Estate Planning For Women

Andrea Coombes recently wrote an article pointing out a simple yet very important fact: even though men and women have access to the same estate planning tools, they approach the estate planning process – both financially and psychologically – in profoundly different ways.

This is a result of a variety of factors, including:

–          36% of women 65 and older are widowed, compared to 12% of men 65 and older, according to the U.S.

–          In general, women are more likely to live longer than men, as they have a greater tendency to marry older mates

–          Women are more likely to be custodial parents than men

–          Despite recent advances in the last ten years, women on average have a lower lifetime earnings potential than men

–          Women are more likely to suffer from “Sacrificial Lamb Syndrome” – the phenomenon of putting themselves last when it comes to taking care of themselves in their retirement years

Given these factors, Coombes points out that women are ultimately more at risk to succumb to strategies that put them at a financial disadvantage in the future.

 To counteract this, we recommend seven important questions every financially savvy woman should be able to answer when they come to the estate-planning table:

1. What key deadlines apply when a spouse dies?
2. What is a tax dowry?
3. What is the difference between a living will and a trust?
4. Whom can you trust?
5. Who would raise your children?
6. Is there money in the bank?
7. Should you give away assets now to save taxes?

 

Anglin Law Firm recognizes that since estateplanning often affects women more profoundly than men, it is essential that women take charge of the process and at least be equal participants.  This is why we take every initiative to be of service to women in the estate planning process, ensuring that every client has the knowledge and tools necessary to make informed estate planning decisions for their benefit and the security of their families.