Embark on a journey through the nuances of estate planning, especially tailored for women, with your hosts Samantha Gordon and Jane Dearwester from McIntyre Elder Law. This month, as we honor the achievements and strides made by women throughout history, we delve into the critical importance of taking control of one's financial and healthcare decisions. Our conversation cuts through the complexity of powers of attorney and underscores the essential nature of estate planning for individuals at every stage of life, from the young adult just starting out to those in the prime of their duty as caretakers for both children and parents. We share empowering stories and insights on why securing your family's future is an act of self-care, and how women can support each other in these efforts, further solidifying our roles as financial stewards.
We understand that initiating a dialogue around aging and future planning can be daunting, which is why we tackle the tough conversations head-on. In our episode, we explore the sometimes-overwhelming responsibilities that fall upon the 'sandwich generation,' amplifying the urgency to act sooner rather than later. From the care of beloved pets to the intricacies of life insurance and the navigation of business succession, we encompass all facets of estate planning. Furthermore, we signal upcoming events and resources specifically designed to address women's estate planning needs. This is more than just a call to action; it's an invitation to safeguard your legacy and an affirmation of the vital role women play in family affairs and beyond.
Embark on a journey through the nuances of estate planning, especially tailored for women, with your hosts Samantha Gordon and Jane Dearwester from McIntyre Elder Law. This month, as we honor the achievements and strides made by women throughout history, we delve into the critical importance of taking control of one's financial and healthcare decisions. Our conversation cuts through the complexity of powers of attorney and underscores the essential nature of estate planning for individuals at every stage of life, from the young adult just starting out to those in the prime of their duty as caretakers for both children and parents. We share empowering stories and insights on why securing your family's future is an act of self-care, and how women can support each other in these efforts, further solidifying our roles as financial stewards.
We understand that initiating a dialogue around aging and future planning can be daunting, which is why we tackle the tough conversations head-on. In our episode, we explore the sometimes-overwhelming responsibilities that fall upon the 'sandwich generation,' amplifying the urgency to act sooner rather than later. From the care of beloved pets to the intricacies of life insurance and the navigation of business succession, we encompass all facets of estate planning. Furthermore, we signal upcoming events and resources specifically designed to address women's estate planning needs. This is more than just a call to action; it's an invitation to safeguard your legacy and an affirmation of the vital role women play in family affairs and beyond.
Hi, I'm attorney Samantha Gordon with McIntyre Elder Law.
Jane Dearwester:Hi, I'm Jane Dearwester with McIntyre Elder Law based in Hendersonville.
Samantha Gordon:And I'm at our Charlotte office. Welcome to our Elder Law Report we are going to be discussing today women, specifically estate planning and women. Starting in March, it is women's history month, so we wanted to touch on why estate planning is so important for women.
Samantha Gordon:Historically, women have had a lot of obstacles, such as, as early as the 1970s, women as well as recently, rather as the 1970s, women couldn't even open up their own bank accounts. There have been so many restrictions that have been in place for women and maybe specifically dealing with financial matters, where women have had lower salaries have really been the caretakers for their families historically. So thinking about estate planning and thinking about the future of their family, if maybe they're not the breadwinner but they're the caretaker is so important because what's gonna happen if something happens to them? Who's gonna take care of the kids, who's gonna run the house, who's gonna take care of the pets? You know women really need to think about all of these different aspects and doing an estate plan is so crucial to make sure that not only while they're alive there are plans in place and documents in place that are going to secure that but also after they pass away.
Jane Dearwester:Absolutely, and we see with most couples that come in with estate planning concerns, almost exclusively it is the woman who made the appointment, who got the couple in the door, who is our main point of contact on the follow-up.
