You should take a comprehensive approach when you are planning your estate. The facilitation of postmortem asset transfers is one element of the process, but you should also consider end-of-life eventualities. Cognitive Impairment and Physical Incapacity No one is anxious to think about some of the unpleasant eventualities that people face when they reach an advanced age, but sticking your head in the sand is not going to change anything. You should understand the facts and react to them to … [Read more...] about Inconvenient Truths Make Incapacity Planning a Must
A lot of people think about estate planning as something that is purely financial. While this is certainly part of the matter, it is also important to consider the period of time that will precede your passing. An incapacity plan should definitely be embedded within a broader estate plan. When it comes to senior citizens, dementia looms large. About one third of people that are 85 years of age and older have Alzheimer’s, and this is not the only cause of cognitive impairment. This being … [Read more...] about Young Adults Should Have Advance Directives
A lot of people think of estate planning as a process that is exclusively focused on financial matters. Without question, it is important to state your final wishes regarding the way you want your remaining resources to be distributed among your loved ones. At the same time, a well-constructed estate plan will address circumstances that you may encounter toward the end of your life. With this in mind, we will look at advance directives for health care in this post. Life Support … [Read more...] about What Are Advance Directives for Health?
Creating a comprehensive estate plan often includes planning not just for the eventuality of death, but also for the possibility of incapacity. Knowing who would make decisions for you and who would control your assets if you were to become incapacitated provides invaluable peace of mind. Before you can plan for incapacity, however, it helps to know how that word is defined and who makes a determination that someone is incapacitated. To help you better prepare for the possibility of your own … [Read more...] about Who Decides If Someone Is Incapacitated?
As estate planning and elder law attorneys, we are charged with the responsibility of sharing some inconvenient truths as it were. Some of the eventualities of aging are not particularly pleasant to contemplate, but at the same time, they can be more effectively managed if you address them in advance. With this in mind, we will look at the importance of incapacity planning in this blog post. Longevity Statistics Everyone wants to live long and live well, and this is as it should be, and … [Read more...] about Consider the Importance of Incapacity Planning
Guardianship occurs in situations where a court appoints a guardian to act on behalf of a person who is lacking in capacity to act on his own. Guardianship is overseen by the court. The incapacitated person is a ward, and the person acting on the ward's behalf is the guardian. In situations where a person has a physical or mental illness, or is severely injured, guardianship could become necessary unless the incapacitated person has made alternative plans in advance. It is important to … [Read more...] about Pros and Cons of Guardianship
Incapacity planning is an important part of the equation if you want to be comprehensively prepared for the eventualities that you may face toward the latter portion of your life. Approximately 45 percent of people who are at least 85 are suffering from Alzheimer's disease, and of course this is not the only cause of incapacitation among elders. If you take no action to prepare for possible incapacity in advance, a guardianship hearing could be convened if interested parties felt as though … [Read more...] about What Are the Disadvantages of a Power of Attorney?
You should consider the matter of guardianship when you are planning ahead for the eventualities of aging. If you were to become incapacitated without taking any steps in advance to prepare for this contingency, a guardianship hearing could be convened. Ultimately, the state could appoint someone to manage your affairs. While this mechanism is in place to provide a safeguard, most people would prefer to avoid guardianship proceedings. The situation is completely out of your hands if the state … [Read more...] about What’s the Difference Between a Guardianship and a Power of Attorney?
A supplemental needs trust can be a useful addition to your estate plan if you want to provide for a loved one who has a disability. In this post we will look at the details. Unintended Consequences In a general sense, you should definitely act in a fully informed manner when you are making estate planning decisions. People sometimes make assumptions, and unintended negative consequences can result. Let’s say that you have someone with special needs on your inheritance list. You decide … [Read more...] about Why Would a Supplemental Needs Trust Be Used?
Estate planning is often thought of as an exercise in facilitating the distribution of monetary resources after you die. Without question, this is certainly a large part of the equation. However, there are other things to take into consideration. With this in mind, we would like to look at the value of the legal device called a durable power of attorney. Incapacity Planning It is not the most pleasant contingency to consider, but many elders do become incapacitated before passing away. … [Read more...] about Should I Have a Durable Power of Attorney?