Everyone is aware of the existence of Alzheimer’s disease, but a lot of people do not fully understand the threat that it poses. We all know that Alzheimer’s causes dementia, but it is also the sixth leading cause of death in the United States.
How Common Is It?
You may assume that a small percentage of elders contract the disease, but in fact, it is relatively common. According to the Alzheimer’s Association, it strikes about 13 percent of all seniors, and the likelihood increases as you get older.
If you are lucky enough to celebrate your 67th birthday, your life expectancy is 87 years if you are a woman, and it is 85 years for a man. Over 30 percent of people that are 85 years of age and older are Alzheimer’s sufferers.
Guardianship and Conservatorship
In the state of Connecticut, a conservator can be appointed to manage the financial affairs of an incapacitated adult. A guardian can be empowered to direct their personal affairs. This is a necessary safeguard, but most people would prefer to make this choice for themselves when they are fully capable of making sound decisions.
Another drawback is the possibility of disagreements among family members with regard to the proper way to proceed. This can cause acrimony during a time when everyone is going through a lot of stress, and they should be pulling together to support one another.
You Can Prevent a Guardianship/Conservatorship
Alzheimer’s disease alone makes incapacity planning a must, and people become unable to handle their own affairs as a result of other underlying conditions. You can prevent a guardianship if you execute a durable power of attorney for property.
The agent that you name in the document would be able to make financial decisions on your behalf if it becomes necessary. Since the document would be durable, it would remain in effect if you become incapacitated.
A revocable living trust is a very effective estate planning tool that will facilitate asset transfers outside of probate. Another benefit is the ability to allow for the distribution of limited assets over an extended period of time to limit the beneficiary’s spending ability.
If you have a revocable living trust, you would act as the trustee while you are living, and you would name a successor to assume the role after your death. You can also give the successor trustee the power to manage the trust in the event of your incapacity.
Advance Directives for Health Care
The financial aspect is half of the equation, and you should also account for medical decision-making when you are developing your incapacity plan. A durable power of attorney for health care should be used to name someone to make medical decisions for you if it becomes necessary.
Their decision-making authority would not extend to the use of life-support because you can state those preferences yourself in advance with a living will. Your organ and tissue donation and comfort care medication preferences can be included as well.
Your health care representative would not be able to access your medical information because of provisions in the Health Insurance Portability and Accountability Act (HIPAA). You can simply include a HIPAA release to provide access to your agent and anyone else that you choose.
Take Action Today!
If you are going through life without a plan for aging, today is the day for action. We can help you execute the documents that we have looked at in this post, and that is one element.
There are different ways to facilitate asset transfers, and the best way to proceed will depend on the circumstances. A simple will is usually not going to be sufficient, and as we have touched upon, a living trust is a very viable alternative.
This being stated, there are other types of trusts that can satisfy certain targeted objectives. When you choose our firm, we will gain an understanding of your position and your intentions and make the appropriate recommendations.
Ultimately, you will go forward with a custom-crafted plan that ideally suits your needs. If you are ready to get started, you can schedule a consultation at our Glastonbury or Westport, CT estate planning offices if you call us at 860-548-1000.
There is also a contact form on this site you can fill out to send us a message, and if you reach out through the internet, you will receive a prompt response.
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