Estate Planning and Elder Law Website

//  by 

At the Slaton Schauer Law Firm, PLLC, we believe in solid planning for considerations of incapacity and potential long-term care needs. These issues become increasingly important as people age. How we can plan for these issues?

Let’s start with definitions. What do we actually mean by “incapacity?” In the estate planning context, someone’s “capacity” refers to their ability to make decisions or take care of themselves. If they are unable to do this, they are “incapacitated”– simply meaning that they lack capacity. This is often due to physical or cognitive impairment. Long-term care, on the other hand, refers to the assistance and support needed for individuals with chronic health conditions or disabilities.

Planning for incapacity and long-term care can help people in three broad ways: 1) maintaining control over their care, 2) protecting their assets, and 3) ensuring that their wishes are respected.

One of the first steps in planning for incapacity and long-term care is to create a comprehensive estate plan. In order to be comprehensive, your estate plan may include a will, power of attorney, and advance medical directive. Why would this be advantageous?

  • A will allows individuals to specify how they want their assets to be distributed after they pass away.
  • A power of attorney grants someone else the authority to make decisions on the individual’s behalf if they become incapacitated.
  • An advance medical directive, also known as a living will, allows individuals to express their wishes for end-of-life care.

Another important step in planning for incapacity and long-term care is to familiarize yourself with the costs associated with these types of care. Long-term care can be expensive and may not be covered by traditional health insurance. Individuals should research the cost of different types of care, such as in-home care, assisted living, and nursing homes, that are available in their area and determine what type of care they may need in the future.

It is also important to consider the financial impact of incapacity and long-term care on one’s assets and income. Individuals should take steps to protect their assets, such as transferring property to a trust or purchasing long-term care insurance. They should also consider how their income may be affected and plan accordingly.

Finally, it is important to communicate one’s wishes and plans for incapacity and long-term care with loved ones. This includes discussing the types of care one would prefer, who should make decisions on their behalf, and how their assets should be used to pay for care.

Planning for incapacity and long-term care is an important consideration for individuals as they age. It helps to maintain control over one’s care, protect assets and ensure that one’s wishes are respected. Creating a comprehensive estate plan, understanding the costs associated with different types of care, and protecting assets and income will give you the peace of mind you deserve.

Slaton Schauer Law Firm
Latest posts by Slaton Schauer Law Firm (see all)

BLOG SUBSCRIPTION

Agreement