When people hear the term “estate planning,” they often think of a wealthy older gentleman managing extensive business and personal assets. But estate planning is a smart step for everyone, especially women.
Women generally step out of the workforce earlier and more frequently than men do in order to care for children or other family members, earn less on the dollar than men in the same fields, and outlive their male counterparts by several years. Women over the age of 65 outnumber older men 22.4 million to 16.5 million. Older women are a significant section of the U.S. population, and their living standards are often compromised during their retirement years. Estate planning can change that.
What can a woman do to oversee her own estate planning? Work with an established estate planning attorney to set up a retirement fund according to the latest tax guidelines, and make sure there are assets under her name. Work with her estate planner to create a will to address what will happen to those assets upon her death, and consider additional documentation, including a living trust to hold assets in the case of incapacity, a power of attorney, and an advance medical directive. A comprehensive estate planning approach might also include exploring potential long-term care insurance plans.
It is never too soon to begin protecting one’s assets and planning for the future.
The elder law attorneys and estate planning lawyers at the Hook Law Center in Virgina Beach and Suffolk, help Virginia families with trust & estate administration, guardianships, long term care planning, special needs planning, veterans benefits, and more. Learn more at http://www.hooklawcenter.com/.