BLACK FAMILY WEALTH MATTERS: Click here to learn how we are working to support you.
PROTEJA SU HOGAR Y SU FAMILIA - Se Habla Espanol. Haga clic aquí!
  • Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Home
  • Our Firm
    • About Our Firm
    • Areas We Serve
      • Los Angeles County
        • Inglewood
        • Malibu
        • Santa Monica
        • Torrance
        • Venice
    • Pre Consultation Form
    • Attorney and Staff Profiles
      • Attorney Caprice Collins
      • Attorney Lioness Ebbay
    • Awards & Recognition
    • Giving Back
    • Our Reviews
    • Speaker Connection
    • Staff Events
  • Services
    • Asset & Business Planning
    • Estate And Gift Tax Figures
    • Estate Planning Services
    • Family-Owned Businesses
    • Financial Planning Assistance
    • Incapacity Planning
    • IRA & Retirement Planning
    • Legacy Planning Services
    • LGBTQ Estate Planning
    • Medi-Cal and Elder Law
    • Pet Planning
    • SECURE Act
    • Special Needs Planning
    • Trust Administration & Probate
      • Trust Administration & Probate Definitions
  • EVENTS
  • Resources
    • Elder Law
      • Ladera Heights Elder Law
      • Los Angeles County Elder Law
      • Elder Law & Medicaid Definitions
      • Elder Law Reports
      • Medi-Cal Planning Checklist
    • Estate Planning
      • Estate Planning Checkup
      • Estate Planning Reports
        • Advanced Estate Planning
        • Basic Estate Planning
        • Estate Planning For Niches
        • Trust Administration
      • Estate Planning Definitions
      • Estate and Gift Tax Figures
      • Incapacity Planning Definitions
      • Is Your Estate Plan Outdated?
      • Top 10 Estate and Legacy Planning Techniques
    • Free Estate Planning Worksheet
    • Free Seminars
    • Frequently Asked Questions
      • Business Succession Planning
      • Elder Law
        • Medi-Cal
        • Nursing Home Planning
        • Understanding Dementia
      • Estate Planning
        • Charitable Gifting
        • Estate Planning for Women
        • Frequently Asked Questions for Families Without an Estate Plan
        • LGBTQ Estate Planning
      • Financial Planning
        • Tax Planning in Your Estate Plan
      • Incapacity Planning
        • Veteran’s Benefits
      • Legacy Wealth Planning
      • Pet Planning
      • Power of Attorney
      • Probate
        • Serving as Executor
        • Small Estate Administration
      • Trust Administration & Probate
      • Trusts
        • Living Trusts
      • Understanding Estate Taxes and How They Impact Your Estate Plan
    • Legacy Wealth Planning Pre-Consultation Form
    • Newsletters
    • Probate and Trust Administration
      • 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
    • Published Books
    • The Ultimate Caregiver Guide
    • Caregiver’s Worksheets and Checklists
  • Videos
  • Reviews
    • Our Reviews
    • Review Us
  • Women’s Planning
    • A Guide to Estate Planning for Women
    • Frequently Asked Questions
  • Trust Administration
  • Blog
  • Contact Us

Collins Law Group

Los Angeles Estate Planning Attorney

powered by BirdEye

Connect with us today(310) 677-9787

Attend a FREE Event
  • Facebook
  • Twitter
  • Linkdin
  • Youtube
  • Instagram
  • Pinterest
Home » A Guide to Estate Planning for Women

A Guide to Estate Planning for Women

Having a well thought out estate plan in place protects you, your loved ones, and your assets. Although most people are aware of that, a surprising number of them do not have a plan in place. Women are disproportionately represented in that group. If you are among them, now is the time to finally sit down and get started on your estate plan. While many estate planning issues are the same for men and women, there are some estate planning concerns that are unique to women. With that in mind, the estate planning attorneys at Collins Law Group have put together the following “Guide to Estate Planning for Women.”

Getting Started — Motivation

Although estate planning is important to both men and women, estate planning issues often affect women more profoundly. Why? It comes down to life expectancy. Women have a longer life expectancy, on average, than their male counterparts. When you factor in the tendency for a woman to marry a man who is slighter older than her, you end up with a woman being three times more likely to be widowed at age 65. This means that as a woman, you will probably have the final say when it comes to spending and/or transferring the family wealth. It also means that related estate planning issues, such as retirement planning and incapacity planning, take on a heightened importance.

Making the Most of Your Will

When you think about your Last Will and Testament you probably focus on decisions related to the distribution of your estate after your death. While the division of your estate can be accomplished using your Will, that may not be the most important aspect of creating a Will for a woman. What you may not know, is that your Will offers you the only opportunity you will have to name a Guardian for your minor children in the event one is ever needed. If it becomes necessary to appoint a Guardian, a judge will make the decision who to appoint; however, if you have nominated someone in your Will, and the individual appears competent and willing to accept the position, a judge will almost always honor your wishes.

