Estates planning for women have changed drastically over the past several years. Many women today have their own careers, and manage their own financial planning.
Estate planning does not pertain only to death. A typical younger woman nowadays should start thinking about her own estate plan as soon as she is capable of starting her own life outside of her immediate household. She can even start when she begins to travel on her own, or her career starts and she obtains substantial assets. OC Wills and Trust Attorneys can put these goals into action and get you started on your planning earlier.
The most important and crucial time for women to have an estate plan ready is when they become a new mother. OC Wills & Trust Attorneys can help you set up a college fund for your new baby, get you to prepare for retirement, or just to name a guardian to raise your child should the worst happen. Although it may be hard to think about, it is something that takes a load off your shoulders once it is done, mostly because it ensures the best person to care and raise your child(ren).
Women now generally outlive their spouses. In the past, the male spouse will generally take care of the household finances, but once he passes away, the surviving spouse would be “taken care of” but she would not really have any control or say over her assets. In the past, AB Trusts are common for married couples. Now, with the new updated exemption laws, portability allows the first spouse to die to transfer his/her unused estate tax applicable exclusion amount to the surviving spouse for their own tax purposes. With this update in the law, the surviving spouse is able to manage his or her own assets, and be able to better make decisions on her assets after her own death.
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