Women and Finances

Women and Finances

Women and Finances

It is 2021, and the topic of women and finances has never been more relevant. Even though Vice President Kamala Harris occupies the second-highest office in the United States, the old refrain that women do not have a head for leadership or money persists. And it is time to put it to rest. When you step back from your own financial planning in deference to the old guard, you do not do your finances or yourself any favors. Women have just as much ability and right to ensure their financial security as men. Only you know what your financial goals are, and you are more than capable of going after those goals.

One of the best ways to ensure your financial stability and future is through your estate plan. The sooner you address estate planning and the critical role it plays in you and your family’s future, the sooner you begin putting your finances to work for you and your goals. Your legacy is unique to you, and the dedicated estate planning attorneys at Ibekwe Law, PLLC in Texas honor your perspective and are committed to helping you forge an estate plan that insightfully reflects your vision, passions, and concerns. Taking the first step is often the most difficult, but by taking the initiative and giving us a call at 512-505-2753, you will be one step closer to unleashing your inner financial brilliance and taking control of your financial legacy.

What is Estate Planning?

Many people –women especially – get hung up on the term estate planning, and it is understandable. You are out in the world making your mark, and you do not live on a family “estate.” The idea that only those who are millionaires deserve to develop an estate plan is an old trope that cannot lose relevance quickly enough. If you have a family, loved ones, and/or a cause that is near and dear to your heart, you have a legacy that is more than worth planning for and preserving. When you think estate planning, do not let the dated language fool you–instead, address the matter head-on (with your own inimitable strength and style).

International Day of Women

International Women’s Day occurs annually on March 8th, and it is a global day that celebrates the cultural, political, social, and economic achievements of women. It is also a great time to think about women and finances generally and about the important position you fill in your world. Undoubtedly, you – as a woman –play a critical role at your office, in your family, and in your community. Because women live longer in general, they tend to be more intimately involved in ultimately resolving estate planning issues. As International Women’s Day approaches, take a moment to reflect on your financial goals – where you are, where you are headed, and where you would like to land. You have worked hard in your career and your life, and your financial legacy is emblematic of that effort. Do not forget that you are not alone out there and that the accomplished estate planning attorneys at Ibekwe Law, PLLC in Texas can help you find your voice, obtain your financial footing, and continue moving in the direction you want to go.

How is Financial Planning Different for Women?

Unfortunately, history dictates that women are expected to be reticent about money – after all, stereotypes say that women are bad at math. In reality, women often excel at numbers. And the idea that you have to be a math wizard to embrace financial planning is incorrect to begin with. Generally, women’s lives are full enough — even before adding the additional task of financial planning. As women, we have to work harder to prove ourselves in the workplace (but continue to make less than our male cohorts); we commonly take on more of the responsibility for both our homes and our children, and the job of caring for our aging loved ones tends to fall to us. It begs the question, who has time to focus on estate planning? While it is a valid question, taking a moment to consider the important implications of such planning may help motivate you to carve out the time necessary to do so. And having a dynamic estate planning attorney on your side can help expedite the matter considerably.

Am I Old Enough to Worry About Estate Planning?

Too many people think that estate planning is only about a Last Will and Testament (will). The fact is, however, that, while your will is an important component of your estate plan, there is so much more to it than that. Your estate plan is not simply a document that addresses how your assets should be distributed in the event of your death. Instead, a well-crafted financial plan should address all of the following:

  • A plan and protections for growing your wealth during your lifetime
  • A blueprint for your retirement years
  • Your wishes regarding guardianship of your minor children
  • A plan regarding you or your spouse’s unexpected incapacity

Even if you are just starting out in this journey — millennials call this “adulting,” a will can be an important component of your estate plan. If you have young children, you can address the paramount issue of their guardianship in the unlikely event they are left without parents. Further, by attending to the matter of your employment-based financial tools (such as retirement accounts and life insurance policies) and your own financial accounts, you bypass Texas probate and decrease the burden on your family after the tragic blow they have experienced.

Estate Planning and Cultural Competence

You are a unique individual, with a unique culture, and unique life goals, who is a unique member of your unique community. Yes, you are a unicorn! In other words, there is no one right way to address estate planning. The one universal truth that holds across all cultures and people is that the best way to help ensure your enduring legacy is to plan for it. By becoming fluent in the language of finances and starting the conversation early, you allow yourself a leg up. Whether you are just starting out, are quickly approaching retirement, or are anywhere in between, however, now is the right time to think about your estate plan.

Women and Finances Belong Together: Reach Out to a Resourceful Texas Estate Planning Attorney Today

You are a woman, and this means you are busy. Do not, however, buy into the idea that putting your estate planning off, leaving it to your spouse, or leaving it to chance is the way to go. It is your life, your work, and your legacy, and the experienced estate planning attorneys at Ibekwe Law, PLLC in Texas are committed to moving the needle on women and finances in the right direction –one client at a time. To learn more about how we can help you specifically, please do not wait to contact us at www.willsintexas.com/contact today.

 

Estate Planning Tips for High Wage Earners

Estate Planning Tips for High Wage Earners

Estate Planning Tips for High Wage Earners

There’s no doubt about it – you’re a hardworking and dedicated professional who has put immense time and effort into honing your craft. Whether you’re a physician, engineer, entrepreneur or other high-earning professional, you had to work hard to get where you are. And, with each passing year, you become more and more financially secure.

This is excellent news and a time to celebrate! Your hard work has paid off immensely. You’ve built a legacy to be proud of and to protect; the best way to do so is with setting up a will, trust, or other legal documents to take care of yourself and your loved ones.

Many high wage earners think estate planning does not apply to them—that they must have Bill Gates’ money to set up a trust. WRONG. Not only does estate planning protect your loved ones, it also protects assets, protects you from liability, provides tax breaks, and helps you properly structure your professional lifestyle.

It is important to take time to develop a realistic estate plan for yourself and your family members. This includes choosing beneficiaries, picking out guardians for your minor kiddos, and preparing for probate with an effective will or avoiding it with a trust.


Additionally, here are some other things that you need to do as well:


1. Ensure that you have enough liability or malpractice insurance.

For example, physicians experience more liability than average individuals. As such, they are privy to many real and bogus lawsuits. Therefore, it is vital that you have enough liability coverage to handle these types of cases. If you don’t have enough protection, creditors can go after your assets, including those held in a company structure.


2.Figure out whom you’d like to designate as your child’s guardian.

Will your parents or a close relative raise your kids or manage your estate if you and your spouse cannot? Whatever you decide, the chosen party should be open and receptive to the appointment and be financially and emotionally stable to do so.


3. List your assets and liabilities in the form of a net worth statement, so you have a better idea of the value of your estate.

This should include bank accounts, investments, property, business interests, life insurance policies, student loan, credit card debt, etc.


4.Make sure you have a basic estate plan in place.

This includes a last will and testament, powers of attorney for healthcare and finances, and an advance directive.


5.Consider setting up a revocable living trust to protect your assets.

A living trust works during your lifetime and you can be appointed as the initial trustees. In addition to avoiding probate when you die, a fully-funded trust can also help if you become incapacitated because another trustee can take over the management of your finances.


Being a high wage earner is something to be proud of. You’ve worked hard to get where you are, and you deserve everything that you’ve accumulated. However, it is crucial that your estate plan protects your assets. At Ibekwe Law, PLLC, we can help you structure your estate plan to minimize taxes and protect your assets.