It is estimated that 1 in 8 Americans will suffer from some form of dementia after the age of 65; here are 4 estate planning steps that can help protect assets in case you or someone you love becomes incapacitated:
Assemble a team of elder care experts – this can include an elder law and/or estate planning attorney, a financial planner, a CPA, etc. A team of trusted advisors is essential to help you plan for how your assets will be managed and how decisions will be made about your care in case of
Establish advance directives – advance directives – including a living will, financial power of attorney, health care power of attorney, and medical health care power of attorney – provide for the seamless transfer of decision-making abilities for your care.
Establish a revocable living trust – this will allow your assets to be managed by who you want and how you want without the court getting involved in your affairs.
Have a long-term plan – the time to create a long-term plan is before you need it. People with dementia can live for many years, and the cost to maintain a good quality of life can be a heavy financial burden for a family. A long-term plan may include funding a long-term care insurance policy, or strategies for spending down assets to qualify for state or federal assistance programs.
If you would like more information on how estate planning can help you protect your assets from incapacity or other threats, contact our Fort Myers law firm to schedule your free consultation. 239-418-0169.