Women Wealth & Wisdom - Estate Planning Strategies

Much to do with estate planning strategies is the same for men and women, but conditions particular to women influence the way that women should conduct their financial management and the allocation of their estates.

Women have the potential to be in charge of their finances at any time, whether by choice or circumstance – death and divorce are two factors that could contribute to women needing to make their financial decisions independently.

The first stage of estate planning strategies involves a careful assessment of your property and investments. Working either alone or with a financial professional, create an inventory of your estate value, including any life insurance that will be distributed to your heirs.

If you take the time to plan for the allocation of your estate, you can avoid unnecessary taxes that will whittle away at your estate. If your estate – combined with your husband’s if applicable – is worth more than one million dollars, you should consult a financial professional on how to best shelter your estate. You can give gifts, create credit shelters, and invest in trusts in order to reduce the taxes deducted from your estate.

Your will is an important part of your estate planning strategy. If you have minor children, your will is the place to name guardians and establish your wishes about how you want your children to be raised. If you don’t provide clear instructions of your wishes, it will be left to the state to decide the placement of your kids. Even if you are not the primary income earner in your family, or if you are not making an income at all, your will is a legal record of your wishes and intentions and should not be overlooked.

Estate planning strategies also involves setting up trusts – which is most important in the provision for children. You can use trusts to allocate money for the support of your children when they are young, and set terms to include your wishes for their education.

https://www.axa-equitable.com/learning-center/womens-guide/estate-planning-strategies.html