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 59418

Longevity and unusual family relationships can complicate estate planning in Zip Code 59418


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 MT 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 MT 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 59418
Montoya Elisabeth
233 Edelweiss Dr # 10A
Bozeman, MT 59718
(406) 582-9676
Attorneys, Construction Law Attorneys
Refling Dorie Benesh
233 Edelweiss Dr Ste 101A
Bozeman, MT 59718
(406) 582-9676
Attorneys, Legal Service Plans
Hud John
670 S Ferguson Ave # 2
Bozeman, MT 59718
(406) 587-8989
Attorneys
HUD Law Office PC Atty
670 S Ferguson Ave Ste 2
Bozeman, MT 59718
(406) 587-8989
Attorneys, General Practice Attorneys
Garrity Michael G
3825 Valley Commons Dr # 6
Bozeman, MT 59718
(406) 582-8822
Attorneys
Avignone Alfred F
3825 Valley Commons Dr # 6
Bozeman, MT 59718
(406) 582-8822
Attorneys, Criminal Law Attorneys, General Practice Attorneys
Banick Lisa A
3825 Valley Commons Dr # 6
Bozeman, MT 59718
(406) 582-8822
Attorneys, Construction Law Attorneys, Legal Service Plans
Dockins William S
3825 Valley Commons Dr # 5
Bozeman, MT 59718
(406) 586-8616
Attorneys,  Wills, Trusts & Estate Planning Attorneys,  Corporation & Partnership Law Attorneys,  B
Roth Daniel J
2417 W Main St # 2A
Bozeman, MT 59718
(406) 586-8615
Attorneys, Insurance Attorneys
Fulton Angus
21 Apex Dr
Bozeman, MT 59718
(406) 587-8486
Attorneys, Legal Service Plans
Filz Tim Atty
510 S 23rd Ave
Bozeman, MT 59718
(406) 587-8486
Attorneys, Legal Service Plans
Christensen Fulton Filz P
21 Apex Dr
Bozeman, MT 59718
(406) 587-8486
Attorneys, Wills, Trusts & Estate Planning Attorneys, Legal Service Plans
Christopher K. Williams - Avignone, Banick & Williams, PLLC
3825 Valley Commons Dr Suite 6
Bozeman, MT 59718
(406) 586-8330
Personal Injury Law Attorneys,  Attorneys,  Criminal Law Attorneys,  Automobile Accident Attorneys,
Kommers James M
517 S 22nd Ave # 5
Bozeman, MT 59718
(406) 587-7717
Accident & Property Damage Attorneys, Insurance Attorneys, Attorneys
Kasting Kauffman & Mersen P.C
716 So 20th Av Suite 101
Bozeman, MT 59718
(866) 435-6395
Probate Law Attorneys,  Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  Divorce Attorney
Lund Law
502 S 19th Ave # 306
Bozeman, MT 59718
(406) 586-6254
Attorneys, Legal Service Plans
Quinn Robert J
2405 W Main St # 4
Bozeman, MT 59718
(406) 586-5956
Attorneys, Legal Service Plans
Combs C Bruce
1940 W Dickerson St # 206
Bozeman, MT 59718
(406) 586-5909
Attorneys
Cbruce Combs PC
1940 W Dickerson St Ste 206
Bozeman, MT 59718
(406) 586-5909
Attorneys, Wills, Trusts & Estate Planning Attorneys, Legal Service Plans
Black Marjorie
2304 W Main St # 3
Bozeman, MT 59718
(406) 582-5800
Admiralty & Maritime Law Attorneys, Attorneys, Wills, Trusts & Estate Planning Attorneys
Christoffersen Laura Attorney
20 Broadway St
Culbertson, MT 59218
(406) 787-5700
Attorneys, General Practice Attorneys, Legal Service Plans
Delmue Jason A
602 S Ferguson Ave # 5
Bozeman, MT 59718
(406) 585-5598
Attorneys
J Collen Herrington
602 S Ferguson Ave Ste 5
Bozeman, MT 59718
(406) 585-5598
Attorneys, Construction Law Attorneys, Real Estate Attorneys
Reader Margaret M
602 S Ferguson Ave # 5
Bozeman, MT 59718
(406) 585-5598
Attorneys
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US