When individuals think about planning their legacies, they often equate it with the creation of a last will or perhaps a revocable living trust. Indeed, inventorying assets and preparing them for eventual transfer to your loved ones after your death is a big part of what legacy planning is all about. At the same time, there are some other things to take into consideration if you want to be prepared for the eventualities of aging. This is why estate planning attorneys often emphasize the value of comprehensive, holistic long-term planning.
Planning for the possibility of incapacity is not necessarily the most pleasant subject, but when you look at the facts you see how important it is to protect yourself.
Alzheimer’s disease is something that we are all aware of, but a lot of people don’t realize just how common it is. According to the Alzheimer’s Association, one out of every eight people who reach the age of 65 are suffering from Alzheimer’s disease. As you age the likelihood of contracting Alzheimer’s increases. Studies indicate that approximately 40% of people who are 85 years of age and older are Alzheimer’s sufferers.
Alzheimer’s causes dementia, and dementia can strip its victims of the ability to make informed and intelligent decisions. Therefore, due to the ubiquity of Alzheimer’s disease elder law attorneys recommend the execution of durable powers of attorney naming representatives to make decisions in your behalf should you become unable to do so yourself due to Alzheimer’s, other dementia, stroke, or any other cause.
Incapacity is often overlooked, even by people who are serious about developing a solid plan for the future. To make sure that all your bases are covered it is a good idea to develop a relationship with an experienced elder law attorney who can assist you as you create a comprehensive plan for aging.