Women’s History Month Feature
Every March, during Women’s History Month, we celebrate the contributions women have made to our families, communities, and society. But there is also an important financial story happening right now that particularly affects women — something called the Great Wealth Transfer.
Over the next 20–25 years, trillions of dollars will pass from one generation to the next. And in many families, that wealth will pass through the hands of women.
This has major implications for estate planning, long-term care planning, and financial security — especially here in Maine.
What Is the Great Wealth Transfer?
The Great Wealth Transfer refers to the massive amount of wealth expected to pass from older generations to younger generations over the next two decades. This includes homes, retirement accounts, savings, investments, and family property.
In many families, assets first pass to a surviving spouse before passing to children. Because women often live longer than men, many women will become the primary decision-makers over these assets later in life.
This is one reason why estate planning for women in Maine is more important than ever.
Why Women Are at the Center of the Great Wealth Transfer
There are several reasons why women play such a central role in the Great Wealth Transfer.
Women often live longer than men, which means they frequently become widows and inherit family assets. Many women also serve as caregivers for spouses or parents, which can impact their own retirement savings and financial security.
As a result, women are often in the position of:
- Inheriting assets
- Managing finances later in life
- Making long-term care decisions
- Eventually passing assets to children
This makes estate planning and long-term care planning especially important for women.
Why This Matters for Women in Maine
Maine has one of the oldest populations in the country. That means long-term care planning and MaineCare planning are major concerns for many families.
Without proper planning, a lifetime of savings can be spent on nursing home costs. With proper planning, however, families may be able to protect their home and a portion of their savings.
This is why many women in Maine are now planning not just for what happens when they pass away, but also for what happens if they need long-term care.
The Cost of Long-Term Care in Maine
The cost of nursing home care in Maine is very high, often $10,000–$14,000 per month or more. Assisted living and home care can also be very expensive.
A very common situation we see is:
- Husband passes away first
- Wife inherits the home and savings
- Wife later needs long-term care
- Savings are spent down on care
- Children inherit less than expected
This is one of the main ways family wealth is lost between generations. Proper Maine estate planning and MaineCare planning can help families prepare for this possibility.
What Happens When a Spouse Dies in Maine?
When a spouse dies, the surviving spouse often inherits most or all of the assets. At that point, it is very important for the surviving spouse to update their estate plan.
This includes:
- Updating their will or trust
- Updating beneficiaries
- Reviewing Powers of Attorney
- Reviewing long-term care planning options
- Making a plan to protect assets for children
Many women delay this step, but updating an estate plan after the death of a spouse is one of the most important planning steps a person can take.
How Women Can Protect Assets in Maine
There are several legal and financial tools that may help protect assets, depending on the situation, including:
- Revocable trusts
- Irrevocable trusts
- Long-term care planning
- MaineCare planning
- Gifting strategies
- Asset protection planning for a surviving spouse
The earlier a plan is put in place, the more options are usually available.
Estate Planning and MaineCare Planning for Women
Estate planning is not just about what happens when you pass away. It is also about protecting yourself during your lifetime.
A good plan for many women in Maine includes:
- A Will or Trust
- Financial Power of Attorney
- Healthcare Power of Attorney
- Advance Health Care Directive
- Long-term care planning strategy
- MaineCare planning strategy
- Asset protection planning
Planning ahead can help protect your home, savings, and family.
Steps Women in Maine Should Take Now
If you are a woman in your 50s, 60s, or 70s, now is a good time to:
- Review your estate plan
- Make sure you have Powers of Attorney in place
- Review beneficiary designations
- Understand long-term care costs
- Learn about MaineCare planning options
- Make sure your family knows where your documents are
- Meet with an estate planning or elder law attorney
Planning ahead provides peace of mind and helps make things easier for your family in the future.
A Women’s History Month Reminder
Women’s History Month is a good reminder that many women help build family wealth, care for family members, and eventually become responsible for passing wealth to the next generation.
The Great Wealth Transfer will not just be a transfer of money. It will be a transfer of homes, family camps, savings, traditions, and legacies.
The question is not whether this transfer will happen — it will. The question is whether it will be planned or left to chance.
Take the First Step
If you have questions about estate planning, long-term care planning, or MaineCare planning, it is a good idea to speak with an attorney who understands Maine elder law and estate planning.
Planning ahead can help protect your home, your savings, and the people you love.
Because in the end, estate planning is not just about money — it is about taking care of your family.
