Being aware of the challenges that often confront senior citizens is important when you are planning for the eventualities of aging. Along these lines, you should know that the segment of the population that is 85 years of age and older is growing faster than any other. And given the capabilities of medical science, we expect lifespans to continue to expand.

When you reach an advanced age, you become more vulnerable to Alzheimer’s disease. As you probably know, Alzheimer’s causes dementia; and this can strip you of your ability to make sound medical, financial, and personal decisions.

Who would make decisions for you if you were to become unable to make them for yourself? The answer is that it all depends on whether or not you plan ahead intelligently.

If you make no plans to assert your own wishes, you could become a ward of the state and the court could appoint a guardian to make decisions on your behalf. This guardian may not be the individual that you would have selected if you had made the choice when you were of sound mind.

On the other hand, you can plan ahead by executing durable powers of attorney. With these documents you include the selection of attorneys-in-fact who would be empowered to handle your affairs in the event of your incapacitation. In addition, a disability contingency could be included in a revocable living trust to provide further protection.

Incapacity planning is an important component to any holistic plan for aging. If you have not yet addressed this matter, take action right now to arrange for a consultation with a Northern KY estate planning lawyer.

The Potter Law Firm is a member of the American Academy of Estate Planning Attorneys.

There was a time when you could be provided with a certain diagnosis by your doctor that was equivalent to a death sentence, but these days medical science is capable of some amazing things. Certain failed organs can be transplanted, and thousands of lives are saved every year through successful transplant surgeries.

One of the primary challenges lies in the fact that there are always more people in need of transplants than there are available donors. With this in mind, when you are contemplating your legacy you may want to consider the possibility of becoming an organ donor. You could potentially save a life or even multiple lives and perhaps further the cause of medical science in some way.

As you are crafting a comprehensive estate plan you should include advance health care directives such as a living will. With these documents you state your preferences regarding medical procedures that you would accept and those that you would prefer to deny should you be unable to communicate at some point in time.

When you are working with a Northern Kentucky estate planning lawyer, make sure to include in your living will your choice to become an organ donor if you wish.

To learn more about organ donation and even sign up to the organ donor registry, you can simply click here: Donate Life Kentucky.

The Potter Law Firm is a member of the American Academy of Estate Planning Attorneys.

Many people think of estate planning as a purely financial endeavor.  Of course, readying your assets for transfer to your loved ones after your death is a large part of the exercise. But most people are not in perfect health during the days, months, and often years before their deaths. Oftentimes individuals go through a period of incapacity during which they’re unable to make decisions for themselves. Of course, this is common among people who reach an advanced age, but sometimes younger people who suffer catastrophic illnesses and accidents are also placed in this position.

This is why estate planning attorneys now generally recommend that their clients execute documents called advance health care directives. The two advance directives that are most commonly utilized are the living will and the durable medical power of attorney or health care proxy.

Let’s take a look at the living will first. This is different from the “last will,” which states your wishes with regard to the passing your assets to your heirs.  But a living will has nothing to do with money. With a living will, you state your preferences regarding medical procedures that should be used if you become incapacitated and unable to communicate your choices to your doctors.  The issue of whether or not you would want to be kept alive via the use of artificial life support systems are typically at the core of living wills.

With a health care proxy or durable medical power of attorney, you select a representative who can make health care decisions on your behalf if you become incapacitated and unable to communicate. This would include situations that were not expressly addressed in the living will document (decisions other than whether to use artificial life support or hydration and nutrition).

If you are interested in learning more about advance health care directives or executing your own, take a moment to contact an experienced estate planning attorney to arrange for a consultation.

The Potter Law Firm is a member of the American Academy of Estate Planning Attorneys.

When individuals think about planning their legacies, they often equate it with the creation of a last will or perhaps a revocable living trust. Indeed, inventorying assets and preparing them for eventual transfer to your loved ones after your death is a big part of what legacy planning is all about. At the same time, there are some other things to take into consideration if you want to be prepared for the eventualities of aging. This is why estate planning attorneys often emphasize the value of comprehensive, holistic long-term planning.

Planning for the possibility of incapacity is not necessarily the most pleasant subject, but when you look at the facts you see how important it is to protect yourself.

