None of us wants to think about the possibility of becoming ill or incapacitated, but it can happen unexpectedly. Illnesses, injuries, and tragedies can strike anyone at any time, reminding us of our mortality. Although these events are often unavoidable, we can take steps to plan and minimize their impact.
One way to plan is to create estate planning documents that designate someone to decide on your behalf if you cannot. A general durable power of attorney allows your designated agent to make financial decisions for you, while a health care power of attorney will enable them to make health care decisions. A revocable living trust can help manage your assets during life and after death, avoiding probate and minimizing estate taxes.
While these documents ensure that someone you trust can make decisions for you, it’s also important to consider how you will pay for any living expenses and medical care you might need. Disability insurance can provide a source of income if you can no longer work, and long-term care insurance can help cover nursing home or home health care costs. Public assistance programs like Medicaid can also help with expenses, and you can include “Medicaid triggers” in your planning documents to qualify for benefits while retaining assets.
Although illness and disability are unpredictable, working with a qualified estate planning attorney can help you prepare for the future. Having a plan in place can bring peace of mind and minimize the impact of these events on you and your loved ones.Although illness and disability are unpredictable, working with a qualified estate planning attorney can help you prepare for the future. Having a plan in place can bring peace of mind and minimize the impact of these events on you and your loved ones.
Compliments of the McGee Law Firm, Attorney Brandon McGee
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