alzheimer's disease makes incapacity planning a must
Post on 13-Apr-2017
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ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF
When the subject of estate planning comes to your mind, you probably
think about financial matters.
ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF
Without question, you do have to facilitate the distribution of your
financial resources.
ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF
However, there are other things to take into consideration if you want to be comprehensively prepared.
ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF
END-OF-LIFE ISSUES
A well constructed estate plan will address end-of-life eventualities.
ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF
Though it is not a very pleasant subject to contemplate, a significant
percentage of people become incapacitated at the end of their
lives.
ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF
ALZHEIMER'S DISEASE
There are different causes of incapacitation, but Alzheimer's disease alone is enough to
make incapacity planning essential.
ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF
This disease strikes approximately 45 percent of the oldest old
(people who are at least 85 years of age).
ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF
If you are thinking that you probably will not live into your mid-eighties, you should understand the
facts.
ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF
According to the Social Security Administration, the life expectancy for a 67-year-old person is at least
85.
ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF
In fact, the Census Bureau tells us that the oldest segment of the
population is growing faster than any other.
ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF
ADVANCE DIRECTIVES FOR HEALTH CARE
To prepare for possible incapacity, you could execute documents called advance
directives for health care.
ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF
Doctors can sometimes keep terminal patients alive through the utilization of life-support measures
like feeding tubes, artificial hydration, and mechanical
respiration.
ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF
With a living will, you state your preferences with regard to the utilization of these measures.
ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF
If you would rather let nature take its course, you can state this preference in your living will.
ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF
Another advance directive that can be part of your plan is a
health care proxy.
ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF
This document is alternately referred to as a durable power of
attorney for health care.
ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF
In this directive, you name someone to make medical decisions on your behalf in the event of your
incapacitation.
ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF
You should also name a financial representative when you create
your incapacity plan.
ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF
This can be done through the inclusion of a durable financial
power of attorney.
ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF
Many people with Alzheimer's induced dementia ultimately reside
in nursing homes.
ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF
These facilities are very expensive, and Medicare does not pay
for long-term care.
ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF
There are steps that you can take to gain eligibility without losing
a lot in the process.
ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF
If you would like to embed an incapacity plan within a broader,
comprehensive estate plan, contact us to schedule a consultation.
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