Why Women Have to Take Control Over Their Finances and Their Planning

Women hold significant power when it comes to finances in some respects and yet many of them defer plenty of decisions to their spouses. Failing to take control of your finances as a woman means that you couldn’t neglect important long-term care planning opportunities and many of the important financial issues that surround the fact that women have greater longevity in the United States.

A recent research study completed by the Boston College Centre on Wealth and Philanthropy found that of the inter-generational wealth transfers that are anticipated in the next 40 years, women stand to inherit $41 trillion of it. The PEW Research Centre studies, however, have shown that women are more likely across generations to allow men to take control of finances, whereas women are more likely to take the lead role in investment decisions and in household financial decisions.

Asking these important questions and creating an open dialogue with a team of professionals can help you to identify your financial blind spots. When it comes to estate planning women often primarily on the caregiving aspect of their own children or their parents and then think about how this impacts the overall financial plan.

It is very important to ensure that you think about other opportunities within estate and financial planning and having advisors, such as an elder law attorney and estate planning attorney and a financial professional like a CPA to guide you through this can be instrumental in helping you to accomplish these goals. Schedule a consultation today with a trusted estate planning attorney.