By Daneen Cline

Do you remember what product made that slogan famous?  It was Virginia Slim cigarettes, and the slogan was used in a marketing campaign that targeted young, professional women in the late 60’s through the mid 70’s.

The advertisements were meant to convey how far women had come.  No longer were we seen as second class citizens who were not even worthy of having the right to vote….the days of being ‘just’ a wife and mother were behind us….we were now free to be Doctors, Lawyers, the CEO of a Fortune 500 Company…..if we dreamed it, we could be it (and of course we were supposed to think that smoking a Virginia Slim cigarette was somehow going to make this happen easier and faster!)

How empowering that must have been to my mother’s generation; seeing an entire world of choices and possibilities opening in front of them.

So what did all of this really mean to women?  We saw women entering the work force in record numbers, not because they needed to work, but because they wanted to work.  Women postponed starting a family and some just decided they didn’t want children.  The divorce rates increased because women were no longer willing to stay in unhappy marriages for financial security.  It was indeed a liberating time for women everywhere, but I would imagine that it was also a frightening time for women everywhere.

All of this “liberation” didn’t occur overnight.  The rights we enjoy and take for granted today weren’t just handed over to our mothers and grandmothers.  There were women who dedicated their lives to fighting for equality between the sexes.  It is because of these brave women that I hate to say what is coming next…..Ladies, we are different than men and our lives tend to be very different.

We may have come a long way but some things have remained fairly constant for us.  Women are still the primary caregivers for their children.  This may mean  that some of us waited to start our careers until our children were a certain age, or maybe some of us started our career and then took a long hiatus while our kids were younger and still others made the choice to be a mother and a wife and not pursue a career at all. Whatever category you may fall into the result is the same, we will devote fewer years to a career than a man would.  Because of this, our 401k’s and IRAs will probably be smaller, which will result in a smaller retirement income.

Women are also the most likely to step in and take over the care of an ailing parent.  Whether you move them into your home, keep them in their own home or place them in a care facility of some type this can be an overwhelming, emotional experience that will probably affect every part of your life.

Another major difference between men and women is our life span.  A baby girl born today will live at least 7 years longer on average than a baby boy.  This means that we will most likely outlive our husbands and face the final years of our lives as widows.

Then there are all the “what ifs” that we have to think about:  What if my husband and I divorce?  What will happen to my children if both my husband and I pass away?  What would be the results on my children’s inheritance if I were to remarry?  Will I have enough income to maintain my current standard of living when I retire?  What if my husband becomes ill and requires a nursing home? The list of things we can find to worry about is virtually endless!

Because we are different than our male counterparts we do have different needs and concerns when it comes to estate planning.  Everyone’s circumstances are different, so be sure to consult with an experienced, qualified attorney to discuss your specific situation and goals.