6 Reasons Why Women Need Estate Planning

6 Reasons Why Women Need Estate Planning

1. We live longer than men.

Women tend to outlive men by an average of 4.9 years which means we need our assets to last longer and cover more complicated medical or long-term care. It also means that married women will most likely inherit their spouse’s estate and will have final say on how the assets are treated.

2. We tend to earn less during our lives than men.

Full-time working women earned only 89 cents for each dollar a man earns, according to Pew Research 2019. Also, we tend to work fewer years than men, taking time out to care for our home and family, further reducing our ability to save. It’s important for women that may have less saved, to get sound retirement planning advice.

3. Most custodial parents are female.

Almost 84% of custodial parents are women. Planning for our young children in case something unforeseen should happen and determining who will handle the children’s property until they are older. These are important factors to consider and write into our estate plans.

4. We are business owners.

Women own more than 8.6 million businesses in the US, generating revenue of $1.3 trillion each year. We need to protect our assets and plan for the succession of our businesses.

5. We are professionals.

Women make up 57.5% of professional occupations. Women in professions with high litigation risks like medicine, law, and real estate, can benefit from asset protection planning.

6. We have money.

As women, we control $14 trillion in assets and three-fourths of the financial wealth in the United States. It’s important for us to get sound investment, charitable giving, and tax planning advice.

If you need advice or would like to schedule a free consultation with our team in regards to you or a loved ones estate planning, please call 678-250-9355 today.

Hear From Our Clients

I heard Cindy’s presentation at a Senior Luncheon at my church, and was very impressed. She helped my daughter and me understand many aspects of elder law. Josh has also been very helpful in my planning to enter an independent living situation . I have told many friends about them.

- Charlotte

The very best elder law attorney and staff anyone could ever ask for! I have referred a number of clients to Cindy and she never disappoints. She is kind, caring, and extremely thorough in making sure everything is completed as it should be. I highly recommend Cindy for anyone needing lawyer services; she truly goes above and beyond for every client she helps and has had a huge impact in so many peoples’ lives. Thank you, Cindy and staff, for everything that you do- I’m so glad to know you!

- Kerri

Cindy and the Nelson Elder Care Law team are trustworthy and helpful. They are the experts in elder care law. At Leaf Cremation, we entrust our families to the care of the Nelson team when their services are needed.

- Pierce

Josh Nelson, and his staff, have been amazingly helpful to our family. The ins and outs of nursing homes, the rules and regulations that govern Medicare and Medicaid are daunting and the folks at Nelson Elder Care Law have been informative, responsive, and above all, empathetic. I cannot emphasize enough how their service has taken a weight off of our shoulders especially during a world pandemic that has targeted nursing homes across our country. I highly recommend retaining Josh and his firm!

- Marcia

I had a simple legal question to them that I needed answered and they very helpful in giving me the information I needed. I highly recommend them and will reach out to them if I need more advice or assistance. Thank you for taking your time to just answer a couple of questions I had!

- Ben