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 Hinsdale, IL

Longevity and unusual family relationships can complicate estate planning in Hinsdale, IL


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 IL 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 IL 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 Hinsdale, IL
Brian J Mulhern PC
15 Salt Creek Ln Ste 210
Hinsdale, IL 60521
(630) 850-9550
Attorneys, Legal Service Plans
Avgeris George N. Chartered
29 E 1st St
Hinsdale, IL 60521
(630) 296-9538
Accident & Property Damage Attorneys, Attorneys, Civil Litigation & Trial Law Attorneys, Personal In
Kurtz Law Offices Ltd
32 Blaine St
Hinsdale, IL 60521
(630) 323-9444
General Practice Attorneys, Attorneys, Legal Service Plans
Blinstrubas Robert
15 Spinning Wheel Rd Ste 300
Hinsdale, IL 60521
(630) 789-9246
General Practice Attorneys, Attorneys, Legal Service Plans
Tavoso Julie
123 E Ogden Ave # 101A
Hinsdale, IL 60521
(630) 325-9100
General Practice Attorneys, Attorneys
Ekroth & Osborne Ltd
15 Salt Creek Ln Ste 122
Hinsdale, IL 60521
(630) 850-9090
Estate Planning Attorneys, Legal Service Plans, Attorneys
Martoccio & Martoccio
15 N Lincoln St
Hinsdale, IL 60521
(630) 920-8855
Legal Service Plans, Attorneys, Family Law Attorneys, Labor & Employment Law Attorneys, Divorce Atto
Total Attorneys - Criminal Defense
PO Box 273724
Hinsdale, IL 60522
(630) 320-6106
Attorneys, Criminal Law Attorneys, Legal Service Plans
Total Attorneys - Personal Injury
PO Box 274217
Hinsdale, IL 60522
(630) 755-5662
Attorneys, Legal Service Plans
Mc Mahon Michael
811 N Elm St
Hinsdale, IL 60521
(630) 953-4400
Attorneys, Criminal Law Attorneys, Legal Service Plans, Traffic Law Attorneys
Avgeris George N
29 E 1st St # 201
Hinsdale, IL 60521
(630) 654-4161
Accident & Property Damage Attorneys, Attorneys, Legal Service Plans
Spiegel Martin
15 Spinning Wheel Rd Ste 107
Hinsdale, IL 60521
(630) 455-4070
Attorneys, Corporation & Partnership Law Attorneys, Legal Service Plans, Employee Benefits & Worker
Professional Paralegal Svc
227 S Bodin St
Hinsdale, IL 60521
(630) 323-3624
Paralegals
Landry John
120 E Ogden Ave # 212
Hinsdale, IL 60521
(630) 321-3600
Immigration Law Attorneys, Attorneys, Legal Service Plans
Engel Kathryn
15 Spinning Wheel Rd Ste 210
Hinsdale, IL 60521
(630) 654-3501
Attorneys, Family Law Attorneys, Divorce Attorneys, General Practice Attorneys, Legal Service Plans
Coghlan Paul A
15 Spinning Wheel Rd Ste 100
Hinsdale, IL 60521
(630) 887-2922
Attorneys, Legal Service Plans
Dominic J Mancini
133 Fuller Rd
Hinsdale, IL 60521
(630) 325-2580
General Practice Attorneys, Attorneys
Kinder Law Offices
310 E 55th St
Hinsdale, IL 60521
(630) 321-2144
Attorneys,  Family Law Attorneys,  Tax Attorneys,  Divorce Attorneys,  Business Law Attorneys,  Real
Najera and Associates Inc
15 Spinning Wheel Rd Ste 21
Hinsdale, IL 60521
(630) 325-1010
Immigration Law Attorneys, Attorneys
Sahgal Law Offices
120 E Ogden Ave # 118
Hinsdale, IL 60521
(630) 218-1008
General Practice Attorneys, Attorneys, Legal Service Plans
Stinauer Linda
479 Old Surrey Rd
Hinsdale, IL 60521
(630) 455-0678
Real Estate Attorneys, Attorneys
Debra Anthony Law Office
111 S Adams St
Hinsdale, IL 60521
(630) 789-0464
General Practice Attorneys, Attorneys, Legal Service Plans
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US