It's Different For Women In Estate Planning
Death comes to us all, but on average, it comes sooner for men. Because they live longer and may not have earned as much, women have special needs when planning their estates. Amy Libertoski, principal and senior financial advisor at Wipfli Hewins Investment Advisors, in Wausau, Wisc., shows us how to handle this situation.
When is the last time you thought about your estate plan? If you are like most women, it is probably not something that crosses your mind every day — we are all busy with more immediate priorities like family, work and community involvement.
However, just like regular check-ups for your physical health, it is important to do a quick review of your estate planning documents every couple of years to make sure they are up to date.
Why does it matter? Women face unique estate planning challenges
Did you know that women live an average of 4.9 years longer than men? A longer life- expectancy rate means that women have additional planning concerns to consider, compared to their male counterparts — for instance, ensuring their assets can last for a longer period, should they ever become widowed.
Some women may also face financial challenges due to shorter work histories, prompted by putting their careers on hold to raise families. This break in pay could reduce the amount of savings these women will accumulate for their retirement; an organized estate plan can help with transferring of those assets.
“We find that the majority of the surviving spouses we work with are women,” says Melissa Kampmann, attorney and chair of the Trusts & Estates Practice Group at Ruder Ware, a law firm headquartered in Wausau, Wisc.
“These women are often thankful for the time and effort that we put into creating a properly constructed estate plan. Not only does an estate plan save time and money, but it can also provide numerous protections for the surviving spouse and her estate upon her passing.”
Original Source: https://www.forbes.com/sites/lawrencelight/2017/08/25/its-different-for-women-in-estate-planning/#5ac174c06f39
Original Author: Larry Light
Original Date: Aug 25, 2017