In many cases, women also earn less money than men, which creates a greater potential challenge.
Consider these important points about planning your estate:
It’s important to formalize your intentions regarding how you wish to have your property handled at the time of your death.
The executor of your estate will handle all of your financial matters until the taxes and debts are paid and the assets have been distributed according to the will.
Most people plan their estate once and then never think about it again. But your estate plan was made based upon your situation at that time.
If you want to see a significant amount of your assets passed on to your children or grandchildren, it’s crucial to hire an attorney to draft a pre-nuptial contract that will limit your new spouse’s rights to your assets.
While many women today handle household finances, there are still many women that aren’t very involved in the family’s financial decisions.
While you can transfer assets to your spouse without a tax penalty in most cases, giving assets to your children at the time of your death can result in estate and inheritance taxes.
Most people think that trusts are only necessary for the very wealthy, but that’s just not true.
You can give away up to $14,000 each year in cash or assets per beneficiary before a gift tax is enforced.
If one of you were to die or become severely disabled, it can take time to access the other person’s account. There can be expenses during this time that need to be addressed. These might be day-to-day living expenses or even medical expenses.
Even though you probably prefer to put off your estate planning until the future, it will bring you peace of mind if you make your plan now and then revisit it at regular intervals. Estate planning can be different for a woman, depending on the circumstances.
Mr. Abraham is an experienced attorney and founding member of the Law Firm of Abraham & Bauer. The Towson, MD office of the firm concentrates its practice in Estate Planning, Elder Law, Probate, Medical Assistance (Medicaid), Guardianship, Asset Preservation and Fiduciary Representation.
He is an active member in a number of professional organizations that focus on law, the senior community, and estate planning. He works with clients in Central Maryland, especially in Towson, Hunt Valley, Lutherville/Timonium, Parkville, White Marsh, Bel Air & Northern Baltimore City.
Schedule a consultation to help you and your loved ones.