Jane Dearwester:The woman in the couple is the person who has everybody's first, middle and last names, knows all the grandchildren's names, knows all the birth dates. So it's just a role that I think women naturally play to be not only involved and up to date on all the family birth dates and gatherings but also have this natural disposition toward planning. And we wanna make sure, you know, for me I wanna make sure my son gets to soccer practice, I wanna make sure my pets get to their vet appointments and this kind of thing, and not to say that men don't plan. So we don't wanna exclude men from this talk, but really, you know, our focus today is on women and I think there is a natural inclination for most women to be planning to be caretakers. And again, like Sam said, we do live longer and a lot of the times we're working through probate cases. The father or husband does pass away first and then the wife is left to kind of deal with the family and deal with her husband's estate and you know other estates within the family.
Samantha Gordon:Yeah, definitely, and, lucky for us, we do live longer. I think the average right now is women live 10 years longer than men. So go us. But especially, you know, something were to happen to the wife or the mom when they're managing the household and they're making sure that everything is Happening and all the happenings of the house is going on, making sure that there's powers of attorney in place is so important.
Samantha Gordon:So powers of attorney financial power attorney, health care power attorney you appoint someone who's going to be your agent to manage your financial affairs or, if you become incompetent, to manage your health decisions.
Samantha Gordon:So making sure that there's someone that can make those decisions for you. In addition, I have also noticed that when I have Families who are coming in and they're meeting with us and they have kids that are going off to college, they're thinking about did my child maybe have a power of attorney in place Once they're 18 to make sure that while they're in college? If I mom, who's been making decisions for them for the past 18 years, now they're actually an adult, which, you know, 18, really an adult, I don't know, but you know they're now in college and if something happens, I want to make sure that I can still make decisions for my child and have legal Authority to do that if it becomes necessary, you know. So, making sure that maybe your kids, when they're going to college, have powers of attorney. It's not necessarily just for you and your husband or your partner, but maybe also for the children as well.
Jane Dearwester:Thinking about that, yeah, that is really a great point that I hadn't thought about or it really had anyone asked me about here in Hendersonville, but I think that's true and I think, as elder law attorneys, sometimes People have an idea that we only work with a certain demographic of 60, 65 and over, and that's just not the case. I always say estate planning is for everyone, at every age. We all have things that we need to keep in check With powers of attorney, have our estate planning Documents, financial affairs in order. It's good to have these things in order at any age.
Jane Dearwester:And another thing I see and appreciate about women is women also tend to congregate with each other and support and help each other. So this is something that we as women can encourage our girlfriends, whether they're in North Carolina or other states, to just prompt each other right to say, hey, do you, do y'all happen to have your will in place? Do your parents have their wills in place? So this is a way that we can network together as women to support each other and remind each other. We need to take care of ourselves, right? They say on the plane, put your oxygen mask on yourself first and others. So let's take care of ourselves, but then also let's remind and help our friends, male and female, to get their affairs in order, and we really can help anyone in any situation, and every situation truly is unique and different.
Samantha Gordon:Yeah, definitely. Whenever I sit down on a console with whoever it is, I let everyone know that if we're discussing a state planning, it is not a one size fits all type of thing. It is very specific to who is sitting in front of me, what your background looks like, what your family looks like, what their needs are and, in addition, what the assets look like. So it's definitely cultivating a specific plan for that individual or family. And, as you said, women should also be thinking about.
Samantha Gordon:If there are elderly parents that you know are going to possibly need their care as well, because not only may they be caretakers for their children, but in the future it's possible that they could be a caretaker for a parent or a mother-in-law, a father-in-law you know, those things also happen as well.
Samantha Gordon:So it's really from any age range and making sure that everyone in your life, but also yourself first and foremost as you said with the airplane Making sure that there's a plan in place if something were to happen to someone, because things are going to go off the rails and if there's no plan in place, it is going to make things so much harder and if you are really the one that's running the show and running the household and something happens to you, how are things going to be managed? And things are just going to be blocked. There's going to be so much heartache, not only because you are not there anymore, but also everything that needs to be done because nothing was planned for. So, really wanting to make sure that you know, for your own sake, but also your family's sake, that there's a plan in place, and making sure that that's done, yeah, it's about opening these conversations too.
