Women tend to have greater longevity than men, therefore, could be facing more significant health care costs in their retirement. Prolonged life expectancy is one of the most common concerns presented by women and men alike when meeting with an estate planning attorney.
A new study of estate planners revealed that many of their female clients had lost jobs, taken pay cuts, or left the workforce due to the pandemic. This is a significant potential impact both in the short-term estate planning needs for those clients and also in their long term projections for their retirement and long term care expenses.
Previously, family conflict was the most common source of a threat to an existing estate plan but concerns over rising health care costs have pushed that past the previous concern. The estate planning study found that nearly 80% of estate planning professionals made changes to their female clients’ estate plans to reflect the updated financial situation caused by the pandemic.
Approximately 38% created current wills, 17% created letters for their loved ones for after they pass away, nearly 40% updated their powers of attorney and 38% changed beneficiary and guardian designations. If you haven’t yet sat down with your estate planning attorney to talk about the options available to you, schedule a consultation today.
Our Pasadena estate planning lawyers will guide you through any questions you have about the estate process and adjusting your retirement or elder law plans.