Being aware of the challenges that often confront senior citizens is important when you are planning for the eventualities of aging. Along these lines, you should know that the segment of the population that is 85 years of age and older is growing faster than any other. And given the capabilities of medical science, we expect lifespans to continue to expand.
When you reach an advanced age, you become more vulnerable to Alzheimer’s disease. As you probably know, Alzheimer’s causes dementia; and this can strip you of your ability to make sound medical, financial, and personal decisions.
Who would make decisions for you if you were to become unable to make them for yourself? The answer is that it all depends on whether or not you plan ahead intelligently.
If you make no plans to assert your own wishes, you could become a ward of the state and the court could appoint a guardian to make decisions on your behalf. This guardian may not be the individual that you would have selected if you had made the choice when you were of sound mind.
On the other hand, you can plan ahead by executing durable powers of attorney. With these documents you include the selection of attorneys-in-fact who would be empowered to handle your affairs in the event of your incapacitation. In addition, a disability contingency could be included in a revocable living trust to provide further protection.
Incapacity planning is an important component to any holistic plan for aging. If you have not yet addressed this matter, take action right now to arrange for a consultation with a Northern KY estate planning lawyer.
John’s practice focuses on the use of Wills and Living Trusts in Estate Planning to help individuals protect their families and preserve their legacies after their deaths, but his practice also focuses on the critical issues of protecting individuals with dementia or other diminished capacity, assisting individuals in qualifying for Medicaid and other government benefits to offset the costs of long-term care, and providing special needs planning.
John is admitted to practice law in North Carolina, South Carolina, Kentucky, and Ohio, and he is accredited by the Department of Veterans Affairs.
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