Estate planning is a basic responsibility that goes along with being a self-supporting adult. When you are planning ahead for the future you should definitely discuss everything with a licensed estate planning attorney because there are things that you may not have considered.
One of these is the possibility of incapacity. We have all heard of Alzheimer’s disease, but you may be somewhat surprised to hear that according to the Alzheimer’s Association around 40% of people who reach the age of 85 are victims of this disease.
Alzheimer’s causes dementia, and this can render the sufferer unable to make his or her own medical, financial, and personal decisions.
Alzheimer’s induced dementia is a major cause of incapacity, but it is by no means the only one so preparing for this possibility is the prudent course of action.
This is done in part through the execution of durable powers of attorney. These documents empower attorneys-in-fact that you select to make decisions in your behalf if you become incapacitated.
However, to make sound decisions the proxy that you choose must be able to examine your medical records.
The Health Insurance Portability and Accountability Act prevents the medical community from releasing medical records unless you have signed an authorization form. So your incapacity plan should also include a HIPAA release.
If you have not yet taken any steps to protect yourself in the event of incapacity action is required. You can go forward with total peace of mind if you simply sit down with a licensed Indianapolis estate planning attorney to put these important documents in place.
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.
- 3 Documents That Should Be in Your Estate Plan - September 16, 2021
- How to Guard Your Child’s Inheritance - September 14, 2021
- Is Trust Administration Expensive? - September 8, 2021
