Many women who are smart financial managers of their personal income or of their family’s income just plain ignore one crucial aspect of financial management – estate planning. Estate planning for women really is different than estate planning for the rest of society. Since life expectancies are longer for women, it is likely that a woman will outlive her spouse and be responsible for two estates.
There are many ways women can reduce or avoid any taxes owed and still accomplish their goals and objectives. A charitable bequest – a direction in a will to give money or property – produces an estate tax charitable deduction that benefits both the estate and charity. Through a charitable bequest you can gain the personal satisfaction of knowing part of your estate will benefit your favorite charity’s programs and also achieve important tax savings. In fact, a deferred bequest to your favorite charity can actually increase the income available to your other beneficiaries.
Good estate planning means, at a minimum:
Your thoughtful, up-to-date will should be the cornerstone of your total estate plan. It gives form and substance to your concern for the future of your family, worthwhile organizations and other beneficiaries.
A trust, created during life or in your will, may figure prominently in your estate plan. Through a trust you can provide income for your family, transfer investment worries to a trustee of your own choosing and perhaps even save on estate taxes and estate administration costs.
A living will and a durable power of attorney for health care should be part of your total estate plan. These legal documents provide your doctors and family members with guidance in making health care decisions if you are incapacitated.
Some Findings about Giving by Women
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