September 22, 2012 (Press-News.org) The aging population of the United States and the changing makeup of the modern American family have led to new considerations and challenges when it comes to creating an estate plan in Nevada. Adults considering creating a will may feel constrained by the planning preferences of second or third spouses and stepchildren while at the same time have to face health care decisions for elderly parents who have greater financial needs than previous generations.
The number of people in the U.S. age 65 and older is 40 million, or 13 percent of the population, which is the greatest number it has ever been. That number is expected to grow, and by 2050 those age 65 and older will make up one-fifth of the U.S. population.
The longer people live the more financial and health care resources they will need in old age. The greater use of personal wealth to pay for a longer life can reduce the prospect of other family members receiving an inheritance if any assets are left over after long-term care. Often adult children believe retirement benefits and Medicare will cover the cost of their parents' care. The issue of inheritance is further complicated when an adult child must care for an aging parent.
Often adult children who cared for aging parents believe they deserve more of an inheritance than siblings who provided little care or who lived far from home. And too often the adult children who provide care are tempted to use the savings of their parents before they pass because they believe it will be theirs eventually. In reverse, aging parents may use the prospect of inheritance as a carrot to induce adult children into providing care as they age. When it comes to writing a will or creating an estate plan, the distribution of assets equitably creates fewer issues.
Adults caring for aging parents may also feel pressure from their own family, especially if it's blended. Blended families with stepparents and stepchildren are common in the U.S., and related estate planning issues are also becoming more common. Step-family members can sometimes throw a wrench into the estate planning process. For example, one spouse may want the other spouse to divide his or her assets evenly between all the children, or an adult child may be left title to his or her parent's house in order to protect the house from creditors as a stepparent continues to live in the house.
Planning ahead and discussing issues while parents are still alive is important and can save family members from hurt feelings. Planning should at the latest begin when family members first show signs of weakening health and before a family member is put in an assisted-living facility. Those planning should realize that memories may be more important than money. Therefore, sentimental items may have more value than assets to some family members. Talk those considerations out and start from a position of fairness when dividing assets. If an asset or object cannot be divided, an unbiased process like flipping a coin or drawing straws can determine the decision.
If you are considering creating a will, contact an experienced estate planning attorney in your area.
Article provided by Escobar & Associates Law Firm, Ltd.
Visit us at http://www.cescobarlaw.com
Aging Population and Blended Families Create Estate Planning Challenges
The aging population of the United States and the changing make-up of the modern American family have led to new considerations and challenges when it comes to creating an estate plan.
2012-09-22
ELSE PRESS RELEASES FROM THIS DATE:
Reducing Medical Errors Proving to Be a Difficult Task
2012-09-22
Very few professionals are as highly regarded as those who work in the medical field. Naturally, when we're sick, we trust and hope that our doctors know what is in our best interests and that they guard strenuously against any errors that would harm us.
The medical field has attempted to reduce medical errorsthat harm patients. But medical errors are a continuing source of patient harm and have been for many years. An Institute of Medicine study performed over a decade ago found that the number of patients killed by medical error may nearly reach in the six figures ...
Pennsylvania Gun Laws Stricter Than Most Other States'
2012-09-22
Since 2004, the Brady Center to Prevent of Gun Violence, a gun-control advocacy group, has issued an annual 100-point scorecard ranking states on how stringent their gun laws are. According to the Brady Center's most recent rating, Pennsylvania has the 10th most strict gun laws in the U.S. Pennsylvania residents should be aware of the laws regarding buying, owning and using guns in the state.
Purchasing Guns in Pennsylvania
In order to purchase a handgun in Pennsylvania, a person must pass a background check. He or she must show government-issued photo identification ...
What Not to Do During a Tennessee Divorce
2012-09-22
Going through a divorceis one of the most stressful things that can happen to a person. People often feel like their entire lives have been turned upside down and do not know how to react. In the emotional turmoil that often accompanies divorce, many people make mistakes that come back to haunt them. People in Tennessee who are divorcing should be aware of some common mistakes people make during divorce and how to avoid them.
Moving Out of the Marital Home
Remaining under the same roof with a spouse while going through divorce may not seem like an appealing idea at ...
IRS Experiencing Backlog in Processing Offers in Compromise
2012-09-22
In March 2012 the Treasury Inspector General for Tax Administration issued a report showing that the Internal Revenue Service is not meeting its goals in processing requests made by taxpayers under the Offer in Compromise program. The TIGA's office conducted an audit of the OIC program after the National Taxpayer Advocate had reported from 2001 through 2009 that the OIC program was one of the most serious problems taxpayers encountered when dealing with the IRS. Taxpayers should be aware of what the OIC program is, how the OIC program can help those with tax debts and reasons ...
Possible Change to Bankruptcy Rules for Student Loans
2012-09-22
In March 2012, Sen. Dick Durbin called a hearing of the Senate Judiciary Committee to address the issue of student loan debt in the U.S. Scores of graduates are struggling under the weight of crushing student loans, and many cannot see any way out from under them -- not even bankruptcyoffers relief. Many experts view student loan debt as the next great financial crisis facing the country, and some lawmakers want to take steps to help resolve the issue.
Debt Bomb
Financial experts have called the amount of student loan debt in the U.S. a potential "debt bomb," ...
