Estate planning involves planning ahead for the things that will take place after you pass away. While this is an important part of the process, you should also consider the eventualities of aging and the potential for a guardianship proceeding. Incapacity Among Seniors Clearly, this is not the most pleasant subject to consider, but incapacity looms as a very distinct possibility. The oldest segment of the population is growing faster than any other. Once you reach the age of 65, it … [Read more...] about What Is the Difference Between a Guardianship and a Power of Attorney?
Incapacity Planning
When Would a Guardianship Be Necessary?
The matter of guardianship is something to take into consideration when you are planning your estate as a parent of a minor child. It can also come into play when you are preparing for the eventualities of aging. In this post we will look at some of the details. Nominating a Guardian If you have minor children still in the home, estate planning is a must for a number of different reasons. You want to make sure that your family has a financial underpinning to draw from if … [Read more...] about When Would a Guardianship Be Necessary?
What Are the Advantages and Disadvantages of a Guardianship?
Before we get into the matter of adult guardianship, we should provide some background information about incapacity. Estate planning is clearly going to revolve around financial issues for the most part, but you should also consider the eventualities that you may face toward the end of your life. Incapacity Planning There are various different causes of incapacity. When people become physically ill they sometimes become unable to communicate, and this is one form of incapacity … [Read more...] about What Are the Advantages and Disadvantages of a Guardianship?
Who Can Act as an Agent Under a Power of Attorney?
In the legal field, a power of attorney can be used to appoint someone to make decisions on your behalf. Within the estate planning niche, durable powers of attorney are often used to account for the possibility of incapacity. Durable powers of attorney are used because they remain in effect if the grantor becomes incapacitated. Incapacity is quite common among elder Americans. There are various different causes of incapacity, some of them physical, and some of them mental. … [Read more...] about Who Can Act as an Agent Under a Power of Attorney?
What Are the Advantages of a Durable Financial Power of Attorney?
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?
Why Should I Have a Durable Power of Attorney for Health Care?
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?
Who Can Create a Power of Attorney?
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?
Can Medicaid Planning Begin After Dementia Symptoms Appear?
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?
What Is the Difference Between a General and a Limited Power of Attorney?
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?
Indianapolis Incapacity Planning: What Is a Guardianship or Conservatorship?
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?
