Estate planning matters whether you’re male or female, but women need to consider a few important facts when they sit down to talk about their goals. Women are in a unique position where they tend to earn less money during their lifetimes than men but also typically live much longer.
As a result, having a strong estate plan with an eye toward asset protection during their lifetime is important.
Estate plans are more than just a will
Estate planning isn’t just about passing on assets. Estate planning can help you qualify for Medicaid in the future or preserve your assets for the next generation while protecting them against creditors.
However, that’s not all: Your estate plan can also help you protect your best interests if you’re injured when you’re older or go through a mental decline. You can select a health care proxy and set up an advance health care directive, so you know that you will receive only the care you want in the future.
Women can take action to preserve their wealth
As a woman, it’s wise to talk to an attorney about your estate plan, so that you can preserve your wealth. Using trusts and other methods, you can save more of your assets to preserve them for the next generation or to protect them against Medicaid spend-down requirements or other situations where they could be lost. This may help you stay wealthier while you’re alive and help you protect those assets for your beneficiaries.
No matter who you are or the amount of money you have, estate planning is important to your future. Our website has more information on estate planning for women in California, so you can make decisions to benefit you and those you care about.