It’s not news that Baby Boomers are the benefactors on the cusp of the greatest wealth transfer in history. But, what is news is that women are primarily the ones who are or will be the deciding factor in that major shift in generational wealth.
As we know, women tend to live longer than men, and a recent article in The Wall Street Journal detailed how this fact is influencing family finances for the long-term. Namely, “Women… [are] getting the final word on how the family nest egg is parceled out. And they are handling the money differently than their husbands…”
For instance, the authors of the article go on to state that women are more likely to redirect funds to charity and allocate more money to long-term healthcare.
This is often a sudden, new role that older women are more frequently taking on by overseeing the financial investments – and they’re making different financial choices when it’s their sole decision. As a result, this can cause tension in the family as the matriarch fine-tunes or resets the timing or amount of the next generation’s inheritances.
Interested in starting or learning more about your existing estate plan? Reach out to MeyerPink Law at (209) 886-4131 or email [email protected] to set up a time to discuss your options.
