Estate Planning for Women

Many women who are smart financial managers of their personal income or of their family’s income often ignore one crucial aspect of financial management – estate planning.  Estate planning for women 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. It is critical for both single and married women, regardless of age, to take estate planning seriously.

There are many ways women can reduce or avoid any taxes owed and still accomplish their goals and objectives.

A charitable bequest  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 support your favorite charity, like the Vero Beach Museum of Art, and also achieve important tax savings.

Leaving a charitable bequest can be as simple as adding a few sentences to your will: 

“I, [name], of [city, state ZIP], give, devise and bequeath to The Vero Beach Museum of Art [written amount or percentage of the estate or description of property] for its unrestricted use and purpose [or for the specific program of your choosing].”

Estate Planning:

A 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. Review your will and your entire estate plan every three to five years. New laws may impact distributions, taxes, etc. as well as life changes, such as death, divorce, births, purchase of a new home or business and financial status.

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.

This information is intended to provide general gift planning information. Our organization is not qualified to provide specific legal, tax or investment advice, and this information should not be looked to or relied upon as a source for such advice. Consult with your own legal and financial advisors regarding your specific circumstances before making any gift.