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Updated: Wednesday, 22 Aug 2012, 12:37 PM EDT
Published : Wednesday, 22 Aug 2012, 12:37 PM EDT
PORTSMOUTH, Va. (WAVY) - Stephanie Bard, Registered Associate with BayPort Financial stopped by the show to talk about the woman's role in estate planning.
Estate planning is the process of anticipating and arranging for the disposal of a person's assets such as legal rights, interests and entitlement to property less any liabilities. . Estate planning typically attempts to eliminate uncertainties over the administration of a probate and maximize the value of the estate by reducing taxes.
Women tend to live longer than men
Women live on average 4.9 years longer than men.
Need assets to last longer.
Also, wives may outlive husband and inherit his estate.
Wife may have last word on final disposition of assets.
Women tend to earn less during their lifetime
In 2010 full-time working women earned $.81 for each dollar a man earned
Woman tend to work less years
Must make fewer dollars last longer
Most custodial parents are women
Approximately 84% of custodial parents are women.
Women with younger children need to plan for their care is something unforeseen should happen.
Women are business owners
In 2007 7.8 million women owned nonfarm U.S. businesses
Increase of 20% from 2002
Women need to protect their assets and plan for succession
Women are professionals
Women make up 57.5% of professionals
Women in professions with high litigation risk (like medicine, law and real estate) can benefit from asset protection planning.
A few estate planning tools
· Will-Written directive who is to settle estate and how
· Trust Agreement-Document that spells out the rules that you want followed for property held in trust for your beneficiaries.
· Power of Attorney-Document granting authority for another (attorney-in-fact) to act on behalf of grantor
· Health-Care Directive-Written directive on who can make medical decisions if patient could not
To learn more about estate planning, stop by any of the 14 BayPort Credit Union locations across Hampton Roads.
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