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Women, Law & Money By: Andrew W. Ewalt, Esq., Of Counsel, Lavigne, Mark & Rogers, LLC, Attorneys at Law Consider these facts: the fairer sex represents more than 50% of our general population, women tend to outlive their male counterparts by seven years, 80% of men die married and 80% of women die single. Given these numbers, it is safe to presume that a large percentage of the readers of this article are women. Accordingly, whether you are a married or single female, you need to play self-defense when it comes to your own life and estate planning. Why? Because while you are busy meeting the needs of others, you may forget to take care of your own needs. For example, who will take care of you and your property if you become unable to do so? Who will be your caregiver? Life Planning In the midst of tending to the needs of those around you, your fundamental legal truths may be overlooked: Every adult American must make their own personal, health care and financial decisions. But what if an illness or injury leaves you incapacitated? Who will make the decisions then? Without proper legal planning it will likely be someone appointed by a court, rather than someone of your own selection. This court process can be expensive, inconvenient and open your personal, health care and financial circumstances to the public record. Accordingly, a Durable Powers of Attorney for Financial Decisions and for Health Care Decisions are a must. Estate Planning Many women with minor children in the home are busy running their children to and from school, dance lessons, music lessons and/or ball practice. Amidst all this sometimes frenetic activity, who has time to think about the consequences of leaving minor children orphaned? Whether married or single, a woman with minor children needs a Last Will & Testament. That is the only legal instrument through which she may name the Guardians (i.e. Back-Up Parents) in the event her children are orphaned. Additionally, through the Will or a Revocable Living Trust, a woman can control who will manage the inheritance she leaves, as well as how her loved ones will inherit it. Close coordination between her estate planning attorney, accountant, and financial advisor is recommended. Risk & Return Balancing the safety of investments with the return on investments is a challenge for anyone. However, if a woman has not been responsible for such decisions, she may need professional advice and assistance regarding her options. Assessing the personal risk tolerance and financial objectives are the foundations to a successful investment strategy. Then, once appropriate investments are selected, legal counsel should be sought to determine the most advantageous ownership and beneficiary arrangements for each investment. Personal Education As a woman it is essential to focus on the fundamental legal and financial challenges you may faceÉoften without proper planning and counsel. Through these challenges we stress the value of professional assistance to determine personal risk tolerance and asset allocation. |
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2008 Lavigne, Mark & Rogers "This website is for informational purposes only and does not create an attorney-client relationship. In keeping with various state regulations, this website is designated as lawyer advertising." COMPLETE DISCLAIMER and PRIVACY INFORMATION |
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