What Happens When the Caregiver Needs Care?

Arguments over equality aside, the reality is that women tend to be the caregivers. Women are more likely to be the primary caregiver for minor children, aging parents, and even the family pets. What happens though, if something happens to the family caregiver? Your own incapacity could have a direct impact on everyone you care for, which is why you need to plan for the possibility. You need to plan for this possibility in your estate plan. There are several different ways you can accomplish this. Hopefully, you already named a Guardian for your minor children in your Will. If you have a child with special needs, additional estate planning is necessary to ensure your child is provided for if something happens to you. A special needs trust can be set up to provide supplemental funding for your child without jeopardizing your child’s eligibility for state and federal assistance programs, such as Medicaid and SSI. You can also set up a pet trust to care for your family pets if the need arises. Finally, you may need to petition for guardianship of an aging parent. If so, make sure you name a successor Guardian in the event that you are unable to act as your parent’s Guardian because of your own incapacity.

Honoring Your End of Life Wishes

Statistically speaking, you are likely to outlive your husband. If that happens, you will not have a spouse around to make healthcare decisions for you nor to plan your funeral and burial. As difficult as it may be, you need to plan for these things yourself. Executing an advanced directive will allow you to appoint someone of your choosing to make healthcare decisions for you if you are unable to make them yourself at some point in the future. You can also make end of life medical decisions now, such as whether you wish to authorize or refuse the use of life sustaining equipment. Funeral and burial planning also lets you decide ahead of time how your body will be handled after your death and what type of funeral service you wish to have. You may also choose to fund your own funeral and burial ahead of time using a funeral trust so that loved ones do not have to scramble to gather the funds necessary for your service.

Understanding the Gift and Estate Tax Laws

Although everyone should understand how the federal gift and estate tax laws may impact their estate, it is even more important for women to know where they stand because they are likely to be the last one standing. Federal gift and estate taxes, at a rate of 40 percent, are potentially levied on the estate of every taxpayer at the time of death. Fortunately, the lifetime exemption may also be used by every taxpayer. The lifetime exemption was set at $5 million back in 2012, but is adjusted annually for inflation. For 2017, the limit is $5.49 million. This means that an estate is exempt from the tax up to $5.49 million in combined lifetime gifts and estate assets owned at the time of death. The marital deduction, however, is why many surviving spouses end up in trouble. If you husband has a moderate to large estate, and failed to plan ahead, his estate may have used the unlimited marital deduction to transfer all estate assets to you without incurring any federal gift and estate tax obligation. If, however, that transfer of wealth put your estate over the lifetime exemption limit, your federal estate tax debt has only been deferred until your death. It will be up to you, as the surviving spouse, to incorporate tax avoidance strategies into your estate plan to avoid losing a significant percentage of your estate to taxes when you die.

Contact Us

If you have additional questions or concerns relating to estate planning or you wish to get started on your plan, contact the experienced California estate planning attorneys at Collins Law Group by calling (310) 677-9787 to register for one of our FREE Estate Planning Workshops.

Primary Sidebar

Collins Law Group

Download our Free Report

Learn the common reasons you need to not only build and protect your hard-earned money, but transfer it with as little depletion and expense as possible.

Our Attorneys

Attorney Caprice Collins

Get to Know Attorney Caprice Collins


Attorney Lioness Ebbay

Get to Know Attorney Lioness Ebbay

Follow Us

  • Facebook
  • Twitter
  • Linkdin
  • Youtube
  • Instagram
  • Pinterest

Testimonials

Client Review
August 19, 2020
    

“My mother told me about the Collins Law Group and I must say, the entire experience has been a real pleasure. Although I was nervous at first, the Collins Law Group staff put me at ease with their friendliness and knowledge. I didn’t realize how hard it could be on your family and loved ones left behind if you die without any planning or directions in place for them. My biggest concern was making sure my elderly mother would be provided for and taken care of if something happened to me. I have been a caregiver for her for 12 years, so this planning was crucially important. I had previously made a living trust for myself on Legal Zoom but there is no comparison to the level of service and professionalism that Collins Law Group embodies. Attorney Collins and her staff provides excellent service and it will take a large burden off of my family when they need guidance at the time of my passing.”

default image
-Ms. Jones

Where We Are

Collins Law Group
3330 West Manchester Boulevard
Inglewood, CA 90305
Phone: (310) 677-9787
Fax: (310) 677-6742
Email: clcfirm@aol.com

See Larger Map Get Directions

Office 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

Map

Collins Law Group Google Map

Footer

  • About Our Firm
  • Advantages of Working With Our Firm
  • Services
  • Sitemap
  • Resources
  • Blog
  • Contact Us

Connect with Us

  • Facebook
  • Twitter
  • Linkdin
  • Youtube
  • Instagram
  • Pinterest
Collins Law Group footer logo

Attorney Advertisement

© 2023 American Academy of Estate Planning Attorneys, Inc.