• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Home
  • Our Firm
    • About Our Firm
    • Attorney and Staff Profiles
  • Services
    • Asset & Business Planning
    • Dental Practice Law
    • Estate and Gift Tax Figures
    • Estate Planning Services
    • Family-Owned Businesses & Farms
    • Financial Planning Assistance
    • Incapacity Planning
    • IRA & Retirement Planning
    • Legacy Planning
    • LGBTQ Estate Planning
    • Medicaid and Elder Law
    • SECURE Act
    • Special Needs Planning
    • Trust Administration
  • Elder Law
    • Coping With Alzheimer’s
    • Emergency Medicaid & Nursing Home Planning
    • Guardianship & Conservatorship
    • Hospice Care
    • Medicaid Planning
    • Veteran’s Benefits
  • Resources
    • DocuBank
    • Elder Law
      • Elder Law & Medicaid Definitions
      • Elder Law Reports
      • Elder Law Resources
        • Carmel, Indiana Elder Resources
        • Fishers Indiana Elder Law Resources
        • Greenfield, Indiana Elder Law Resources
        • Greenwood Elder Resources
        • Indianapolis Elder Law Resources
        • Lawrence Elder Law Resources
        • Plainfield Elder Resources
        • Zionsville Elder Law Resources
    • Estate Planning
      • Estate Planning Checkup
      • Estate and Gift Tax Figures
      • Estate Planning Definitions
      • Estate Planning Reports
        • Advanced Estate Planning
        • Basic Estate Planning
        • Estate Planning for Niches
        • Trust Administration
      • Incapacity Planning Definitions
      • Is Your Estate Plan Outdated?
      • Top 10 Estate and Legacy Planning Techniques
    • Free Estate Planning Worksheet
    • Frequently Asked Questions
      • Asset Protection Planning
        • Business Succession Planning
      • Elder Abuse
      • Elder Law
        • Medicaid
        • Medicaid Planning
        • Planning for Long-Term Care
      • Estate Planning
        • Avoiding Estate Taxes
        • Estate Planning for Parents
        • Frequently Asked Questions for Families Without an Estate Plan
        • LGBTQ Estate Planning
        • Women and the Need for Estate Planning
      • Financial Planning
      • Incapacity Planning
      • Legacy Wealth Planning
      • Pet Planning
      • Philanthropy in Your Estate Plan
      • Probate
      • Power of Attorney
      • Small Estate Administration
      • Trusts
        • Trust Administration
        • Trust Administration
        • Serving as Executor
      • Understanding Your Social Security Retirement Benefits
      • Wills
        • Contesting a Will
    • Newsletter
    • Pre Consultation Form
    • Probate and Trust Administration
      • Bereavement Resources
      • How to Know if You Need Extra Help With Your Grieving
      • Loss Of A Loved One
      • Probate Resources
        • Carmel, Indiana Probate Resources
        • Greenfield Probate
        • Greenwood Probate
        • Indianapolis Probate
        • Plainfield Probate
        • Indiana Probate
        • Zionsville Probate
      • Things You Need To Do When a Loved One Passes Away With a Trust
      • The Mourner’s Bill of Rights
      • Things You Need To Do When a Loved One Passes Away With a Will
      • Trust Administration & Probate Definitions
  • Reviews
    • Our Reviews
    • Review Us
  • Areas We Serve
    • Boone County
      • Lebanon
      • Zionsville
    • Hamilton County
      • Carmel
      • Fishers
    • Hancock County
      • Greenfield
    • Hendricks County
      • Brownsburg
      • Plainfield
    • Johnson County
      • Franklin, Indiana
      • Greenwood
    • Marion County
      • Central Indiana
      • Indianapolis
  • Blog
  • Contact Us

Frank & Kraft, Attorneys at Law

Indianapolis Estate Planning Attorneys

CONNECT WITH US TODAY(317) 684-1100

Attend a Free Workshop
Home » Disability Planning Can Provide Peace of Mind

Disability Planning Can Provide Peace of Mind

May 17, 2016Incapacity Planning

disability 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 censuses.

People are living longer and longer lives, and as medical science advances you have to assume that this pattern will continue. Clearly, longevity has its advantages, but there are some challenges that go along with it as well. When you look at the facts, you can see why disability planning should be taken seriously.

Incapacity Among Seniors

Once you start to reach an advanced age, the possibility of incapacity becomes very real indeed. There are various different causes behind incapacity, but Alzheimer’s is the largest threat. Alzheimer’s disease strikes around four out of every 10 people who are at least 85. If you are suffering from Alzheimer’s disease you may well experience dementia. This may make it impossible for you to handle your own affairs.

When you factor in the other causes of incapacity, you can see that this is a real and present eventuality that everyone should consider in advance.

Guardianship Proceedings

Guardianship proceedings would come into play if interested parties were to petition the court to appoint a guardian to act on your behalf because you could no longer handle your own affairs. There is nothing inherently wrong with the process. It is a logical societal reaction to a difficult situation. The court will exercise due diligence and make an informed determination.

