Intergenerational Wealth for Women Using Estate Planning

Business, Estate Planning, Wills & Trusts

Intergenerational wealth speaks to the mark your extended family makes on your community, and careful estate planning can help you maximize this impact for generations to come. Intergenerational wealth and estate planning are both terms that sound pretty complicated. What is more, they probably sound like something that does not pertain to you. However, intergenerational wealth is just an elegant term for how families help support each other across generations and lifetimes, and estate planning is an especially grand term for financial planning throughout one’s own life and for how your assets will pass to your children and grandchildren.

The fact is that, if you are an adult woman –especially if you are a single mother– intergenerational wealth and estate planning is especially relevant to you. While addressing these concepts from the outside looking in can be overwhelming, once you have dipped your toe in the waters of financial planning, you will soon find your way, and the savvy financial planning attorneys at Ibekwe Law, PLLC in Texas at 512-505-2753 can help you with that.

A Wealth Transfer Is Emerging

The manifest destiny of baby boomers is emerging, and it amounts to an immense transfer of wealth. It is important to note that women stand to play an outsized role in this transfer. Further, women are increasingly building their own wealth –outside of the partnership of marriage. As this seismic shift progresses, financial advisors and estate planning attorneys –most of whom are men– need to keep up. If you are not receiving financial guidance that reflects your unique life –and life’s inevitable modern twists– it is a good idea to find a more enlightened estate planning attorney.

What It Means to Us as Women

As women, we wear a wide variety of important hats in our families, our homes, our jobs, and our communities. Further, all of the following apply:

  • Women, on average, earn less than men working in the same positions.
  • Women tend to shoulder greater responsibility regarding their homes and children.
  • Women are more likely to shoulder the responsibility of caring for aging parents and relatives.
  • Women, on average, live longer than men, which means we are more likely to be directly impacted by the result of estate plans.

Many of these resonate more profoundly with single mothers who shoulder even more significant responsibilities.

What is Intergenerational Wealth Planning?

Intergenerational wealth planning takes a more holistic approach to estate planning, which encompasses the greater goals of the entire family –now and into the future. As such, intergenerational wealth planning can address all of the following:

  • Distributing your assets according to your goals, wishes, and time guidelines
  • Helping family members better understand their financial planning options and opportunities
  • Investigating the gifting of wealth during one’s lifetime –and exploring the attendant pros and cons
  • Exploring the advantage of setting up trusts for one’s heirs
  • Exploring charitable giving
  • Reducing one’s estate taxes and the frustration and expense of probate

Ultimately, these combine to form the framework of your family’s intergenerational estate planning, which helps support your family’s greater good –in contrast to passing one person or one couple’s wealth on to specific beneficiaries. Intergenerational wealth planning truly takes the family’s heritage into consideration. Because women tend to predicate their life and financial goals on family, loved ones, and relationships, intergenerational wealth planning can be especially resonant for single mothers and other female heads of household.

Supporting Your Family over Many Generations

Single mothers take on immense responsibilities, and they often feel the tug of future and older generations even more profoundly. Your children depend upon you alone, and the estate you are building now will also contribute to and help guide the future of your children’s children. As a single mother, you are likely also motivated to play the legacy that your grandparents and parents built for you forward. All of this speaks to exactly what intergenerational wealth is about and to exactly how important intergenerational wealth planning is to your financial future.

Looking to the Future

If you are a single mother or married with children, you no doubt have serious concerns about supporting your children into their futures –in the context of your unique family, your extended family, and your community. Fortunately, intergenerational wealth planning has much to offer, including:

  • Allowing you to engage in financial planning that addresses your children and, in turn, their children
  • Allowing you to effect a financial plan that helps secure your family’s ongoing financial future
  • Allowing your family to become familiar with the financial goals and aspirations that make up your estate plan (without sharing your finances before you are ready to do so)
  • Sharing your financial values and guiding philosophies (related to earnings, investing, and savings) with your loved ones in a manner that brings you closer (rather than causing a rift)

As a single mother or a mother that is married, you have different needs to keep your intergenerational financial torch lit, but the resourceful estate planning attorneys at Ibekwe Law, PLLC in Texas have the dedication and financial insight to help you no matter what your financial goal are.

Starting Intergenerational Conversations Between Women

The fact is that a family’s estate is often passed between women in the end. Women tend to outlive men, which means they are more likely to ultimately direct the flow of estate plans. Addressing this fact is important, and a valuable mechanism for doing so is starting an intergenerational conversation between the women in your family. Traditionally, women are the gatekeepers of our families’ legacies (both financial and social), and keeping the channels of communication open between yourselves can help you chart a path forward that encompasses the values passed down through the generations –as tempered by new additions along the way.

Explore Intergenerational Wealth and Estate Planning with an Experienced Texas Estate Planning Attorney Today

Intergenerational wealth and estate planning need not be a daunting topic. The experienced Texas estate planning attorneys at Ibekwe Law, PLLC bring their enthusiasm for crafting well-considered estate plans that uphold each client’s unique intergenerational-wealth goals to every client we serve, and we are here for you, too. Take the first step toward financial peace of mind by calling us at 512-505-2753.