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 96814

Longevity and unusual family relationships can complicate estate planning in Zip Code 96814


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 HI 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 HI 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 96814
Kim Kathy M
1314 S King St # 1263
Honolulu, HI 96814
(808) 593-9991
Attorneys, General Practice Attorneys, Legal Service Plans
Schoen William R Atty
532 Cummins St
Honolulu, HI 96814
(808) 593-9404
Attorneys, Legal Service Plans
Strack Scott
615 Piikoi St # 812
Honolulu, HI 96814
(808) 596-9200
Attorneys
Kaya Anne M
1580 Makaloa St # 1020
Honolulu, HI 96814
(808) 943-8899
Attorneys, General Practice Attorneys
Okimoto Blake T A Law Corporation
1580 Makaloa St Suite 1020
Honolulu, HI 96814
(808) 943-8899
Adoption Law Attorneys,  Family Law Attorneys,  Divorce Attorneys,  Adoption Services,  Guardianship
Recovery Law Center Hawaii
1260 Young Street Suite 228
Honolulu, HI 96814
(808) 597-8886
Personal Injury Law Attorneys, Attorneys, Insurance Attorneys
Blair C Penelope
1314 S King St # 760
Honolulu, HI 96814
(808) 593-8885
Attorneys
Macanas Jarrett P
1314 S King St # 760
Honolulu, HI 96814
(808) 593-8885
Attorneys, Wills, Trusts & Estate Planning Attorneys, Legal Service Plans
Okura Ethan
1314 S King St # 760
Honolulu, HI 96814
(808) 593-8885
Attorneys
Tenno Winifred Y
1314 S King St # 760
Honolulu, HI 96814
(808) 593-8885
Wills, Trusts & Estate Planning Attorneys,  Attorneys,  General Practice Attorneys,  Legal Service
Fujikawa & Yasunaga
615 Piikoi St # 1
Honolulu, HI 96814
(808) 591-8671
Attorneys, General Practice Attorneys, Legal Service Plans
Haverberg Blake D
525 Cummins St
Honolulu, HI 96814
(808) 597-8099
Attorneys
James B. Lewis
1177 Queen St Ste #1907
Honolulu, HI 96814
(888) 788-7916
Antitrust Law Attorneys, Attorneys
Ochiai Dean E
1100 Ward Ave # 715
Honolulu, HI 96814
(808) 527-7736
Attorneys, General Practice Attorneys, Legal Service Plans
Nakamura Neil T
1585 Kapiolani Blvd # 1400
Honolulu, HI 96814
(808) 945-7637
Attorneys, Attorneys Referral & Information Service
ING Stuart
1330 Ala Moana Blvd Ste 202
Honolulu, HI 96814
(808) 521-6600
Attorneys, Bankruptcy Law Attorneys, General Practice Attorneys
Ing Stuart
1050 Queen St # 303
Honolulu, HI 96814
(808) 521-6600
Attorneys
Aloha Paralegal Services
1125 S King St
Honolulu, HI 96814
(808) 591-6500
Paralegals,  Attorneys,  Family Law Attorneys,  Divorce Assistance
Kawata Mark S
1221 Kapiolani Blvd # 808
Honolulu, HI 96814
(808) 591-6488
Attorneys, Legal Service Plans
Fernandez Frank Attorney
765 Amana St Ste 502
Honolulu, HI 96814
(808) 521-6111
Attorneys, Legal Service Plans
Nakashima Lynn Y
1100 Ward Ave # 705
Honolulu, HI 96814
(808) 525-5858
Attorneys, General Practice Attorneys
Darren L. Wu
1580 Makaloa St
Honolulu, HI 96814
(808) 587-5823
Divorce Assistance,  Divorce Attorneys,  Attorneys,  Legal Service Plans,  Family Law Attorneys
Tony Tran
535 Ward Ave Suite 206
Honolulu, HI 96814
(808) 395-5691
Immigration Law Attorneys
Frith-Smith Archibald LLP
1600 Kapiolani Blvd Ste 1404
Honolulu, HI 96814
(808) 947-5674
Attorneys
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US