• Skip to main content
  • Skip to primary sidebar
  • Skip to footer
< class="site-title" itemprop="headline">Flood & Masiuk LLC | Southampton Estate Planning Attorneys

Attorneys At Law

  • Home
  • Our Firm
    • About Our Firm
    • About The American Academy
    • Advantages of Working With Our Firm
    • Attorney and Staff Profiles
    • Speaker Connection
  • Estate Planning
    • Asset Protection and Business Planning
    • Estate and Gift Tax Figures
    • Estate Planning
    • Family-Owned Businesses & Farms
    • Incapacity Planning
    • IRA & Retirement Planning
    • Legacy Planning
    • LGBTQ Estate Planning
    • Pet Planning
    • SECURE Act
    • Special Needs Planning Services
    • Trust Administration and Probate
  • Elder Law
    • Are You A Caregiver?
    • Coping With Alzheimer’s
    • Emergency Medicaid & Nursing Home Planning
    • Guardianship & Conservatorship
    • Hospice Care
    • Medicaid Planning
    • Veteran’s Benefits
  • Resources
    • DocuBank
    • Elder Law Resources
      • Elder Law & Medicaid Definitions
      • Elder Law Reports
    • Estate Planning Resources
      • Estate Planning Checkup
      • Estate Planning Definitions
      • Estate Planning Needs Checklist
      • Estate Planning Reports
      • Incapacity Planning Definitions
      • Is Your Estate Plan Outdated?
      • Top 10 Estate and Legacy Planning Techniques
    • Frequently Asked Questions
      • Frequently Asked Questions for Families Without an Estate Plan
      • Legacy Wealth Planning FAQ’s
      • LGBTQ Estate Planning FAQs
      • Trust Administration & Probate FAQs
    • LGBTQ Resources
    • Newsletters
    • Special Needs Resources
    • Trust Administration & Probate Resources
      • Bereavement Resources
      • How to Know if You Need Extra Help With Your Grieving
      • Loss of a Loved One
      • The Mourner’s Bill of Rights
      • Things You Need To Do When a Loved One Passes Away With a Trust
      • Things You Need To Do When a Loved One Passes Away With a Will
      • Trust Administration & Probate Definitions
  • Reviews
    • Our Reviews
    • Review Us
  • Blog
  • Contact Us
Home / Estate Planning Articles / Women and Estate Planning – Debunking the Myths

Women and Estate Planning – Debunking the Myths

January 2, 2018 by Marianne Flood, Estate Planning Attorney

Compliments of Our Law Firm,
Written By: The American Academy of Estate Planning Attorneys

In the 21st century, most of the issues surrounding equality of the sexes have been resolved. Women are no longer relegated solely to the role of housewife and mother and the younger generations generally accept the idea of gender equality without giving it much thought. Equality, however, does not preclude differences. One area where it is important for women to recognize those differences is in the area of estate planning. Unfortunately, old beliefs and myths sometimes die hard.

The Importance of Estate Planning for Women

The reality is that estate planning issues often affect women more profoundly. The primary reason for this is, women are likely to have the final say when it comes to passing down the family wealth. Why? Because they are likely to live longer. A longer average life expectancy, coupled with the fact that women tend to marry men who are slightly older, means women are three times more likely to be a widow at age 65 than their male counterparts. Statistically speaking, this should make women more likely to be actively involved in estate planning. Despite this, several estate planning myths persist that, in reality, make women less likely to pursue estate planning.

Myth #1 – I’m Too Young to Worry about Estate Planning

The truth is you are never too young to start estate planning. For a woman, the need to start planning early is particularly strong for several reasons. To begin with, a comprehensive estate plan does more than simply create a blueprint for the distribution of assets after your death. When properly drafted, your estate plan should also plan for the possibility of your own incapacity or that of a spouse, help protect and grow your assets while you are alive, and ensure those assets provide for you during your retirement years. In addition, your estate plan allows you to nominate a guardian for your minor children and plan for their care and maintenance should anything happen to you. Finally, given the fact that the average age a woman is widowed is 56 years old, you should have a comprehensive estate plan in place well before then to provide for you during your later years.

Myth #2 – My Estate Isn’t Valuable Enough to Warrant an Estate Plan

This explanation for the lack of an estate plan was once much more widely used in years past because when a woman married, legal ownership of most assets would be held in the husband’s name only. Consequently, women did not feel the need to take part in estate planning because they did not legally own much. Today it is the norm for a married couple to hold title to assets jointly. The current value of those assets should not dictate your need for an estate plan.

Although the need for estate planning may intensify as your estate grows, you do not need to have amassed a fortune to warrant creating an estate plan. In fact, the value of your estate assets are only one of many considerations when creating an estate plan. Because your estate can grow rapidly, proper estate planning should be done early on, before that growth occurs to ensure your growing estate is protected. For example, you may be surprised to see how quickly you may amass an estate that is subject to federal and/or state gift and estate taxes. You may also find that you, or your spouse, suddenly need to qualify for Medicaid to help cover long-term care expenses; however, if you failed to plan for that possibility the hard-earned assets you have amassed could be at risk because of the need to qualify for benefits. The ideal time to start estate planning is before you have built up the family wealth, not after.

Myth #3 – My Spouse and I Hold Property Jointly So I Don’t Need to Worry about Estate Planning

Holding title to real property jointly with rights of survivorship can be a reasonable estate planning tool in some situations. However, it certainly does not limit the need for a comprehensive estate plan. The benefit of holding property as such is that upon the death of one spouse, that spouse’s interest in the property automatically transfers to the surviving spouse without the need to pass through probate.

Not all assets can be held jointly with rights of survivorship. For those assets, other estate planning tools and strategies are needed if the goal is to avoid probate. In addition, titling assets jointly does not address the possibility that you or your spouse could become incapacitated. To cover that possibility, you need to include an incapacity planning component in your estate plan.

Estate Planning for Women in the 21st Century

As a woman, the need to have a well thought out estate plan in place has never been greater than it is now. Not only are you more likely to be an equal income partner should you choose to get married, but you are also more likely to have amassed considerable estate assets on your own prior to the decision to marry. It only makes sense, therefore, that you should have equal input regarding how the marital assets are spent, saved, and distributed. Looking into the future, there is a very good chance you will have the final say when it comes to spending and/or passing down the family wealth. Consequently, the terms of your estate plan will likely be even more important than you may realize. The time to get started with that plan is now. The way to get started is by contacting an experienced estate planning attorney in your area.

About Marianne Flood, Estate Planning Attorney

As the founder and managing partner of the Southampton, Pennsylvania law firm of Flood & Masiuk, LLC, Marianne Flood oversees a practice devoted to providing clients with personalized service and counsel in all aspects of estate planning.

Primary Sidebar

Is Your Plan Outdated?

Change is inevitable! See if your plan is outdated and if you need to take action to protect your loved ones.
  • This field is for validation purposes and should be left unchanged.

Flood & Masiuk LLC | Southampton Estate Planning Attorneys

112 Lakeside Park
Southampton, PA 18966
Phone: (215) 322-6330
Fax: (215) 322-9199

MAP

map for Flood & Masiuk LLC office

Opening Hours

Monday9:00 AM - 5:00 PM
Tuesday9:00 AM - 5:00 PM
Wednesday9:00 AM - 5:00 PM
Thursday9:00 AM - 5:00 PM
Friday9:00 AM - 5:00 PM

Footer

  • Disclaimer
  • Sitemap
  • Contact Us

© 2023 American Academy of Estate Planning Attorneys, Inc.

All Rights Reserved.
Attorney Advertisement

footer-logo
  • fb
  • twitter
  • linked-In