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 37012

Longevity and unusual family relationships can complicate estate planning in Zip Code 37012


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 TN 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 TN 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 37012
Doll III Robert A
1709 19th Ave S
Nashville, TN 37212
(615) 252-9937
General Practice Attorneys, Attorneys
Dread Adam
1709 19th Ave S
Nashville, TN 37212
(615) 252-9937
General Practice Attorneys, Attorneys, Legal Service Plans
Durham & Dread Law Offices PLC
1709 19th Ave S
Nashville, TN 37212
(615) 252-9937
Attorneys
Winters Ben E
1709 19th Ave S
Nashville, TN 37212
(615) 252-9937
General Practice Attorneys, Attorneys
Kitch & Axford
2300 Hillsboro Rd
Nashville, TN 37212
(615) 385-9911
General Practice Attorneys, Attorneys, Legal Service Plans
Cornaghie Christopher
2670 Union Avenue Ext # 819
Memphis, TN 38112
(901) 454-9888
Attorneys, General Practice Attorneys, Social Security Consultants & Representatives, Legal Service
Mossman Michael I
2021 21st Ave S # 320
Nashville, TN 37212
(615) 298-9700
General Practice Attorneys, Attorneys
Sirgo Shawn
2300 21st Ave S # 200
Nashville, TN 37212
(615) 463-9654
General Practice Attorneys, Attorneys, Legal Service Plans
Steele Colleen P
6545 Clinton Hwy Ste C
Knoxville, TN 37912
(865) 474-9151
General Practice Attorneys, Attorneys, Legal Service Plans
Haywood Law PLLC -JIm Haywood
50 Boyd Ave
Brownsville, TN 38012
(731) 772-9127
General Practice Attorneys, Attorneys
Simmons James A
1208 17th Ave S
Nashville, TN 37212
(615) 329-9122
General Practice Attorneys, Attorneys
Fisher, Donald W
1710 Grand Ave
Nashville, TN 37212
(615) 320-9092
General Practice Attorneys, Attorneys
Lorralne Raymond
3335 Ringgold Rd
Chattanooga, TN 37412
(423) 697-9016
Bankruptcy Law Attorneys, Attorneys, Legal Service Plans
Arthur Barbara Sims
3335 Ringgold Rd
Chattanooga, TN 37412
(423) 697-9016
Bankruptcy Law Attorneys, Attorneys, Bankruptcy Services
Schumpert Holly Law Office
2552 Poplar Ave
Memphis, TN 38112
(901) 323-9000
Bankruptcy Law Attorneys,  General Practice Attorneys,  Bankruptcy Services,  Attorneys,  Personal I
Rexrode S David
4610 Central Avenue Pike
Knoxville, TN 37912
(865) 687-8744
Attorneys, Legal Service Plans
Taylor Melanie
2670 Union Avenue Ext
Memphis, TN 38112
(901) 746-8247
General Practice Attorneys, Attorneys
The Bostick Law Firm, PLLC
2670 Union Avenue Ext., Suite 909
Memphis, TN 38112
(901) 746-8247
Estate Planning, Probate, & Living Trusts,  Corporation & Partnership Law Attorneys,  Real Estate
Eason Dalton & Associates
1507 16th Ave S
Nashville, TN 37212
(615) 256-7600
Personal Injury Law Attorneys
Eason, Richard C.
1507 16th Avenue South
Nashville, TN 37212
(615) 256-7600
Criminal Law Attorneys,  Workers Compensation & Disability Insurance,  Personal Injury Law Attorneys
Eason, Richard C.
1507 16th Avenue South
Nashville, TN 37212
(615) 256-7600
Criminal Law Attorneys, Workers Compensation & Disability Insurance, Personal Injury Law Attorneys,
Feuell Sharon
2400 Poplar Ave
Memphis, TN 38112
(901) 754-7338
Attorneys
Murphy J Allen
3555 Keith St NW
Cleveland, TN 37312
(423) 790-7310
General Practice Attorneys, Attorneys
Shackelford, Zumwalt & Hayes
1014 16th Ave S
Nashville, TN 37212
(615) 256-7200
Attorneys, Legal Service Plans, Entertainment & Sports Law Attorneys
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US