Women Most Likely Caregivers

By Colleen Sinclair Prosser, Attorney

SinclairProsser Law, LLC

. http://www.sinclairprosserlaw.com

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Women Most Likely Caregivers

According to a recent survey, women have an equal say in major financial decisions in seventy-five percent of households. In homes where one partner is solely responsible for financial decisions, women outnumber men in that role by a four to three margin.
In fact, women own a majority of all publicly traded stock in the United States. Women control seventy percent of all wealth in the United States and inherit about seventy-five percent of all estates. This is the reason estate planning is even more important to women than to men they are more likely to benefit from good planning or pay the price for poor planning (or no planning).
A study by the New England Journal of Medicine suggests that the odds of needing long-term care at some period in life are roughly fifty percent. More than 40% will spend more than six months in long-term care. Guess who are likely to be the caregivers? Women. Women are three times more likely to cope with their mates illness or injury. Guess who are likely to be the survivors? Women. Widows outnumber widowers by a wide margin. It is essential for women to ensure that, at a minimum, they and their spouse have done basic estate planning. This includes General Durable Power of Attorney, Living Will, Health Care Durable Power of Attorney, Will, Revocable Living Trust and Medical Authorization.
In addition to preparing basic documents, it is advisable to purchase Long Term Care Insurance. A periodic review of the beneficiary designations on 401k, IRA, or other qualified plan assets is also wise. Frequently, beneficiary designations do not reflect changes in circumstances. Qualified plan assets comprise an ever-increasing portion of the typical persons assets; therefore this is a critical review step. Your periodic review also should include life insurance beneficiary designations.
Many considerations come into play when attempting to achieve your goals children with special needs, aging parents, creditor protection, income taxes, divorce protection, estate taxes, etc. If you would like to be assured you have control of what happens to your hard-earned assets, attend a free estate-planning seminar to get the facts. After the seminar, youll have the information you need to make informed and intelligent decisions on these extremely important matters for yourself and your family.