People are routinely living into their mid-80s and beyond during our current era, and when you reach such an advanced age it becomes quite possible that you could lose your ability to make sound medical and financial decisions.
One of the biggest threats that exists along these lines would be Alzheimer’s disease. About four out of every ten elders 85 years of age and older are suffering from this scourge on our nation’s seniors, and of course Alzheimer’s causes dementia which can limit the ability of sufferers to handle their own affairs.
People who become unable to make their own decisions sometimes become subject to guardianship proceedings. If a guardianship is granted this guardian will act in your behalf, and you may not have any input into who the guardian will be.
Just about everyone would prefer to have decision-makers of their own choosing in place should they become unable to take care of their own responsibilities. In addition to this, even if the conservatordhip was to be a trusted family member guardianship proceedings are expensive.
You can avoid a guardianship through the proper planning. Some people will create a revocable living trust and name a disability trustee who would manage the assets in the trust should the grantor become incapacitated.
Incapacity planning also involves the execution of durable powers of attorney with which you appoint representatives to act in your behalf should you become unable to make sound medical and financial decisions.
Incapacity planning is an important component to any comprehensive plan for aging. If you are not currently prepared, now would be a good time to pick up the phone and arrange for a consultation with a good Hartford estate planning lawyer.
Mr. Horowitz was awarded his Juris Doctor degree with honors from the University of Connecticut School of Law. While attending law school, Mr. Horowitz received the American Jurisprudence Award in Legal Ethics and the Nathan Burkan Award.
After graduation from law school, Mr. Horowitz continued his legal education at New York University School of Law where he received a Post Doctorate Law Degree in Taxation. He has also recently received a national achievement award.
Mr. Horowitz is admitted to practice before all the state courts in the State of Connecticut and the United States District Court.
Mr. Horowitz was selected for Super Lawyers in 2021.
- How Do You Leave an Inheritance to Minor Children? - March 28, 2023
- These Celebrity Estate Planning Mistakes Can Be Instructive - March 9, 2023
- Is There a Person With Special Needs on Your Inheritance List? - February 21, 2023
