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 89712

Longevity and unusual family relationships can complicate estate planning in Zip Code 89712


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 NV 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 NV 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 89712
Nathan M Costello
170 S Green Valley Pkwy
Henderson, NV 89012
(702) 566-9782
Attorneys, Legal Service Plans
Gabroy Christian
170 S Green Valley Pkwy # 280
Henderson, NV 89012
(702) 259-7777
Attorneys,  Labor & Employment Law Attorneys,  Personal Injury Law Attorneys,  General Practice Atto
Saint-Vincent's-- Administrative Offices
500 E 4th St
Reno, NV 89512
(775) 322-7073
Attorneys
Ferguson Jeff
1806 Clear River Falls Ln
Henderson, NV 89012
(702) 269-6211
Attorneys, Legal Service Plans
Mausert Mark Esq
930 Evans Ave
Reno, NV 89512
(775) 786-5477
Attorneys, Discrimination & Civil Rights Law Attorneys, Legal Service Plans
Nutile Pitz and Associates
1070 W Horizon Ridge Pkwy Ste 210
Henderson, NV 89012
(702) 307-4880
Attorneys, Legal Service Plans
Nutile Maria
1070 W Horizon Ridge Pkwy #210
Henderson, NV 89012
(702) 307-4880
Attorneys
Picker Marc
729 Evans Ave
Reno, NV 89512
(775) 324-4533
Attorneys, Criminal Law Attorneys, Legal Service Plans
Edwards Scott
729 Evans Ave
Reno, NV 89512
(775) 786-4300
Attorneys, Legal Service Plans
Williams David
1070 W Horizon Ridge Pkwy #201
Henderson, NV 89012
(702) 331-4010
Attorneys, Legal Service Plans
PrePaid Legal Services
206 Prairie Creek Ct
Henderson, NV 89012
(702) 415-3919
Attorneys Support & Service Bureaus
Cogburn Law Office
170 S Green Valley Pkwy
Henderson, NV 89012
(702) 384-3616
Attorneys, Litigation & Tort Attorneys
Sbaih Jesse
170 S Green Valley Pkwy # 280
Henderson, NV 89012
(702) 896-2529
Attorneys Referral & Information Service, Attorneys
Ciciliano Law Office, LLC
209 S Stephanie Ste B137
Henderson, NV 89012
(702) 382-2209
Family Law Attorneys
Preferred Liens
1669 W Horizon Ridge Pkwy
Henderson, NV 89012
(702) 949-2003
Collection Law Attorneys
Kidder Law Group
1311 N McCarran Blvd
Reno, NV 89512
(775) 359-1936
Attorneys
Irsfeld & Assoc
1700 W Horizon Ridge Pkwy #206
Henderson, NV 89012
(702) 734-0400
Attorneys
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US