The primary focus of your estate plan may be the distribution of your estate assets when you are gone; however, a comprehensive estate plan will accomplish much more than just creating a roadmap for the division of your estate upon your death. Exactly which additional components you decide to include in your estate plan will be a personal decision based on your unique needs and goals. One additional component that should be found in every estate plan, however, is incapacity planning. The … [Read more...] about Are You Prepared for the Possibility of Your Own Incapacity?
You probably don’t like to think about it; however, the reality is that the possibility of becoming incapacitated at some point down the road does exist. Because it is a possibility, it should be addressed in your estate plan to ensure that your wishes are honored in the event you do become incapacitated. It also helps to how incapacity is defined and who decides that someone is incapacitated. To help you plan for the possibility, an Indianapolis incapacity planning attorney at Frank & Kraft … [Read more...] about Who Decides If Someone Is Incapacitated?
While your primary estate planning goal may be to ensure that your assets are distributed according to your wishes after your death, one of the most important secondary goals of any comprehensive estate plan should be to plan for how your assets will be managed in the event of your incapacity. To help encourage you to plan ahead, a Carmel incapacity planning attorney at Frank & Kraft discusses your options for managing property during incapacity. Incapacity Doesn’t Discriminate When … [Read more...] about Are There Alternatives for Managing Property When Someone becomes Incapacitated?
For many patients, there comes a time when disease and other medical conditions leave medical providers with few treatment options. Patients who reach that terminal state of illness are often confronted with the hard reality of knowing that there is no cure for their condition. In many cases, their focus must be redirected from treatment that is designed to improve their health and to care that is designed to make their remaining days as comfortable as possible. This end-of-life care is known as … [Read more...] about How a Hospice Planning Attorney Can Help with Hospice Care
So, you’ve finally gotten around to creating that Last Will and Testament you’ve been putting off for so long. Maybe you even added a trust or a few other estate planning tools to help deal with various end-of-life and legacy planning challenges. With all of that, your estate plan is finally complete – right? Maybe not. The fact is that you aren’t really protected unless you’ve also included a plan to deal with unforeseen and incapacitating illness or injury too. Here are five very important … [Read more...] about Five Reasons You Need Incapacity Planning
Studies indicate that the average life span is 78 years. This figure is calculated by including people who pass away at all ages. As you get older, your life expectancy will increase beyond this overall average. Once you reach the age of 65, it becomes statistically likely that you will live into your 80s. In fact, according to the United States Census Bureau, the portion of the population that was between 85 and 94 grew faster than any other decade-long age grouping between the last two … [Read more...] about Disability Planning Can Provide Peace of Mind
A truly well constructed estate plan will include an incapacity planning component. While incapacity planning can seem like something that is not really important, in fact, a very significant percentage of elders become unable to handle all of their own affairs at some point in time. When you look at the statistics, you can see that people are living longer and longer lives. The Social Security Administration website has a life expectancy calculator that you can use when you are planning … [Read more...] about Does an Indiana Power of Attorney Take Effect Immediately?
Heisenberg discovered the fact that you cannot measure location and velocity at the same time. This is called the uncertainty principle, and it can seem like a purely scientific thought experiment. At the same time, in a way, it applies to your everyday life when it comes to financial budgeting. You are in a certain place financially right now, and the things that you need cost you a certain amount. However, what about the future? You don't know exactly what your financial position will be, … [Read more...] about Report: Indianapolis Nursing Home Costs Will Rise
No one is particularly anxious to think about this type of scenario, but the hard truth is that many people become unable to communicate health care decisions late in their lives. When you are planning your estate, you can include an incapacity component to account for this possibility. Your incapacity plan should include advance directives for health care. One of these directives is called a living will. Unlike a last will or last will and testament, a living will does not have anything … [Read more...] about Don't Overlook Advance Directives for Health Care
People who work and pay taxes for any length of time will qualify for Medicare when they reach the age of 65, and just about everyone is aware of this fact of life. When you are younger, you probably don't think much about Medicare, so you may not know all of the facts. It would be natural to assume that Medicare will cover every health care matter that can come your way when you are a senior citizen. In reality, the Medicare program does not pay for long-term care. It will pay for … [Read more...] about Free Report: Can I Take Back Assets in a Medicaid Trust?