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 01515

Longevity and unusual family relationships can complicate estate planning in Zip Code 01515


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 MA 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 MA 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 01515
Cianciulli & Ouellette
163 Cabot St
Beverly, MA 01915
(978) 922-9933
Attorneys, General Practice Attorneys, Legal Service Plans
Rosenthal Alisa
7 Washington St
Beverly, MA 01915
(978) 922-9877
Attorneys, Legal Service Plans
Jay L Seibert PC
6 Broadway
Beverly, MA 01915
(978) 927-9403
General Practice Attorneys, Attorneys, Legal Service Plans
Keough Sean
100 Cummings Ctr # 437Q
Beverly, MA 01915
(978) 232-9323
Attorneys, Legal Service Plans, General Practice Attorneys
Mary Jo Pothier
20 Oak St # 10
Beverly, MA 01915
(978) 927-9298
Child Custody Attorneys, Attorneys, Family Law Attorneys
Desimone John Law Offices
100 Cummings Ctr
Beverly, MA 01915
(978) 232-9211
General Practice Attorneys, Attorneys
Julie Low
234 Cabot St Suite 8
Beverly, MA 01915
(978) 922-8800
Elder Law Attorneys,  Estate Planning Attorneys,  Military & Veterans Law Attorneys,  Landlord & Ten
Levine Barry R
100 Cummings Ctr # 327G
Beverly, MA 01915
(978) 922-8440
General Practice Attorneys, Attorneys, Legal Service Plans
Volker James
100 Cummings Ctr # 207P
Beverly, MA 01915
(978) 922-8342
Attorneys, Legal Service Plans, General Practice Attorneys
Sachs, Keith - Metaxas Brown Pidgeon
900 Cummings Ctr Ste 207T
Beverly, MA 01915
(978) 927-8000
General Practice Attorneys, Attorneys, Legal Service Plans
Laura J Callahan
30 Federal St
Beverly, MA 01915
(978) 744-7735
Divorce Attorneys, Child Custody Attorneys, Criminal Law Attorneys, General Practice Attorneys, Pers
Colannino Francis X
690 Beacon St # 1
Boston, MA 02215
(617) 625-7112
Attorneys
Employment Law Assoc
100 Cummings Ctr
Beverly, MA 01915
(978) 927-7002
Labor & Employment Law Attorneys, Attorneys
Gabriel David
131 Dodge St
Beverly, MA 01915
(978) 998-6830
General Practice Attorneys, Attorneys, Legal Service Plans
Spinale Paralegal Svc
6 Broadway
Beverly, MA 01915
(978) 921-5700
Paralegals
Theodore Collatos
19 Washington Street
Beverly, MA 01915
(978) 927-5684
Bankruptcy Law Attorneys
Handly Marshall J
9 Abbott St
Beverly, MA 01915
(978) 921-5544
General Practice Attorneys, Attorneys
Fredericks Robert
1544 Somerset Ave
Dighton, MA 02715
(508) 669-5330
Attorneys, General Practice Attorneys
Contract Paralegal Svc
16 Broadway
Beverly, MA 01915
(978) 927-5020
Paralegals
Dalton, Kevin M - Glovsky & Glovsky
8 Washington St
Beverly, MA 01915
(978) 922-5000
Attorneys,  Civil Litigation & Trial Law Attorneys,  Real Estate Attorneys,  Litigation & Tort Attor
Marsella Paul D
201 McKay St
Beverly, MA 01915
(978) 922-4919
Attorneys, General Practice Attorneys, Legal Service Plans
Opert Lawrence
400 Commonwealth Ave
Boston, MA 02215
(617) 236-4444
General Practice Attorneys, Attorneys, Legal Service Plans
Bernardin Law Firm PC
100 Cummings Ctr # 217C
Beverly, MA 01915
(978) 712-4378
Attorneys, General Practice Attorneys, Legal Service Plans
DIVORCE/MEDIATION, IMMIGRATION, GUARDIANSHIP
PO Box 15637
Boston, MA 02215
(617) 236-4311
Divorce Attorneys,  Mediation Services,  Immigration Law Attorneys,  Guardianship Services
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US