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 New Hyde Park, NY

Longevity and unusual family relationships can complicate estate planning in New Hyde Park, 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 New Hyde Park, NY
Harry M. Alberts, Attorney
1825 New Hyde Park Rd
New Hyde Park, NY 11040
(516) 424-8921
Employee Benefits & Worker Compensation Attorneys, Attorneys, Labor & Employment Law Attorneys
Divone Mary Ellen
515 Herricks Rd
New Hyde Park, NY 11040
(516) 294-8015
Attorneys,  Real Estate Buyer Brokers,  General Practice Attorneys,  Legal Service Plans
Fastman Harley
2001 Marcus Ave
New Hyde Park, NY 11042
(516) 437-7300
Attorneys, Business Law Attorneys, Legal Service Plans, General Practice Attorneys
Solomon Richman PC
3000 Marcus Ave #1E5
New Hyde Park, NY 11042
(516) 437-6443
Criminal Law Attorneys, Family Law Attorneys, Wills, Trusts & Estate Planning Attorneys, Business La
Nelson Alan M
3000 Marcus Ave # 1E5
New Hyde Park, NY 11042
(516) 328-6200
General Practice Attorneys, Attorneys
Blyer Steven R
3000 Marcus Ave # 2E5
New Hyde Park, NY 11042
(516) 354-5666
Attorneys, Legal Service Plans
Macklin John
5 Morris Dr
New Hyde Park, NY 11040
(516) 248-5640
Attorneys, Legal Service Plans
Loloey Aaron
3000 Marcus Ave # 3W4
New Hyde Park, NY 11042
(516) 354-5454
Attorneys
Reiter Mitchell B
1985 Marcus Ave
New Hyde Park, NY 11042
(516) 336-5402
General Practice Attorneys, Attorneys
Wright Brian T
1979 Marcus Ave # 210
New Hyde Park, NY 11042
(718) 426-4878
General Practice Attorneys, Attorneys, Legal Service Plans
Chet Lukaszewski PC
3000 Marcus Ave Ste 1E5
New Hyde Park, NY 11042
(516) 775-4725
General Practice Attorneys, Attorneys, Legal Service Plans
Streisfeld Jeffrey D
3000 Marcus Ave # 2E7
New Hyde Park, NY 11042
(516) 354-4600
General Practice Attorneys, Attorneys, Legal Service Plans
Beerman Alen R
3000 Marcus Ave # 3W6
New Hyde Park, NY 11042
(516) 327-4600
General Practice Attorneys, Attorneys
Rubien Milton
3000 Marcus Ave
New Hyde Park, NY 11042
(516) 437-4200
Attorneys, Legal Service Plans
Mc Donnell Adels & Goodstein
5 Dakota Dr
New Hyde Park, NY 11042
(516) 328-3500
General Practice Attorneys, Attorneys
Ahmuty Jr, Steven J - Shaub Ahmuty Citrin & Spratt
1981 Marcus Ave # 227
New Hyde Park, NY 11042
(516) 488-3300
Attorneys, Legal Service Plans
Thomas & Graham Law Office
1983 Marcus Ave # C122
New Hyde Park, NY 11042
(516) 502-2620
Attorneys, Criminal Law Attorneys, Malpractice Law Attorneys, Attorneys Referral & Information Servi
Dikman & Dikman
5 Dakota Dr # 208
New Hyde Park, NY 11042
(516) 354-2526
Attorneys, Divorce Attorneys, Criminal Law Attorneys
Abrams, Fensterman, Fensterman, Eisman, Greenberg, Formato & Einiger, LLP
1111 Marcus Ave Ste 107
New Hyde Park, NY 11042
(516) 328-2300
Attorneys, Legal Service Plans
Nancy Sherman
1979 Marcus Ave Ste 210
New Hyde Park, NY 11042
(516) 622-2225
General Practice Attorneys, Attorneys, Legal Service Plans
Bazhdari Mergim
1111 Marcus Ave # Ll08
New Hyde Park, NY 11042
(516) 775-1555
Attorneys, Legal Service Plans
Silverman David L
2001 Marcus Ave Ste 265A
New Hyde Park, NY 11042
(516) 355-0110
Attorneys, Tax Attorneys, Estate Planning Attorneys, Legal Service Plans
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US