Jane Dearwester:I was saying at a seminar we did recently that right after the holidays we got very, very dizzy, firm wide across our firm because people were getting together with their family members they maybe hadn't seen for a while and they're realizing oh, mom told the same story six times at Christmas dinner or you could just tell there was some cognitive decline or maybe physical decline too. They're having trouble getting around, maybe they need to go and do a facility, maybe they need memory care, skilled nursing. So again, getting together and, as women, opening and facilitating these family discussions is so important. And again, I think it's a natural role for women and matriarchs of a family to be in touch, to pull the family in, to say, hey, let's talk about how you're doing, and so the more we do that, the better. And something that Sam said really resonated with me.
Jane Dearwester:I know women, we're not supposed to talk about our age, but I'm in my 40s and women who are in their 40s and 50s are in this middle position where you're taking care not only of children who are maybe even becoming adult children, you're taking care of your parents who are aging. So me personally, my parents are in their 70s. My son's a teenager, so I'm right in the middle of these two generations and the responsibility to help both of them is going to fall on me. So, particularly women in your 40s and 50s, you don't have to wait till your 60s, 70s, 80s to start doing estate planning Again. The time to do it is now. The time to do it is when you're thinking about it, when you've been prompted, when you come to a seminar, listen to a video like this, when you start thinking about it. That's the time to act. Come in and talk to us and we can help you put a plan together and put a timeline together of what's going to be the best fit for you.
Samantha Gordon:Yes, certainly, and also really thinking about what your family looks like. For me personally, I have three four-legged children, so my plan is really going to account for that. You know something would happen to me. You know love my husband but he doesn't know what vet we go to. He doesn't know what the dogs eat, you know. So having something put in place where we make sure that that would be taken care of is super important.
Samantha Gordon:Also, thinking about having life insurance policies in place. If something were to happen, and maybe if your partner is the breadwinner of your family, what's going to happen to you financially and making sure that you still have somewhat of financial freedom to make sure that things can kind of you know, without maybe a little bump in the road, but really smoothly having a transition as much as possible. In that type of situation, life insurance policies are important as well as, if you own any business interests, making sure that you have succession planning in place. If something happens to the owner of that business, how is that business going to be handled? Is it liquidated? Does it pass to someone else? There's going to be business bank accounts that are going to be associated with that business, so making sure that there's access to all of that is super important as well, and making sure that you're just really going to have a plan in place where maybe the bumps in the road are a little bit less harsh, and making sure that you have something to handle that.
Jane Dearwester:Absolutely Well. We hope that you all have enjoyed the information we've shared. Please look on our website for opportunities to meet Salmon Eye and live seminars that we do around our geographical regions. I really love the live seminars. I think it's an incredible opportunity for the attendees to really learn, to meet us personally, to understand what we do and then from those seminars, to make a plan to get into our office so that we can meet you and learn about your specific situation and recommend a plan.
Samantha Gordon:Yeah, definitely. I'll actually be hosting in March in honor of Women's History Month, on March 23rd at the Ballantyne Hotel here in Charlotte, I'll be hosting a Sipping Mimosas and Securing Legacies event that is open to the public. We will be having a brunch and, obviously, sipping Mimosas as well. I'm very excited for that and that will be a seminar that is based on women and women's issues in estate planning, where we'll touch on what we touched on today but also go in a little bit deeper where it pertains to elder law, probate and then maybe trust and really understanding how estate planning works. You can also visit love, to visit our website. We have mclderlawcom slash events, but also mclderlawcom slash women, where we have a women's guide that you can also look at and see kind of what we talked about here today and maybe some more information for you as well. Yes, it's excellent.
Jane Dearwester:Everybody check it out and if you're ready to schedule a consultation, please give us a call at 888-999-6600. Or call us at 888-999-6600. Or go on to our website at wwwmclderlawcom Again to schedule that free consultation. Thank you for listening to our Elder Law Report on Women. Thank you.
Samantha Gordon:Thank you.