Hello everyone. I hope you are enjoying the fall weather. We have some
beautiful weather out there and uh some crisp weather coming up and that's what
happens in New England. It changes but enjoy every day that you can today.
We're going to talk about an important subject planning for incapacity. No one
likes to think about these things. You know, what would happen if you were
unable to take care of yourself either mentally or physically? What if you
couldn't make the decisions necessary to take care of your health and
finances? What if you became incapacitated? Well, incapacity can
happen to anyone at any time, aging may bring on dementia. Alzheimer's disease
or other illnesses, accidents and physical injuries can also happen at
any age. Incapacity can be a temporary thing or a permanent one unless you are
prepared. Incapacity could delete your savings, destroy your finances, not to
mention the emotional effects it could have on your family preparation. Here
is key, consolidate your assets as much as possible, formalize your work. Doing
so helps ensure your wishes are carried out without this, the courts could be
making decisions for you if they are petitioned to determine your status. A
good plan can save your family from a variety of legal, financial and
personal problems. So here's some things to look at. First. One is
Advanced medical Directors. Now, there are several types of directives
including a living will durable power of attorney for healthcare. Also known
as a health care proxy. Do not resuscitate order or a hipAA
authorization. Each has its own purpose. Be aware that the use of these
different documents varies depending upon the state that you are in a living
Will allows you to give someone the authority to make life sustaining or
life ending decisions. If the person signing the document is incapacitated.
Most dicks recognize these types of documents when there is a terminal
injury or illness. Now a health care proxy allows you to appoint a trusted
representative to make medical decisions for you if you become
incapacitated. This includes situation in which the living will does not apply.
Do not resuscitate order is a doctor's order that tells all medical personnel
not to perform CPR HIPAA authorization will give your doctor or other
healthcare provider the authority to disclose your medical information to
the person you have selected. If you have any of these documents active.
It's a good idea to give copies of your medical providers to your medical
providers for their files. It's also important to inform anyone who you have
designated as a decision making agent that you have done. So you might want
to ask them first. If you haven't done it. Now that we have reviewed the
health side of preparing for incapacity. Let's take a look at the financial side.
Now options for protecting your property include placing it in a
revocable living trust and having a financial durable power of returning.
Now you can transfer ownership of your property to a trust and act as a
trustee. While you have capacity Now if you become incapacitated a successor
trustee that you have named, can step in and take over the management of your
property. Now, Trust can include detailed provisions as to how you want
your assets managed. In that case, you can resume the duty of trustee if the
incapacity has passed, be aware that the trust only governs property that
has been put into the trust and it does not apply to your other assets. Now, a
durable power of attorney can help deal with some of those other assets because
it allows someone else to act on your behalf for all of your other assets
that you might have. As can be seen, these things require some time, money
and effort in considering the people who you would like to have in various
roles. Think about where they live, how busy they are and if they have the
ability to do the job. These are documents you will want to revisit
periodically to keep them current CIA qualified estate planning attorney to
discuss your needs and help you get the necessary documents in place. Have a
great day