734-359-7018
Now Accepting New Clients!
Blog

More spent on aging parents than on raising children

Much has been reported on the escalating costs parents face in raising a child. From birth to age 18, it is estimated that parents spend an average of $234,000 to raise a child. But when it comes to caring for an elderly parent, the costs are surprisingly similar.

A recent Forbes.com report highlighted the expenses involved in caring for such parents, which average $140,000. While this may seem much less than raising a child, consider this: the costs of raising a child are spread across 17 years, while the money spent on elder care is commonly expended over a four year period; with the largest amount applying to those over age 65. 

This means that some may spend more on caring for their elderly parents than they do on raising their children. For those who already live on thin budgets, the specter of spending exorbitant amounts on long-term care can be scary and unforgiving.

Indeed, there may be tax breaks and public funding that could reduce the economic blows caregivers may suffer. Some long-term care costs are tax deductible, and Medicaid offers some assistance, but most families still pay for care expenses on their own or through insurance plans.

The cost of care is another example of why estate planning also involves financial planning. It is prudent for those establishing wills to also consider trusts, living wills and other documents that will help loved ones make informed decisions about care when a person’s health declines.

The preceding is not legal advice. 

REAL ESTATE 65: Determining that it could not conclude the trial court erred in its factual findings, and that it did not err in reforming a 2005 deed, the court affirmed the ruling that defendants were fee simple owners of the disputed 50-foot area

This case arose from a real-property dispute between brothers, as well as their respective wives. After a bench trial, the trial court rendered its findings of fact. The trial court determined that plaintiffs did not prove that excluding the...

FAMILY LAW 58: The trial court did not err by denying defendant-father’s motion to change custody and modify his parenting time of the parties’ child without having an evidentiary hearing to determine if there was proper cause or a change in circums

This case arose from a custody and parenting-time dispute between plaintiff-mother and father over their minor child. After father failed to respond to the paternity complaint within the 21 days of receipt of the complaint, mother filed an affidavit...

DIVORCE 53: Although the court affirmed the trial court’s decisions to deny defendant’s motions to set aside the default and the default JOD, it vacated the portions of the default JOD as to the distribution of marital property, custody, parenting t

Plaintiff filed for divorce. Defendant filed an answer and a counterclaim for divorce.  Plaintiff and defendant were both ordered to appear at the settlement conference. After defendant failed to appear, the trial court entered a default. Soon...

FAMILY LAW 53: The trial court erred by treating the parties’ GAL as an LGAL and denying the parties the right to question her at a hearing; however, the trial court did not err in requiring the parties to compensate the GAL for her services.

Plaintiff and Defendant were never married, but share a young son who was born in 2016. The parties have battled over custody, child support, and other parenting issues ever since. In the spring of 2019, the parties filed competing motions to modify...

The Difference Between Theft, Robbery, and Burglary

Original Post: 1/11/2019 Often, burglary, robbery, and theft are used interchangeably even though there are distinct differences between all of them. Though, what all three do have in common is they may involve the unlawful taking of...

REAL ESTATE 59: Concluding that the one-year period contained in the parties’ home purchase agreement was not a statute of limitations, but rather akin to a statute of repose, and that it was plain and unambiguous, the court held that it barred plai

BACKGROUND On March 12, 2016, the parties entered into an agreement for the purchase of defendants’ home. The purchase agreement contained the following clause: TIME FOR LEGAL ACTION: Buyer and Seller agree that any legal action against...

CRIMINAL LAW 16: The trial court did not err in refusing to order a Daubert hearing as to the reliability of the DataMaster breathalyzer device as MCL 257.625a(6)(a) shows the Legislature has determined that the device’s results are valid and reliabl

UNDERLYING FACTS In the early afternoon of November 4, 2016, defendant was pulled over after an officer was dispatched for a possible drunk driver. The officer had defendant exit his vehicle and perform several field sobriety tests. Those tests...

FAMILY LAW 52: Defendant-mother was not entitled to relief on her claim the trial court did not comply with the requirements for a de novo hear, the trial court did not err in using the preponderance of the evidence standard, and its best interest f

PERTINENT FACTS In July 2017, plaintiff and defendant divorced by consent judgment. Under the judgment of divorce, the parties shared joint legal and physical custody of their three minor children. On September 24, 2018, plaintiff filed a motion...

Are you required to provide ID as a passenger?

Original Post: 05/14/2017 The preceding is for informational purposes only. Being stopped by the police is not usually a pleasant experience. Even with the most benign of infractions, the encounter can be adversarial. The idea of...

DIVORCE 45: Federal law preempts state law such that the parties’ consent judgment is unenforceable to the extent that it required defendant to reimburse plaintiff for the reduction in the amount payable to her due to his election to receive CRSC

BACKGROUND This case involves a dispute between former spouses who entered into a consent judgment of divorce (the consent judgment), which provided that defendant would pay plaintiff 50% of his military retirement benefits. Beyond that, the...

Don't let a bad decision, unfair contract, or a messy divorce get in the way of a promising future!
Contact the experienced team at Aldrich Legal Services today to schedule your free initial
consultation
and secure reliable and trustworthy representation today!
Get the Help You Need From a Team You Can Truly Count On: (734) 404-3000
734-237-6482
734-366-4405