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Estate Planning is a Woman’s Issue
As I explore prosperity for women, I’ve come to understand the power of sharing practical information. I have discovered that most women not only need to relate to prosperity on an emotional level, but very few possess much education on a practical level, to be able to make wise and informed decisions about finances and their careers. So I’m going to start helping in that regard by posting tidbits that I uncover, or by having several financial and career experts come on in to guest blog.
Women need to know that no matter what their financial status is, they are creating an estate as they move through their lives. It’s crucial for us to understand how to manage it, because more often than not, we outlive our male partners (if we are in a traditional relationship).
So to start us off, I thought I would share this. I just came across a good article in Forbes magazine on estate planning for women. Most women don’t realize that it’s vital for them to understand that not only do they have estates to leave behind (no matter what their financial status is) but that they really need to pay attention to it because most women outlive their husbands. (In a traditional setting, of course. But even in non-traditional situations, women do need to take responsibility for estate planning.) The slide show featured nine points that women need to consider:
- Care for yourself – appoint a durable power of attorney
- Realize that everyone has an estate and needs a plan
- Understand the difference between a will and a living will
- Create a trust (they’re not just for the rich)
- Understand special tax breaks
- Know that tax planning for widows is harder and you need a plan
- Understand how your life insurance policies work
- Keep your beneficiary information up to date
- Remember that cash is crucial for final expenses
Here’s the link to the slide show: http://www.forbes.com/pictures/ehjd45emgg/estate-planning-is-a-womens-issue/
For information about improving your Houses of Finance and Career, please email me: Linda@aurorasana.com
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“Estate planning often affects women more profoundly. Women live longer on average and tend to marry older spouses, making them three times as likely as men to be widowed at 65. So for women, estate planning is a crucial part of retirement planning. And since they usually survive their spouses, women more often have the last word about how much wealth goes to family, charity or the taxman.” – Forbes magazine