It can be difficult to plan ahead for the eventualities of aging partially because of the fact that it’s hard to envision a time when you may not have the same level of mental capacity that you have right now. But at the same time, you have to look at the statistics and plan for the possibilities so that a challenging situation does not become all the worse due to a lack of preparation.
Along these lines you would do well to understand how widespread incapacity is among elder Americans. While there are other causes of incapacity, Alzheimer’s disease is extremely common, striking four out of every 10 people who reach the age of 85.
Alzheimer’s brings many difficulties along with it, and one of these is dementia. People who are suffering from dementia can find it impossible to make sound decisions regarding their finances and their health care choices.
If you were deemed to be incompetent by the court without any preparations having been made in advance you could become a ward of the state. The court would appoint a guardian to handle your affairs, and you may have no choice with regard to who this will be.
The alternative is to take the matter into your own hands by executing the appropriate documents in advance of any mental or physical incapacity. These would typically include durable powers of attorney for health care and for financial matters.
Incapacity planning is an important part of a well-rounded plan for aging, and if you would like to discuss this essential component with an expert, simply take a moment to arrange for a consultation with a good Indianapolis estate planning lawyer.
Mr. Kraft assists clients primarily in the areas of estate planning and administration, Medicaid planning, federal and state taxation, real estate and corporate law, bringing the added perspective of an accounting background to his work.