Older Women May Have Specific Estate Planning Concerns In Florida
May 14, 2014
Women are different from men in obvious ways. However, beyond just physical characteristics, there are differences in how women interact with society, particularly with estate planning in Florida or in any other state. Although every situation is different, and women are more independent than ever before, some women are still dependent upon their husbands for their financial well-being, which can affect a woman’s estate administration concerns.
For example, many older married women may be dependent upon their husband’s pension benefits. This makes how a woman’s husband chooses to begin receiving his pension benefits an important decision. For example, if the husband chooses to receive the maximum amount of benefits during his lifetime, it means that the benefits will stop being paid out upon his death.
This could cause problems if the wife, who is dependent upon her husband’s pension for income, ends up outliving her husband. If the husband chooses to receive the maximum benefits amount during his lifetime the wife will be left without any income. However, if the wife had known this was going to happen, she may have been more involved in family’s retirement and estate planning process.
This is only one aspect of estate planning which women in Florida and other states should be thinking about. The more that people of any gender know about the related laws and how these laws are applied to a person’s specific situation, the better prepared a person will be to make good decisions for his or her estate plan. This can help to avoid difficult financial situations and unnecessary expenses.