Sunday, March 8th is International Women’s Day, and in the US the month of March is “Women’s History Month”. I am thinking a lot about the specific issues that women, who are most often in the role of caretakers, face in our society and how I can contribute my talents and expertise as an estate planning attorney to help them manage the effect of that role. Women earn less than men do, and when we step out of the workplace to care for our children, our elderly parents or even our grandchildren, there is a very real price to be paid. It is critical that every estate plan, financial plan, and insurance plan address the economic disparities faced by women. I work with some wonderful financial advisors, CDFA’s, and insurance professionals who pay close attention to the additional concerns women face.

Client’s have told me that they wished to leave $250,000 to their sister who has stayed behind in a small city to take care of their parents with health problems instead of moving to New York where she would earn a substantial salary. Her siblings recognize her sacrifice, which will have ramifications for years to come, and contribute financially in life, and have created a plan to honor her in death, even if they all live to be 90 years old.

Have the people counting on a caregiver obtained sufficient long term care insurance and do they have a plan to compensate the caregiver either in life or after death? What impact would taking on the role of caretaker have on a woman’s family and career? Is there sufficient life insurance for a widow who has been out of the workforce to remain comfortably in her home? I would love to hear your experiences helping clients facing these issues.