Leadership and Executive Development for women of all races, cultures and backgrounds
Issue link: https://diversitywoman.epubxp.com/i/632328
d i v e r s i t y w o m a n . c o m W i n t e r 2 0 1 6 D I V E R S I T Y W O M A N 53 By Tanisha A. Sykes T he last few years have been heart- rending for Michel- lene O. Davis, executive vice president of corporate afairs for Barnabus Health, an inte- grated health-care provider in New Jersey. In 2012, her par- ents were diagnosed with can- cer. Doctors discovered a ma- lignant tumor on her mother's breast and a cancerous tumor on one of her father's kidneys. After chemotherapy and radi- ation, her mom's cancer went into remission, but her father, a master carpenter by trade, sufered a diferent fate. "He went from diagnosis to death in three months," says Davis. "We were told they were going to go in and remove the cancerous tumor and everything would be fne. On the day of his passing, we were discussing his discharge at 9 a.m. At 2 p.m., he was no longer with us." As Davis and her family reeled from the passing of their patriarch, life struck an- other devastating blow. Her sister, a mili- tary veteran, sufered cardiac arrest after a bout with the fu and died. "My sister left an eight-year-old daughter whom she had been raising since the child was three days old, but she hadn't completed the adoption process, so that child no longer lives with us," Davis explains. While her beautiful, beloved niece is in good hands with her sis- ter's longtime partner, it triggered Davis to stop procrastinating and take action. "I began to talk with my family about what I wanted for my funeral services and what they should do in case medical decisions needed to be made. Once my sister passed, I immediately formalized my will, worked out a power of attor- ney, and made sure that my living will was in place." As a businesswoman who is single and unmarried, Davis says she understood that she had to be defnitive about what she wanted to do with her estate so her family would have the nec- essary guidance to carry out her wishes. You've worked hard to create a secure and comfortable lifestyle for yourself and your loved ones. Now it's time to protect those assets with a proper estate plan. Read on to learn how to do it right. MISTAKE NO. 1: Having no idea what your estate plan looks like. Many people put of estate planning because they assume they don't own enough, know enough, and/or are too young or too busy. "First, have an idea of what your estate looks like and what your assets are," says Melanie Lee, owner of Lee Law Ofce in Richmond, Virginia. Ten, use the estate-planning checklist from AXA Advisors at us.axa.com/plan/estate/ checklist to learn how to com- municate your wishes, protect your family, reduce state and federal income tax, and protect your business. From there, us- ing the worksheet at rocket- lawyer.com/search.rl?quer y= estate+planning+worksheet, draft an estate plan document for an attorney to review. MISTAKE NO. 2: Realizing late the need to protect your assets. An estimated 120 million Americans don't have an ad- equate estate plan in place. "If you're getting married and bringing assets into the marriage, like an existing re- tirement savings account and pension, enact trusts that specifcally state how you want your assets distributed upon death," says wealth coach Deborah Ow- ens. Yes, the discussion should happen before marriage and may get tricky if a prenup is involved, but the greatest risk to your assets is doing nothing at all. MISTAKE NO. 3: Thinking you don't need a will. A big myth among unmarried women is that they don't need a will. Not true, say our experts. "It's very important to have a will to determine who gets what and when, and how your hard-earned legacy or assets are to be distributed," ad- vises Olivia H. Stoner, an estate-planning THINKSTOCKPHOTOS 10 Common Estate-Planning Mistakes Women Make Learn the right way to leave a legacy for your heirs DW Life > Money Matters