However, in the end, the guardian that is chosen may not be someone that you would have selected. In addition to this, different family members can have different ideas with regard to the proper choice of guardian. This can create acrimony among members of your family during a difficult time. There can also be significant legal expenses incurred during a guardianship proceeding.

Incapacity Planning

You can eliminate the need for a guardianship proceeding by taking action on your own in advance. An incapacity plan should be part of your broader estate plan. This component will typically include a document called a durable power of attorney.

Most people are aware of what a power of attorney can accomplish. With this legal device, you empower another person to act on your behalf.

A standard power of attorney will not remain in effect if the grantor of the device becomes incapacitated. For this reason, durable powers of attorney are utilized for incapacity planning purposes. A durable power of attorney will remain in effect even if the grantor becomes incapacitated.

With a durable financial power of attorney, you can name a decision-maker who will handle your financial affairs. You could also execute a health care proxy or durable power of attorney for health care with which you name someone to act on your behalf for health care purposes.

When it comes to finances, there is an additional possibility. If you establish a revocable living trust as your primary vehicle of asset transfer, you could empower a disability trustee to administer the trust if you ever become unable to make sound financial decisions.

Another health care document that should be included when you are engaged in your disability planning efforts is a living will. This type of will is different from the last will or last will and testament that can be used to transfer assets. You state your preferences with regard to the utilization of life-sustaining measures when you create a living will.

Attend a Free Seminar

We have provided some important information about disability planning in this relatively brief blog post. This is one key component that should be contained within a broader, comprehensive estate plan.

If you have been procrastinating when it comes to estate planning, you are not alone. Most adults are unprepared, and they often fail to take action because they do not know where to begin.

We make an effort to provide a bridge. Our firm offers estate planning and elder law seminars on an ongoing basis, so you can reach out to begin a relationship on this level. There are a number of dates coming up, and you can visit our seminar page to obtain details and registration information. We hope to see you at the session that fits into your schedule!

  • Author
  • Recent Posts
Paul A. Kraft, Estate Planning Attorney
Paul A. Kraft, Estate Planning Attorney
Paul Kraft is Co-Founder and the senior Principal of Frank & Kraft, one of the leading law firms in Indiana in the area of estate planning as well as business and tax planning.

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.
Paul A. Kraft, Estate Planning Attorney
Latest posts by Paul A. Kraft, Estate Planning Attorney (see all)
  • Updated Federal Gift and Estate Tax Figures for 2023 - January 26, 2023
  • Why Estate Planning Is Important for Multi-National Couples - January 24, 2023
  • When Do I Need to Update a Trust Agreement? - January 19, 2023

Other Articles You May Find Useful

Indianapolis elder law attorneys
5 Important Steps to Take after an Alzheimer’s Diagnosis
Indianapolis incapacity planning
Are You Prepared for the Possibility of Your Own Incapacity?
Indianapolis incapacity planning attorney
Who Decides If Someone Is Incapacitated?
Carmel incapacity planning attorney
Are There Alternatives for Managing Property When Someone becomes Incapacitated?
End-of-life concerns need to be addressed in a responsible way, long before patients are no longer able to communicate their wishes. A hospice planning attorney can be an invaluable resource for ensuring that you’re properly prepared for all your hospice-related challenges.
How a Hospice Planning Attorney Can Help with Hospice Care
Your estate plan isn’t really finished until you’ve also protected yourself against possible incapacitation in the future. Find out why incapacity planning is such an essential protection for every individual and family.
Five Reasons You Need Incapacity Planning

Primary Sidebar

Frank & Kraft, Attorneys at Law

Download our free Estate Planning Worksheet

There's a lot that goes into setting up a comprehensive estate plan, but with our FREE worksheet, you'll be one step closer to getting yourself and your family on the path to a secure and happy future.

Follow Us

  • Facebook
  • Twitter
  • Linkdin
  • Youtube

Blog Subscription

Where We Are

Frank & Kraft Attorneys at Law
135 N. Pennsylvania Street Suite 1100
Indianapolis, IN 46204-2485
Phone: (317) 684-1100
Fax: (317) 684-6111

See Larger MapGet directions

Office Hours

Monday8:00 AM - 5:00 PM
Tuesday8:00 AM - 5:00 PM
Wednesday8:00 AM - 5:00 PM
Thursday8:00 AM - 5:00 PM
Friday8:00 AM - 5:00 PM

Map

frankkraft_sidbr_map

Footer

  • Advantages of Working With Our Firm
  • About The American Academy
  • Disclaimer
  • Privacy Policy
  • Sitemap
  • Contact Us

Connect with Us

  • Facebook
  • Twitter
  • Linkdin
  • Youtube
footer-logo

Frank & Kraft Attorneys at Law
Attorney Advertisement

© 2023 American Academy of Estate Planning Attorneys, Inc.

© 2023 · American Academy of Estate Planning Attorneys, Inc. | Disclaimer | Privacy Policy | Sitemap | Contact Us