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.