How Gig Workers Can Prepare Their Estate and Financial Plans

Freelancers have to be vigilant to keep track of where their money goes, whether it’s to cover daily necessities, saving for retirement or other expenses.

An older woman works on her laptop at home.
(Image credit: Getty Images)

Individuals with jobs outside the typical employer setting, working freelance or temporary jobs, sometimes in addition to a full-time job, are often referred to a “gig workers.” Gig workers have the same financial needs as people with more traditional jobs. We all want to pay for our expenses, support our families and save for the future. However, gig workers often do not have the benefits provided by large employers.

The nature of gig work introduces a number of complications to a worker’s estate and insurance planning needs. But first we need to understand that “gig work” can mean two very different kinds of income.

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David Handler, J.D.
Partner in Trusts & Estates, Kirkland & Ellis

David A. Handler is a partner in the Trusts and Estates Practice Group of Kirkland & Ellis LLP. He concentrates his practice on trust and estate planning and administration, representing owners of closely held businesses, family offices, principals of private equity and venture capital funds, individuals and families of significant wealth, and establishing and administering private foundations and other charitable organizations.

With contributions from