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 Edmond, OK

Longevity and unusual family relationships can complicate estate planning in Edmond, OK


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 OK 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 OK 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 Edmond, OK
Jackson Guy W Atty
2908 Via Esperanza
Edmond, OK 73013
(405) 285-9988
Attorneys, Legal Service Plans
Massey Jeff
922 S Boulevard # 200
Edmond, OK 73034
(405) 341-9966
Attorneys
Tolson Steven L PC
PO Box 5108
Edmond, OK 73083
(405) 359-9920
Attorneys, Legal Service Plans
Beech Johnny G
1701 S Kelly Ave
Edmond, OK 73013
(405) 844-9900
Attorneys, Legal Service Plans
Davies Shannon F
1701 S Kelly Ave
Edmond, OK 73013
(405) 844-9900
Attorneys, Legal Service Plans
Lester Loving & Davies
1701 S Kelly Ave
Edmond, OK 73013
(405) 844-9900
Attorneys,  Child Custody Attorneys,  Employment Discrimination Attorneys,  Family Law Attorneys,  D
Loving Susan B
1701 S Kelly Ave
Edmond, OK 73013
(405) 844-9900
Attorneys
Powell Courtney D
1701 S Kelly Ave
Edmond, OK 73013
(405) 844-9900
Attorneys, Legal Service Plans
Reed Sherman A
1701 S Kelly Ave
Edmond, OK 73013
(405) 844-9900
Attorneys, Legal Service Plans
Wilcox Lisa
1701 S Kelly Ave
Edmond, OK 73013
(405) 844-9900
Attorneys, Legal Service Plans
Williams Carrie Lynn
1701 S Kelly Ave
Edmond, OK 73013
(405) 844-9900
Attorneys
Tsiakilos Law P
3325 French Park Dr Suite 5
Edmond, OK 73034
(405) 313-9851
Civil Litigation & Trial Law Attorneys
Loelinger Daniel
3233 E Memorial Rd Ste 108
Edmond, OK 73013
(405) 478-9500
General Practice Attorneys, Attorneys, Estate Planning, Probate, & Living Trusts
Danley Law Firm PC
3233 E Memorial Rd Ste 101
Edmond, OK 73013
(405) 478-9455
Attorneys, General Practice Attorneys, Legal Service Plans
Williams George H
203 E 10th Street Plz
Edmond, OK 73034
(405) 844-9337
Attorneys, Legal Service Plans
Henderson Tim
1603 E 19th St
Edmond, OK 73013
(405) 330-9334
Attorneys
Young Carl W
515 S Santa Fe Ave # 104
Edmond, OK 73003
(405) 340-9200
Attorneys
Young & Young PC
515 S Santa Fe Ave # 104
Edmond, OK 73003
(405) 340-9200
Attorneys, Legal Service Plans
Garrett Patty
212 E 2nd St
Edmond, OK 73034
(405) 359-9110
General Practice Attorneys, Attorneys, Legal Service Plans
Pat Garrett
400 N Broadway
Edmond, OK 73034
(405) 359-9110
Divorce Attorneys, Family Law Attorneys, Attorneys
Ford Richard
15501 Summit Parke Dr
Edmond, OK 73013
(405) 844-9100
Attorneys, Legal Service Plans
Bratcher Monty L
3600 Old Georgetowne Rd
Edmond, OK 73013
(405) 359-9010
Attorneys
Fine Mike W
3509 French Park Dr # F
Edmond, OK 73034
(405) 341-8994
Attorneys, Legal Service Plans
Morris Eileen M
1050 E 2nd St # 228
Edmond, OK 73034
(405) 359-8888
Attorneys
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US