Let me get it out of the way…the elephant in the room after such a polarizing title. Estate planning is for everyone. Period. Regardless of your age, your marital status, your perceived wealth, or your family size, everyone benefits from preparing for the unexpected, covering essentials, ensuring a lifestyle, and ultimately leaving a legacy with minimal probate and family disputes.
Women have a five year lengthier lifespan than men. If you’re single, you may specifically lay out how your assets are (or are not) distributed; think: family members, charitable organizations, reflecting your passions and pursuits, friends, or even your animals. Are you the Ultimate Auntie? Estate planning can set your heirs up for success, perhaps by creating an educational trust. Estate planning can even provide the opportunity to be in control of your medical decisions in the unfortunate event you may not be in a position to communicate your wishes. Estate planning may give you the ability to keep your assets and distributions private (through a vehicle like a Trust) by avoiding probate (a public process).
Married women, statistically, enter widowhood, ultimately becoming responsible for the administration of the wealth and other estate matters. A U.S. News article written by Coryanne Hicks points out, “it is typically the female’s estate plan that controls the ultimate disposition of wealth within, or outside, the family. But women may have had less involvement in decisions prior to the death of their spouse – at least historically…[G]iving women a solid foundation with which to make the final decisions around family wealth becomes all the more important.” Each client’s goals are different, of course, and are rarely differentiated by sex or what a family looks like. After all, each individual’s estate planning goals are as unique as his or her thumbprint. However, having increased female presence in the estate planning field brings value and balance to addressing these distinct goals.
I’m so grateful to know so many women in this field. I’m currently serving as President of the only Women’s Estate Planning organization in the United States! Per my observations and experiences, women are becoming increasingly involved in this profession, and for good reason! While traditional gender roles continue to evolve, clients are seeking representation who can also relate to their life experiences. Proactively seeking out women advisors benefits our clients. I’m so proud to be a part of a profession helping other women talk about hard conversations! At Legacy Planning and Probate, we strive to make conversations about death, divorce, and taxes approachable and educational.
Your health, wealth, and legacy are worth planning for tomorrow, today.
ABOUT THE AUTHOR
OF COUNSEL
Kim Raemdonck was born in Galveston, Texas, and raised in Fort Worth, Texas. She graduated magna cum laude from Texas A&M University with honors. Kim went on to attend the University of Denver Sturm College of Law where she obtained a J.D. and an L.L.M. in taxation. She is admitted to practice law in Colorado and Texas and before the United States District Court for the District of Colorado and the United States Tax Court.
More Articles
As a transactional attorney, I focus my practice on helping clients plan for and react to business events much more so than I do on interpreting statutes or legislation. Sometimes, however, a statutory change or judicial ruling will have a wide-ranging—and retroactive—impact that is impossible to ignore.
The “Corporate Transparency Act” is a new statute enforced by the Department of Treasury, specifically the Financial Crimes Unit (often abbreviated as “FinCEN”). This newly developed law has gained a lot of attention, due to the widespread applicability to so many individuals and businesses. Despite the hype, there is still adequate time to obtain the necessary information and file.
The moment you begin using your trademark in U.S. commerce (for example, with the sale or exchange of your goods and/or services), you establish what is called “common law” trademark protection. While you have certain rights in your trademark upon use, there are various limitations to common law rights and we almost always recommend seeking registration of your trademark. Trademark registration affords you with greater rights not available under common law, though there are certain limitations on those rights, as discussed below.
If you’d like more information about who we are and what we do, please reach out to set up a free consultation.
© 2022 Milgrom Law, PC | DBA Milgrom & Daskam.
