News Column

Randy Siller: For Women, Estate Planning Is Paramount Concern

Mar 29 2013 12:00AM



NEW YORK, NY -- (Marketwire) -- 03/29/13 -- A recent Forbes article declares that "estate planning is a women's issue" -- and New York financial services veteran Randy Siller agrees. The article notes the fact that women live longer than men do, on average, and are also more likely to marry older spouses. As a result, women are three times more likely than men to be widowed at age 65. As such, the article contends, estate planning is something that affects women more than men, and should be a critical component of any women's retirement planning process. Siller has responded to the article with a statement to the press.

Randy Siller begins his press statement by affirming the basic premise of the Forbes article. "As women have a longer life expectancy than men and as some marry older men, the probability is that women will be the last to survive," explains Siller. "Thus, estate planning is paramount for women, and should be considered from two perspectives."

He goes on to expound upon these two perspectives. "The first concern is to make sure that, as the survivor, she will have enough money to live on in retirement. This not only requires appropriate will and trust structures, but often-overlooked financial modeling. How else can one determine if the survivor will have enough to maintain a certain lifestyle?"

Randy Siller explains the kind of financial modeling he has in mind. "The models need to be realistic, and frankly conservative in their rate of return and income tax assumptions," he remarks. "The analysis should also take into account trust structures and the impact of any restrictions placed on assets owned in trust. It may be necessary to redesign the trust structure to provide more flexibility for the survivor to access cash flow. These decisions should be made before the first death, as most trusts created at that time become irrevocable."

Siller then moves on to the second major consideration for women as they think about estate planning. "The second big decision is how the assets will ultimately be left to the next generation," he says. "As women are more likely to survive they will often have the final say in who gets how much and when. These decisions need to take into account state and federal inheritance tax rates as well as the desire to leave certain amounts to charity; many clients prefer to decide what social good is done with their assets as opposed to leaving it to Washington to decide."

Concludes Randy Siller, "The bottom line is that women, as the likely survivors, need to be intimately involved in the estate planning process, as they are the ones most likely to be impacted by estate planning decisions."


Randy Siller is a veteran of the financial services industry, and a founding partner of the firm Siller & Cohen. For more than two decades, the firm has offered wealth advisory services to families, individuals, and businesses across the country. Randy Siller has been cited in numerous publications, including Time and Fortune.

Registered associates of Siller and Cohen are registered representatives of Lincoln Financial Advisors Corp. Securities and advisory services offered through Lincoln Financial Advisors Corp., a broker/dealer (Member SIPC) and registered investment advisor. Insurance offered through Lincoln affiliates and other fine companies. Siller and Cohen is not affiliated with Lincoln Financial Advisors Corp. CRN 201302-2077690

Source: Marketwire

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