fund Inc
2590 N 12th Ave
Pensacola, FL 32503
(850) 439-0237
Title Companies, Abstracters, Escrow Service, Real Estate Title Service, Attorneys, General Practice
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US