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 Newman, IL

Longevity and unusual family relationships can complicate estate planning in Newman, 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 Newman, IL
Rueda Ivan
1217 N Milwaukee Ave # 2
Chicago, IL 60642
(773) 252-9800
General Practice Attorneys, Attorneys
Gwen Carroll Ltd
700 N Green St # 402
Chicago, IL 60642
(312) 948-9800
General Practice Attorneys, Attorneys
Fogart & Fugate LLP
1433 W Huron St
Chicago, IL 60642
(312) 624-9318
Administrative & Governmental Law Attorneys, Federal Law Attorneys, Attorneys
Timothy J. McGrath
440 S State St
Manhattan, IL 60442
(815) 214-9200
Attorneys, Family Law Attorneys
Swearingen Brad M
149 S Lincolnway
North Aurora, IL 60542
(630) 896-8881
Family Law Attorneys, Attorneys, Legal Service Plans
Duggan John
181 S Lincolnway
North Aurora, IL 60542
(630) 264-7893
Attorneys, General Practice Attorneys, Legal Service Plans
Doyle Law Team
211 E Main St
Hoopeston, IL 60942
(217) 283-7717
Social Security & Disability Law Attorneys,  Attorneys,  Malpractice Law Attorneys,  Accident & Prop
Johnson & Johnson PC
171 W Lincoln Ave
Lewistown, IL 61542
(309) 547-7433
Attorneys, Family Law Attorneys, Accident & Property Damage Attorneys, Corporation & Partnership Law
C and B Kezios
1400 N Halsted ST
Chicago, IL 60642
(312) 867-7407
General Practice Attorneys
Aaron Spivack
811 W Superior St
Chicago, IL 60642
(312) 243-7317
Attorneys, Legal Service Plans
Collins Ted G
177 W Lincoln Ave
Lewistown, IL 61542
(309) 547-7211
Attorneys,  Accident & Property Damage Attorneys,  Corporation & Partnership Law Attorneys,  Legal S
Schatz Family Law
525 N Ada St # 36
Chicago, IL 60642
(312) 846-6735
Guilfoyle Kathleen M
1316 Meriden St
Mendota, IL 61342
(815) 539-6711
Attorneys,  Elder Law Attorneys,  Accident & Property Damage Attorneys,  Wills, Trusts & Estate Pla
Kaleel David M
806 Jefferson St
Mendota, IL 61342
(815) 539-5616
Estate Planning Attorneys,  Attorneys,  Wills, Trusts & Estate Planning Attorneys,  Business Bankru
Ryan Law Offices
11021 Woodstock St Ste 200
Huntley, IL 60142
(847) 455-5575
Bankruptcy Law Attorneys, Real Estate Attorneys, Attorneys
Chris Doscotch
156 N Adams St
Lewistown, IL 61542
(309) 547-5201
Employee Benefits & Worker Compensation Attorneys,  Attorneys,  Accident & Property Damage Attorneys
Bokus Michael G
609 8th Ave
Mendota, IL 61342
(815) 539-5002
General Practice Attorneys, Accountants-Certified Public, Attorneys
Sandy N. Isaacson
1000 N Halsted St Suite 203
Chicago, IL 60642
(888) 680-4299
General Practice Attorneys, Attorneys, Legal Service Plans, Business Law Attorneys
Cook Alvaro LTD
149 S Lincolnway
North Aurora, IL 60542
(630) 892-3947
Attorneys,  Criminal Law Attorneys,  Personal Injury Law Attorneys,  DUI & DWI Attorneys,  Legal Ser
Booth Robert P LTD
149 S Lincolnway
North Aurora, IL 60542
(630) 892-3938
Corporation & Partnership Law Attorneys, Attorneys, Legal Service Plans, Employee Benefits & Worker
Holland Troy D
812 Washington St
Mendota, IL 61342
(815) 539-3711
Attorneys, Wills, Trusts & Estate Planning Attorneys, General Practice Attorneys, Legal Service Plan
Casa Sanchez
1248 W Chicago Ave
Chicago, IL 60642
(312) 243-2561
Immigration Law Attorneys, Immigration & Naturalization Consultants, Attorneys
Fleck Michael J
11608 Dean St
Huntley, IL 60142
(847) 669-2558
Attorneys, Business Law Attorneys, Real Estate Attorneys, Estate Planning Attorneys, Legal Service P
Cabrini Green Legal Aid
740 N Milwaukee Ave # B
Chicago, IL 60642
(312) 738-2452
Attorneys Referral & Information Service, Legal Clinics, Attorneys
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US