Top 10 Estate Planning Guidelines for Women, Part 1 of 2

4:48 pm Estate Planning

business woman e1373993288833 Top 10 Estate Planning Guidelines for Women, Part 1 of 2We all know that, on average, women outlive men.  What we generally neglect to consider is that they also generally earn less than men and have to manage expenses longer due to their longer life expectancies.  Here are the first five of the top 10 estate planning guidelines for women:

Make a will.  A will provides instruction on how you want your assets handled after you die; without one, a probate court will decide for you.

Make an estate plan.  There can be tax consequences to your estate that could be avoided if you had planned in advance; seeking the advice of a qualified estate planner can save your heirs both time and money.

Choose executor wisely.  Experts agree you should choose someone with financial savvy as your executor instead of a default choice of a relative or friend.

Think about a trust.  Trusts can help those with even small estates protect assets and ensure those assets pass to those you intended to receive them.

Give while you are alive.  If you plan to leave some assets to individuals other than your spouse, passing those along while you are still alive can help minimize gift and estate taxes.

For additional professional guidance on estate planning and asset protection strategies, contact our Newport Beach law firm.

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