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 Memphis, TN

Longevity and unusual family relationships can complicate estate planning in Memphis, TN


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 Memphis, TN
Whitworth Jason G
202 S Cooper St # 4
Memphis, TN 38104
(901) 729-9999
General Practice Attorneys, Attorneys, Legal Service Plans
Teague Law Firm
3355 Poplar Ave # 107
Memphis, TN 38111
(901) 452-9995
General Practice Attorneys, Attorneys, Legal Service Plans
Sampson Ross
8 S 3rd St # 101
Memphis, TN 38103
(901) 575-9922
General Practice Attorneys, Attorneys, Legal Service Plans
Kimberly Avery
1331 Union Ave
Memphis, TN 38104
(901) 725-9898
General Practice Attorneys, Attorneys
Cornaghie Christopher
2670 Union Avenue Ext # 819
Memphis, TN 38112
(901) 454-9888
Attorneys, General Practice Attorneys, Social Security Consultants & Representatives, Legal Service
Pollan Dobbs, PLLC
5100 Poplar Ave, #2730
Memphis, TN 38137
(901) 878-9849
Attorneys,  Social Security & Disability Law Attorneys,  Personal Injury Law Attorneys,  Employee Be
Hickman Goza & Spragins PLLC
119 S Main St
Memphis, TN 38103
(901) 881-9840
Attorneys,  Personal Injury Law Attorneys,  Criminal Law Attorneys,  Insurance Attorneys,  Wills, T
Glasgow, Ray W Atty PLLC
44 N 2nd St
Memphis, TN 38103
(901) 527-9819
Attorneys,  DUI & DWI Attorneys,  Personal Injury Law Attorneys,  Child Custody Attorneys,  Family L
Breakstone, Stuart
6477 Cottingham Pl
Memphis, TN 38120
(901) 761-9800
Personal Injury Law Attorneys, Attorneys, Family Law Attorneys
Harviel Law Office
140 Jefferson Ave
Memphis, TN 38103
(901) 543-9799
General Practice Attorneys, Attorneys, Legal Service Plans
Cordts Law Firm PLLC
6263 Poplar Ave # 1132
Memphis, TN 38119
(901) 537-9786
Attorneys,  General Practice Attorneys,  Bankruptcy Services,  Legal Service Plans,  Bankruptcy Law
Bailey & Greer
6256 Poplar Ave
Memphis, TN 38119
(901) 680-9777
Attorneys
Zuck John M
6256 Poplar Ave
Memphis, TN 38119
(901) 680-9777
General Practice Attorneys, Attorneys
The Handley Law Firm
100 N Main St # 2348
Memphis, TN 38103
(901) 527-9693
General Practice Attorneys, Attorneys, Legal Service Plans
Eskridge & Eskridge Law Firm
100 N Main St
Memphis, TN 38103
(901) 522-9600
Entertainment & Sports Law Attorneys,  General Practice Attorneys,  Personal Injury Law Attorneys,  
May Matthew T
80 Monroe Ave
Memphis, TN 38103
(901) 527-9600
General Practice Attorneys, Attorneys
McKenna Shannon N
80 Monroe Ave
Memphis, TN 38103
(901) 527-9600
General Practice Attorneys, Attorneys
Law Office JM Dowdy
200 Poplar Ave # 103
Memphis, TN 38103
(901) 523-9577
General Practice Attorneys, Attorneys
Chism Lance R
44 N 2nd St
Memphis, TN 38103
(901) 578-9545
Attorneys, Legal Service Plans
Billings Paul
5305 Distriplex Farms Dr
Memphis, TN 38141
(901) 881-9515
Attorneys, Corporation & Partnership Law Attorneys, Patent, Trademark & Copyright Law Attorneys, Leg
Billings Paul
5305 Distriplex Farms Dr
Memphis, TN 38141
(901) 881-9515
Attorneys
The Wright Law Office
1331 Union Ave. Suite 1147
Memphis, TN 38104
(901) 297-9500
Attorneys,  General Practice Attorneys,  Legal Service Plans,  Bankruptcy Law Attorneys
Orange Law Firm
6240 Poplar Ave # 1
Memphis, TN 38119
(901) 753-9499
General Practice Attorneys, Attorneys
Louis Chiozza
230 Adams Ave
Memphis, TN 38103
(901) 526-9494
Attorneys,  Accident & Property Damage Attorneys,  Personal Injury Law Attorneys,  Malpractice Law A
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US