In truth, incapacity can strike anyone at any time. One of the most widely publicized examples of this was the case of Terri Schiavo. She was in her 20’s when she fell into a vegetative state due to full cardiac arrest.
The above having been stated, incapacity is obviously something that is more likely to strike people who reach an advanced age. Though there are many different causes of incapacitation, the mere existence of Alzheimer’s disease alone is enough to make incapacity planning a must.
The New York Times has published an in-depth report on Alzheimer’s, and it provides many striking pieces of information. The one that we would like to highlight here involves the widespread nature of Alzheimer’s disease.
This report indicates that upwards of half of people who have reached the age of 85 are suffering from Alzheimer’s disease.
If you don’t think that you will live this long you should know that the segment of the population that is between 85 and 94 is growing faster than any other ten-year grouping according to the United States Census Bureau.
Many people who suffer from Alzheimer’s are going to need living assistance, and nursing home care is very expensive so this is part of the equation.
You should also execute durable powers of attorney naming potential decision-makers who would be able to act in your behalf should you suffer from Alzheimer’s-induced dementia and become unable to handle your own affairs.
No one is suggesting that incapacity is a certainty. However, it is a distinct possibility and sober minded, practical individuals would do well to prepare for this possibility in advance.
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.