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 49684

Longevity and unusual family relationships can complicate estate planning in Zip Code 49684


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 MI 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 MI 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 49684
Ringsmuth Wuori PLC
102 W Front St
Traverse City, MI 49684
(231) 714-9809
Attorneys,  Personal Injury Law Attorneys,  Wrongful Death Attorneys,  Accident & Property Damage At
Walton Smith Phillips & Dixon PC
216 Cass St
Traverse City, MI 49684
(231) 714-9803
Probate Law Attorneys,  Attorneys,  Family Law Attorneys,  Divorce Attorneys,  Social Security & Dis
Bergstrom, Gary Atty
13310 S West Bay Shore Dr
Traverse City, MI 49684
(231) 941-9550
Attorneys,  Family Law Attorneys,  Divorce Attorneys,  Domestic Violence Attorneys,  Child Custody A
Zelenock Jay Law Firm PLC
160 E State St
Traverse City, MI 49684
(231) 929-9529
Attorneys,  Accident & Property Damage Attorneys,  Personal Injury Law Attorneys,  Employee Benefits
Corcoran Michael J
13709 S West Bay Shore Dr # 2
Traverse City, MI 49684
(231) 995-9100
Bankruptcy Law Attorneys, Business Bankruptcy Law Attorneys, Attorneys
View of the Bay Lawyers
13709 S West Bay Shore Dr
Traverse City, MI 49684
(231) 995-9100
Attorneys
William G Burdette Law Offices
13709 S West Bay Shore Dr
Traverse City, MI 49684
(231) 995-9100
Attorneys, Criminal Law Attorneys, Family Law Attorneys, Construction Law Attorneys, Collection Law
Miller Embury PLLC
12930 S West Bay Shore Dr
Traverse City, MI 49684
(231) 421-8400
Attorneys, Business Law Attorneys
Williams Jesse L
125 S Park St # 100
Traverse City, MI 49684
(231) 929-8340
Criminal Law Attorneys, Attorneys
Kuhn Darling Boyd & Quandt PLC
412 S Union St
Traverse City, MI 49684
(231) 947-7900
Environment & Natural Resources Law Attorneys,  Attorneys,  Family Law Attorneys,  Business Law Atto
Quandt Joseph E
412 S Union St
Traverse City, MI 49684
(231) 947-7900
Environment & Natural Resources Law Attorneys, Attorneys
Smith Geoff G
216 Cass St
Traverse City, MI 49684
(231) 947-7410
Accident & Property Damage Attorneys,  Attorneys,  Corporation & Partnership Law Attorneys,  Civil L
Gray Seaman Shumar & Vanderveen P C
325 S Union St
Traverse City, MI 49684
(231) 947-7160
Wills, Trusts & Estate Planning Attorneys,  Attorneys,  Estate Planning, Probate, & Living Trusts
Patrick S. Fragel
3281-C Racquet Club Dr,
Traverse City, MI 49684
(231) 933-7030
Attorneys,  Criminal Law Attorneys,  Legal Service Plans,  Bankruptcy Law Attorneys
Raetz Linda M
1102 Cass St # A
Traverse City, MI 49684
(231) 946-7020
Family Law Attorneys, Attorneys, Legal Service Plans
Corcoran Law Office
617 W Front St
Traverse City, MI 49684
(231) 929-7000
Attorneys, Bankruptcy Law Attorneys
Bruce Heather S. G.
10691 E Carter Rd
Traverse City, MI 49684
(231) 947-6800
General Practice Attorneys
Swogger & Bruce Law Firm PC
10691 E Carter Rd
Traverse City, MI 49684
(231) 947-6800
General Practice Attorneys, Attorneys, Legal Service Plans
Swogger Michael J
10691 E Carter Rd
Traverse City, MI 49684
(231) 947-6800
General Practice Attorneys
Pedersen Keenan King Whachsberg & Andrzejak
440 W Front St
Traverse City, MI 49684
(231) 946-5660
Attorneys, General Practice Attorneys, Legal Service Plans
Elder Law Center
325 S Union St
Traverse City, MI 49684
(231) 947-5505
Attorneys, Elder Law Attorneys, General Practice Attorneys
Rysso Deborah
807 W Front St
Traverse City, MI 49684
(231) 933-5207
Attorneys, Probate Law Attorneys, Estate Planning, Probate, & Living Trusts, Elder Law Attorneys, Wi
Barry L Levine
921 W 11th St # 2-West
Traverse City, MI 49684
(231) 947-5062
General Practice Attorneys, Attorneys
Richey Michael A PLC
236 1/2 E Front St
Traverse City, MI 49684
(231) 947-4900
Divorce Attorneys, Family Law Attorneys, Attorneys
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US