Keeping Your Future in Your Hands, Not the Court’s
There are several scenarios you may be facing that can call for a solution involving incapacity planning.
Perhaps you or a loved one has been diagnosed with early-onset Alzheimer’s or some other affliction that predisposes you to a mental or physical decline.
Or perhaps you work in commercial construction, agriculture or some other industry with an accident risk that could unexpectedly leave you severely disabled.
In these cases, having insurance is not nearly enough.
You need an incapacity plan—a legal structure in place to ensure that if, someday, you can no longer express your desires regarding your financial concerns, healthcare and the care of your family, you don’t find yourself at the mercy of the courts making decisions for you.
Take the time now, while you can, to consult with Greater Lafayette elder law attorney, Jay Seeger, about incapacity planning, and take the steps necessary to keep your care decisions in the hands of someone of your choosing—someone close to you whom you can trust.
Incapacity Plans Typically Involve:
Durable Power of Attorney (DPOA)
Designating someone of your choosing to act on your behalf when you can no longer make decisions regarding your own finances or property.
Healthcare Representative Designation
Designating someone of your choosing to act on your behalf when you can no longer make your own medical care decisions. It’s the complement to a DPOA.
Revocable Living Trust
Setting up an agreement regarding who will manage your assets should you become incapacitated, and then distribute them when you pass on.
Establishing a financial safety net by initializing the steps necessary to apply for and receive Medicaid benefits. This ensures you and your family have the support needed to cover the costs of care if and when you become incapacitated.
Pre-Need Nomination of Guardian
Designating who will become your guardian or guardian of your under-age children should you become incapacitated.
Creation of Joint Tenancies
Designating an individual who will share joint ownership of your property and assist in making decisions relevant to it.
Stating your choice and decision as to the use of life prolonging procedures when the end is finally near.
Read Jay Seeger’s Blog for more Elder Care Insight.