ZEUS Battery Products Publishes Corporate Video On YouTube
2012-09-22
Today, ZEUS Battery Products published their latest corporate video on YouTube discussing the ZEUS product line, custom pack assembly and the applications they are used in. To view the YouTube video, click here: http://www.youtube.com/watch?v=sA_S_gXbtc4.
ZEUS Battery Products is the worlds leading manufacturer of sealed lead acid batteries, battery chargers and custom battery packs for all portable power requirements. ZEUS Battery Products builds custom battery packs in their ISO 9001 certificated factory located in the northwestern suburbs of Illinois, building everything ...
TeamLogic IT President Named Top Managed Services Expert on MSPmentor 250 Report
2012-09-22
Chuck Lennon, president of TeamLogic IT, a nationwide network of outsourced information technology (IT) service providers, has been selected for the fourth consecutive year as a Top Managed Services Expert on the Nine Lives Media Inc. fifth annual MSPmentor 250 report, representing the only franchise IT company to make the list. The prestigious honor recognizes the world's leading managed service executives, entrepreneurs, experts, coaches and community leaders from around the world for their high-level contributions to the field of technology and beyond.
"It is ...
BKD to Present at Missouri Primary Care Association Conference
2012-09-22
BKD Forensics & Valuation Services, a division of BKD, LLP, is pleased to announce that Jeremy Clopton will be presenting at the Missouri Primary Care Association 2012 Annual Clinical & Quality Conference. His presentation, "Using Data Mining and Continuous Auditing to Prevent and Detect Fraud" will focus on fraud detection and prevention. The presentation will also provide tips on using data mining tools to jump-start an auditing and analytics program.
Clopton is a member of BKD's Forensics & Valuation Services division and specializes in providing ...
Eisenhower Dog Park Grand Opening
2012-09-22
Socializing, running, chasing, barking and a dedication of The Eisenhower Dog Park will be part of the festive Grand Opening of the new Eisenhower Dog Park on Saturday, October 13 in Westbury, NY.
Located at the corner of Stewart Ave and Salisbury Park Drive (on the north side of the park). The park is on the former site of an under-used basketball court and baseball field at the corner of Stewart Ave and Salisbury Park Drive (on the north side of the park). It has a small parking lot for 20 cars or so. It will be a natural grass field, which will enjoyed by the dogs.
Saturday's ...
Brookfield to Release New Phase of Homes at Sago in Carlsbad This Weekend
2012-09-22
Brookfield Homes is releasing four new homes for sale at its Sago community in Carlsbad this weekend. Voted #1 New Home Community in "San Diego's Best" Poll 2012, the enclave of 56 detached homes is more than halfway sold out. Remaining homes are currently priced from $467,900.
Located at master-planned community The Foothills, Sago offers two-story detached homes ranging from approximately 1,750 to 2,050 square feet with three to four bedrooms and 2.5 to three baths. Three different floor plans are available, one with a downstairs bedroom and bath. Home designs ...
LAST 30 PRESS RELEASES:
Emory-led Lancet review highlights racial disparities in sudden cardiac arrest and death among athletes
A new approach to predicting malaria drug resistance
Coral adaptation unlikely to keep pace with global warming
Bioinspired droplet-based systems herald a new era in biocompatible devices
A fossil first: Scientists find 1.5-million-year-old footprints of two different species of human ancestors at same spot
The key to “climate smart” agriculture might be through its value chain
These hibernating squirrels could use a drink—but don’t feel the thirst
New footprints offer evidence of co-existing hominid species 1.5 million years ago
Moral outrage helps misinformation spread through social media
U-M, multinational team of scientists reveal structural link for initiation of protein synthesis in bacteria
New paper calls for harnessing agrifood value chains to help farmers be climate-smart
Preschool education: A key to supporting allophone children
CNIC scientists discover a key mechanism in fat cells that protects the body against energetic excess
Chemical replacement of TNT explosive more harmful to plants, study shows
Scientists reveal possible role of iron sulfides in creating life in terrestrial hot springs
Hormone therapy affects the metabolic health of transgender individuals
Survey of 12 European countries reveals the best and worst for smoke-free homes
First new treatment for asthma attacks in 50 years
Certain HRT tablets linked to increased heart disease and blood clot risk
Talking therapy and rehabilitation probably improve long covid symptoms, but effects modest
Ban medical research with links to the fossil fuel industry, say experts
Different menopausal hormone treatments pose different risks
Novel CAR T cell therapy obe-cel demonstrates high response rates in adult patients with advanced B-cell ALL
Clinical trial at Emory University reveals twice-yearly injection to be 96% effective in HIV prevention
Discovering the traits of extinct birds
Are health care disparities tied to worse outcomes for kids with MS?
For those with CTE, family history of mental illness tied to aggression in middle age
The sound of traffic increases stress and anxiety
Global food yields have grown steadily during last six decades
Children who grow up with pets or on farms may develop allergies at lower rates because their gut microbiome develops with more anaerobic commensals, per fecal analysis in small cohort study
[Press-News.org] Aging Population and Blended Families Create Estate Planning ChallengesThe aging population of the United States and the changing make-up of the modern American family have led to new considerations and challenges when it comes to creating an estate plan.