The past several decades have seen significant areas of improvement for women and financial planning. First of all, women are increasingly choosing not to get married and are increasingly serving as the primary breadwinner in plenty of households. This raises new questions around the topics of financial and estate planning.
Given that women now account for more than 40% of primary breadwinners across the country and the anticipation that women will control two-thirds of wealth in the United States by 2030, it is important for women to sit down and appreciate their financial plan and revisit it regularly.
Another common concern that comes up a lot in conversations around estate planning and elder law is that women tend to live longer than men. This risk of longevity means that women must be looking towards their retirement with the potential of living many years past a spouse or other caretakers.
This means careful contemplation around Medicaid in Michigan and other long term care issues. If a person is expected to live longer, it might mean that their investment assets, for example, need to be invested at a higher level of growth which would normally lead to higher exposure to volatility.
While this might be uncomfortable for a woman to approach, increased confidence that a person has sufficient growth to achieve their long term financial goals is critical. Another key issue that pops up for many women is the need to effectively plan for your estate. A discussion with a knowledgeable estate planning attorney is often the first step in addressing these key issues. We work with many women who want to have the peace of mind that comes with knowing you’ve taken care of an elder law and an estate plan in MI.