The process of estate planning should be looked at from a holistic perspective. The postmortem transfer of your monetary resources is at the root, but you should also consider the interim that will precede your passing. Incapacity is quite common among elders. A comprehensive plan for aging will address this contingency. Durable Financial Power of Attorney Who would handle your financial affairs if you were to become incapacitated? You can answer this question … [Read more...] about What Are the Advantages of a Durable Financial Power of Attorney?
A comprehensive estate plan will go beyond the postmortem transfer of monetary assets. To be fully prepared, you should address the contingencies that you may face during the latter portion of your life. Incapacity is one of these eventualities. It is quite possible that you will become unable to make all of your own decisions late in your life due to incapacitation. You can account for this possibility through the execution of a legally binding device called a durable power … [Read more...] about Why Should I Have a Durable Power of Attorney for Health Care?
A power of attorney is a legal document that is utilized by a principal or grantor to name an agent or attorney-in-fact. The grantor empowers the agent to act as his or her proxy. When you are planning your estate you leave behind instructions about what should happen after you die. At the same time, you should prepare for the period of time that will precede your death. Many people become incapacitated before they pass away. In the field of estate planning powers of … [Read more...] about Who Can Create a Power of Attorney?
Custodial care is not covered by Medicare. This is the type of care that you would receive in a nursing home or assisted living community. Medicare will only pay for convalescent care after surgery for a period of time not to exceed 100 days. This presents a challenge for many individuals, because the majority of Americans will eventually need long-term care. A stay in a nursing home or assisted living community is extremely expensive. Most people cannot comfortably … [Read more...] about Can Medicaid Planning Begin After Dementia Symptoms Appear?
A power of attorney is a legally binding document that can be used for various different purposes. With a power of attorney you give another person, called an agent or attorney-in-fact, the power to act on your behalf. There are different types of powers of attorney. Let's take a look at some of them. Limited Power of Attorney A limited power of attorney is used to give the agent the ability to act on your behalf on a limited basis. The limitations are entirely up to … [Read more...] about What Is the Difference Between a General and a Limited Power of Attorney?
Estate planning involves making arrangements for things that will take place after you die. However, if you want to be comprehensively prepared you should also consider the interim that will precede your death. With this in mind let's look at Indianapolis incapacity planning, guardianship and conservatorship. Indianapolis Incapacity Planning Representation in the Event of Incapacity People often become incapacitated late in their lives. Approximately 45 percent of people who … [Read more...] about Indianapolis Incapacity Planning: What Is a Guardianship or Conservatorship?
When you get serious about planning ahead for the eventualities of aging you may learn about some things that you never considered. One of these is the fact that Medicare won't pay for long-term care. As a result, Medicaid is relied upon by most seniors who reside in nursing homes. Because of this, Medicaid recovery in Indianapolis IN is an important consideration. Medicaid will assist with long-term care costs if you can stay within the low upper asset limit of $1,500. … [Read more...] about Medicaid Recovery in Indianapolis IN: Can I Add an Heir to My Property Title to Avoid It?
Incapacity planning is something to take very seriously when you are putting together a comprehensive plan for aging. Clearly, you are not going to be especially anxious to envision a time when you may not be able to make decisions on your own. At the same time, everyone ages, and incapacity is quite common among people who have reached an advanced age. If there was no other cause of incapacity, Alzheimer's disease alone would make incapacity planning an absolute must for serious … [Read more...] about How Is Property Managed When Someone Becomes Incapacitated?
There are various different legal devices in the state of Indiana that are used in the field of estate planning. One of them is the power of attorney. In this post we would like to examine powers of attorney so that we can clear up any confusion that may exist. A power of attorney in Indianapolis Indiana is used to give someone else the right to act in your behalf in a legally binding manner. There are different types of powers of attorney, and they are each used for different … [Read more...] about What Is a Power of Attorney in Indianapolis?
Incapacity planning may not be the most pleasant subject to contemplate, but planning ahead is important if you want to make sure that you are treating your family members fairly. You could choose to do nothing and hope for the best. But if you were to become incapacitated, those that you love could bear the brunt of the consequences of your inaction. When you are including an incapacity planning component within your broader estate plan you should execute documents called advance … [Read more...] about Incapacity Planning in Indiana: What Is a Living Will?