Incapacity refers to being physically or mentally unable to manage one’s affairs. One prime example of this is a loved one being diagnosed with dementia. Dementia often interferes with daily functioning, causes memory loss, and this degenerative condition also impairs judgment. Another type of incapacity could be an unexpected injury. What you want to walk away from this content with is that life is unpredictable. You never know what’s going to happen, so you always want to stay ten steps ahead even if you are relatively healthy. You can take these five steps to help you prepare for incapacity.
Create a Healthcare Advanced Directive
In an emergency, decisions about your health and wellbeing may need to be made on your behalf if you can’t speak for yourself. A family member may have to make serious decisions about how to keep you alive. If you haven’t taken steps to officiate a revocable living will or named a healthcare proxy, there could be confusion about what your wishes are. There could also be disagreements among family members about who should be the decision-maker and what those decisions should be.
Designate a Power of Attorney
When you designate a power of attorney, you’re naming who will handle your financial affairs. A power of attorney can decide where you’ll live and what will happen to your assets. If you do not name a power of attorney, your family members will have to go through the court-ordered process of naming a guardian. Even if most of your family members are trustworthy and could handle this role, the court process can be expensive.
Create A Revocable Living Trust
Most people opt for a revocable living trust, just in case there need to be any changes. Irrevocable living trusts cannot have amendments made. When you create a trust and give a backup trustee authority, you’ll ensure that assets held within your trust are managed by a knowledgeable person who can take care of the property.
Invest in Medicaid Planning
When you experience an incapacity, it may mean that you need nursing home care or long-term care in your home. Medicare typically doesn’t cover this unless under particular circumstances. Medicare also doesn’t cover child custody, but Medicaid does if you qualify for means-tested benefits. When you invest in Medicaid planning, which we offer along with these other four steps, you’ll ensure that you get quality care without diminishing all of your means.
Research Nursing Homes
If you have to go into a nursing home because of your ailment, you want a high-quality facility. At Millman Law Group, we can help you with multiple aspects of estate, long-term care, and Medicaid planning. If preparing for the future is your goal, it’s in your best interest to call us.
Millman Law Group PLLC Helps You Prepare for the Future
Millman Law Group, PLLC is rare because it’s one of the only law firms that offer life planning in South Florida. From life care planning to the preparation of detailed estate plans, Millman Law Group has committed to serving Floridian elderly communities in Boca Raton, Palm Beach County, Ocean Ridge, Hillsboro Beach, and many other areas since 2018. Our dedicated team also specializes in special needs trusts and catering to any age demographic because we know for certain it’s never too early to start preparing you and your family for your future. For the latest news in estate planning and elder care law, follow us on Facebook, Twitter, Linked In, and Pinterest. You can also contact us at 561-463-6480.