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 StatisticsEveryone wants to live long and live well, and this is as it should be, and … [Read more...]
Pros and Cons of Guardianship
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...]
What Are the Disadvantages of a Power of Attorney?
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...]
What’s the Difference Between a Guardianship and 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...]
Why Would a Supplemental Needs Trust Be Used?
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 ConsequencesIn 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...]
Should I Have a Durable Power of Attorney?
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 PlanningIt is not the most pleasant contingency to consider, but many elders do become incapacitated before passing away. … [Read more...]
Making an Estate Plan in the Face of Alzheimer’s Disease
Millions of Americans, and their families, are affected by the devastating consequences of Alzheimer’s disease and dementia.As the population gets older, the number of people who are affected by Alzheimer’s disease continues to grow. When you or a loved one learns that you have Alzheimer’s disease, the realization can often prompt you to ask yourself a lot of questions. This is especially true if you haven’t taken any steps towards creating an estate plan. While Alzheimer’s disease is a … [Read more...]
Who Needs to Worry About Incapacity Planning?
Estate planning is about anticipating the things that will happen, as well as planning for events that might happen, such as incapacity. But what is incapacity? How do you plan for it, and who needs to worry about?In general, every capable adult should think about creating an incapacity plan that will apply should you one day lose your ability to make your own choices. In practice, most people who become incapacitated are elderly, though it can happen at any age.But whether you are near … [Read more...]
Family Benefits of Incapacity Planning
When we talk to clients about incapacity planning, we often highlight the benefits that developing a plan will have for your family. The idea of losing your ability to communicate is never a pleasant thought, but understanding the practical realities that can arise after this occurs is often enough to cause people to develop a plan. If you have yet to begin incapacity planning, you might want to consider what will happen to you and your family should you lose your ability to make … [Read more...]
Incapacity Planning in Rochester and the Finger Lakes Tip Sheet
For individuals and families in the Rochester and Finger Lakes areas of New York, having an incapacity plan is absolutely essential. Regardless of whether you are a new adult who is starting out in life, a recently married couple planning on having children, or an older person nearing retirement, creating the specific legal tools that address the possibility that you might one day become incapacitated is something you should not delay. To help give you a better understanding of what incapacity … [Read more...]
