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 Central Islip, NY

Longevity and unusual family relationships can complicate estate planning in Central Islip, NY


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 NY 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 NY 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 Central Islip, NY
A Criminal Attorney
320 Carleton Ave Ste 2000
Central Islip, NY 11722
(631) 232-9700
Attorneys, Family Law Attorneys, Social Security & Disability Law Attorneys, Corporation & Partnersh
Immigration David M. Sperling
81 Carleton Ave
Central Islip, NY 11722
(631) 232-9555
Immigration & Naturalization Consultants,  Bankruptcy Law Attorneys,  Civil Litigation & Trial Law A
Kassman Shawn Esq Pc
110 Carleton Ave
Central Islip, NY 11722
(631) 232-9479
Attorneys, Criminal Law Attorneys, General Practice Attorneys, Family Law Attorneys, Divorce Attorne
James D'Angelo Esq.
320 Carleton Ave Suite 4200
Central Islip, NY 11722
(631) 210-6058
Legal Service Plans,  Domestic Violence Attorneys,  Drug Charges Attorneys,  Attorneys,  Criminal La
Woodard Terry R
320 Carleton Ave # 1000
Central Islip, NY 11722
(631) 582-5757
Attorneys, Legal Service Plans
Matthew J Rosenblum
320 Carleton Ave Ste 2500
Central Islip, NY 11722
(631) 972-5300
Attorneys, Legal Service Plans
Stettine Richard A
320 Carleton Ave # 5200
Central Islip, NY 11722
(631) 234-4848
Attorneys, General Practice Attorneys, Legal Service Plans
Harold Shapiro
320 Carleton Ave Suite 6200
Central Islip, NY 11722
(631) 881-4650
Personal Injury Law Attorneys,  Accident & Property Damage Attorneys,  Attorneys,  Criminal Law Atto
Garcia Robert M
320 Carleton Ave # 6200
Central Islip, NY 11722
(631) 667-3757
Attorneys
Michael R Franzese Law Firm
320 Carleton Ave # 4200
Central Islip, NY 11722
(516) 746-2400
Attorneys,  Criminal Law Attorneys,  Personal Injury Law Attorneys,  Legal Service Plans
Colleen Papa, LMHC CASAC
320 Carleton Ave, Suite 1000
Central Islip, NY 11722
(631) 672-2069
Albert V Bianchi
320 Carleton Ave Suite 6200
Central Islip, NY 11722
(631) 988-1440
Accident & Property Damage Attorneys, Automobile Accident Attorneys, Divorce Attorneys
Sinnreich & Kosakoff Llp
267 Carleton Ave Ste 301
Central Islip, NY 11722
(631) 650-1200
General Practice Attorneys, Attorneys
Kassel Susan A
83 Carleton Ave
Central Islip, NY 11722
(631) 206-0870
Attorneys, Legal Service Plans
Henry Patrick
320 Carleton Ave # 6800
Central Islip, NY 11722
(631) 232-0361
Attorneys
Lorenzotti Martin
320 Carleton Ave # 2000
Central Islip, NY 11722
(631) 232-0110
General Practice Attorneys, Attorneys
Sandra Ramos Paralegal
1633 Islip Ave
Central Islip, NY 11722
(631) 630-0080
Paralegals
Bronstein Richard M
115 Carleton Ave Ste 100
Central Islip, NY 11722
(631) 234-0080
Attorneys, Legal Service Plans
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US