If You Think You'll Live Longer or Shorter, Plan for It!

It is often said that women outlive men.  As a woman, that has always made me kind of happy.  I like my life quite a bit, so to have more of it seems like a good thing.  I think that is too bad for men that they will die sooner.  It wasn’t so long ago that a financial educator pointed out the downside to this fact.  If women live longer, they will need more money.  About the same time that this was pointed out, another professional put it very bluntly, “If you are a married woman, you should plan to be a widow.”  Well, that sure puts a different spin on it, doesn’t it?  Turns out that in addition to liking my life, I also like my husband.  Most days, I like the thought of him being around as we get older.  Just the same, the odds apparently aren’t in favor of that happening. 

As unpleasant as it is to consider our own mortality or that of those we love, it is sure to be part of some future reality.   If you look at the odds and you feel you are likely to outlive those you love, it makes sense to plan for that eventuality.  If you feel the odds are you’ll depart first, it makes sense to plan for your loved ones to be cared for when you are gone.  Do you see where I’m headed?  Either way, planning is important! 

We have an opportunity for you to learn more about planning for your financial future.  Marsha Goetting, MSU Family Economics Specialist, will be in Teton County on Monday, March 9 presenting classes and taking appointments at the Stage Stop Inn.  She’ll present, “Transferring Your Farm or Ranch to the Next Generation” from noon-1:30 p.m. An evening program, “Think You Know Who Receives Your Property When You Pass Away?  Think Again …” will be presented from 6:30-8:30 p.m.  Register for the free classes by contacting MSU Extension in Teton County at 466-2491.  Each session will be different and filled with information useful to families regardless of their ages or financial circumstances.

In addition to the two classes, Goetting will be taking appointments with families or individuals to discuss financial and estate planning.  Each appointment will be 30 minutes in length and filled on a first-registered basis.  Goetting’s primary goal with these sessions is educate people about options to consider and resources available.  No legal advice will be given.  The sessions are also provided free of charge.  There are five sessions still available. 

Some people may feel intimidated by the word “estate” because it sounds rather distinguished and well-to-do. I remember a time when the entirety of my estate would have included exactly two ugly couches. In reality, though, many of us have estate and financial planning considerations, whether we realize it or not.  For instance, do you have a life insurance policy?  If not, is it time to think of one?  How are the beneficiaries designated?  Do you have any bank accounts?  If so, how are they titled?  Do you have minor children?  Who will make decisions on their behalf if something happens to you?  Do you have a conservator or guardian designated in a will?  What about your vehicles or home?  How are they titled?  Do you have long-term care insurance, so that an unforeseen condition doesn’t place undue financial hardship on your family? 

Planning for the financial future may be just as important, if not more so, for those who have less capacity to withstand a hardship as it is for those with large, stately estates.  For people with the resources to do so, charitable giving might be among your considerations.  I often think of the difference the Boe brothers have made to so many individuals and organizations in Teton County with the gifts they planned for with their estate.   I encourage you to register to attend the MSU Extension classes with Goetting, so that you can make sure your resources outlive you and not the other way around.  You may also visit the MSU Extension financial management website, or call your local office, to obtain any of the 75 free resources Goetting has created for Montanans.