Today’s Woman Needs an Up-to-Date Plan
You may think you don’t really have a need for an estate plan, but more likely than not, you do. Find out about all the ways one can benefit you, your loved ones and favorite charitable organizations. And, learn more about the tools you can use to help make your plan take shape. It may be the best move you ever make.
Today’s woman has an expanded role in business and finance, with significant management and leadership assignments. She has more responsibilities at home and at work then ever before. She’s earning more in wages, salary and benefits, and she’s accumulating more investments and assets. In short, whether employed outside of the home or not, women are assuming more responsibility for their own financial affairs.
It’s important for today’s woman to protect all that she has worked so hard to accumulate. A plan for her estate will secure that necessary protection.
An estate plan is essential whether a woman is married, single, widowed or divorced, and whether she has children of whatever age or no children at all. Planning is necessary whether she considers her estate to be substantial or small. People are usually surprised at just how substantial their estates are when they begin the process of estate planning.
Estate Planning Defined
Planning an estate involves not only determining who you want to receive your assets, but also how, and sometimes when, to pass these assets to your relatives, heirs, friends and favorite charitable organizations, such as the Alliance for the Arts with the least possible cost. Estate planning starts with a will and/or a revocable living trust.
Estate planning is a dynamic and ever-changing process and involves many considerations for example:
- how title to assets is held
- whether (and what) property should be owned in joint tenancy
- whether to allow assets to be probated or to avoid probate with the use of trusts
- how best to use life insurance
- how to reduce federal estate taxes (if federal estate taxes apply)
What If You Do Not Have an Estate Plan?
You forgo valuable options if you do not take advantage of the opportunity to plan for your estate. The cold reality is that those who fail to establish an estate plan end up with their state’s “plan” of distribution, called intestate succession. It determines how your property will be distributed. You will NOT decide:
- who inherits what
- who will be your executor
- who will be the guardian of your minor children or manager of the assets they inherit
- to implement options that could save your estate taxes
- what will happen to business interests you own
Estate planning is essential for the woman of today, and the Alliance for the Arts would be glad to assist you in determining the best estate plan to fit your personal needs and those of your family.
Please contact us at (805) 449-2590 for more information.
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The information in this website is not intended as legal advice. For legal advice, please consult an attorney. Figures cited in examples are for hypothetical purposes only and are subject to change. References to income tax apply to federal taxes only. Federal estate tax, state income/estate taxes or state law may impact your results.