Estate planning often has a more dramatic effect on women due to elongated life expectancy and the tendency to marry older spouses. As a result, they are three times more likely to be widowed at 65 than men. Estate planning is an imperative component in retirement planning, and with a greater probability of surviving their spouses, women often have the final word about how much wealth goes to family, charity or the taxman.
(Read more: The New Age Of Estate Planning)
1. Caring For Yourself Is Priority No. 1
Appointing a trusted individual to act on your behalf in financial and legal matters is an integral part of estate planning in the event you are unable (even temporarily) to do so because of illness or disability. This person is a ?durable power of attorney?, separate from a living will, which expresses your end-of-life care preferences, and a health care proxy which authorizes someone to make medical decisions for your.
2. Everyone Has An Estate
An estate plan is not reserved for only the wealthy. An estate is everything you own upon death: your home, personal property, investments, bank accounts, retirement plans and any interests in a family business or partnership. Without a will or living trust to indicate who should receive those assets, state law will make the decisions for you.
(Read more: ?Pound Foolish? Author Warns Americans From Taking Foolish Financial Advice)
3. A Will and Living Trust Are Not The Same
While each can be used to transfer assets upon death, unique uses apply to both. A living trust can take effect during life or at death and may also hold assets for your benefit while you are alive ? in the instance of dementia, for example. A will doesn?t not take effect until death and is used to name guardians for children who are minors, creates trusts that begin after death and cover assets that you haven?t included in a living trust.
(Read more: Living Together and Property Agreements)
4. Trusts Are Not Only For the Rich
A trust is often the best way to reach your goals. It can safeguard assets in the event you are no longer able to manage your affairs, provide for children from a previous marriage, hold money for minors, and prevent funds from being eroded by spendthrift family members. Furthermore, a trust can protect assets from creditors and former spouses.
Read more: http://www.forbes.com/pictures/efik45ehjjg/estate-planning-is-a-womens-issue-2/
Mr. Witzke practices in the areas of?estate?and gift tax planning, financial planning, retirement planning, LGBT civil rights, charitable giving,?elder law, and small business planning. He focuses on helping clients grow, protect, and transfer wealth efficiently. Mr. Witzke is a past president and board member of the Financial Planning Association of Michigan, a member of the board of directors for Leadership Oakland, and a member of the planned giving advisory committees of Wayne State University and the Community House in Birmingham. Follow Mr. Witzke on Twitter?@gr8estatelawyer.
Source: http://www.michiganestateplanninglawyerblog.com/2013/01/women-and-estate-planning-part-1/
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