Batter-up: Stepping up to the Plate – Estate Planning for Men
June 9, 2008
Women have made tremendous strides in the world of business and politics, as the traditional gender roles are fading fast. It has become increasingly rare to see the likes of June Cleaver and Donna Reed living among us in the twenty first century. However, some things have not changed. Men continue to pass away at a younger age than their spouse, leaving women solely responsible for the financial welfare of themselves and their families. Men, despite their traditional hesitancy to plan, must work with their wives to plan for a future without them. As Edward Young noted, “All men think all men mortal, but themselves.”
According to MayoClinic.com, men are at a higher risk of premature death than women in most categories. Males are more likely to partake in certain lifestyle behaviors that predispose them to premature death. Specifically, men are more likely to smoke, drink and use illicit drugs than women. Moreover, males are also more likely to behave aggressively and to take risks, which partially explain why males have a higher risk of dying from accidents, suicide and homicide.
Based upon statistics showing that women live approximately seven (7) years longer than men, in the end, it is women that will be the ones to bear the burden of the financial, retirement and estate planning decisions made during the marriage. For the benefit of their wives and family, men must put aside their traditional hesitancy to plan, and work with their wives to ensure their families’ well-being upon their untimely death.
Statistics show that it is typically the husband rather than the wife who delays estate planning, due to silly superstitions and procrastination. …
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by: Todd C. Ratner, Esq.