Alzheimer’s disease is something that we are all aware of, but a lot of people don’t realize just how common it is. According to the Alzheimer’s Association, one out of every eight people who reach the age of 65 are suffering from Alzheimer’s disease. As you age the likelihood of contracting Alzheimer’s increases. Studies indicate that approximately 40% of people who are 85 years of age and older are Alzheimer’s sufferers.

Alzheimer’s causes dementia, and dementia can strip its victims of the ability to make informed and intelligent decisions. Therefore, due to the ubiquity of Alzheimer’s disease elder law attorneys recommend the execution of durable powers of attorney naming representatives to make decisions in your behalf should you become unable to do so yourself due to Alzheimer’s, other dementia, stroke, or any other cause.

Incapacity is often overlooked, even by people who are serious about developing a solid plan for the future. To make sure that all your bases are covered it is a good idea to develop a relationship with an experienced elder law attorney who can assist you as you create a comprehensive plan for aging.

The Potter Law Firm is a member of the American Academy of Estate Planning Attorneys.

One of the most important benefits of revocable living trusts for you during your lifetime is incapacity planning.  Incapacity (or disability) can occur at any time; and, it often arises unexpectedly.  A stroke, car accident, or head injury can leave you unable to manage your day to day business affairs and financials.

You Determine the Definition of Your Disability

Your revocable living trust will define your disability so that it’s clear when authority passes from you to your named disability trustee.  You, with legal counsel, create this definition of disability yourself.

You Choose the Disability Panel Participants

If you choose to have a disability panel determine whether the definition of your disability has been met, you also choose who is on this panel.  Often, the panel is composed of medical professionals and loved ones.

You Appoint Successor Disability Trustees

You choose who will succeed you as trustee.  You stay in control by choosing who has authority and when they have it.  You name contingent disability trustees as well, to serve in the event your primary disability trustee is unable or unwilling to serve.

Disability Instructions

You determine how your assets will be managed, your care, and who can use your assets during any period of disability.  Your disability trustee must follow these directions.  Think of your trust as an instruction book.

Your Disability Trustee’s Authority

Your disability trustee only has authority over assets that are funded into your trust.  It is imperative that you follow your estate planning attorney’s instructions and fund all applicable assets into your trust.

You Need a Power of Attorney Too

Because there are some assets (such as life insurance and retirement accounts) that are not funded into your trust, you need a financial power of attorney so that your power of attorney agent can manage these assets.  It is prudent to make sure that the applicable institutions will honor your power of attorney; if not, execute one of theirs as well.

Where to Get Help with Incapacity Planning

Consult with a qualified estate planning attorney for the design, drafting, execution, and funding of your revocable living trust.  It’s important to get the incapacity planning right so your estate plan works.

The Potter Law Firm is a member of the American Academy of Estate Planning Attorneys.

Estate planning involves incapacity planning so if you can’t make your own financial decisions in the future, a loved one or professional will step in and take over that responsibility.

Incapacity planning will allow you to be properly prepared in case of an emergency.  You never know when you may become incapacitated through a car accident, illness, or reaction to medication.

Take the time to create a proper plan so that your financial affairs are always handled by someone you trust, even if you aren’t able to make decisions.  If you have any questions about your incapacity planning needs, meet with an estate planning attorney.

What happens if I can’t make my own financial decisions?

You need to appoint someone to help you pay your bills and make financial decisions if you are ever unable to do so yourself.  This can be done with a financial power of attorney.  You will name an agent who will be responsible for your affairs when you’re in need of help.

Without this document, the court will intervene and the wrong person may be handling your affairs!

What can my agent do?

Your financial power of attorney agent can do a number of things, if properly given the power to do them.  This includes paying your bills and purchasing items you need.  He will also be able to cash your checks and make important financial decisions.  Your agent is responsible for filing and paying appropriate taxes on your behalf.

Revocable living trust planning

Many people just like you use a revocable living trust for additional incapacity planning.  When you have a trust, your disability trustee can manage your financial affairs on your behalf should be become incapacitated.  This removes any concern about whether a financial institution will honor your financial power of attorney.

If you have additional questions, or if you’d like to begin your incapacity planning, consult with a qualified estate planning attorney.

The Potter Law Firm is a member of the American Academy of Estate Planning Attorneys.

So long as you are able to make your own health care decisions, you will continue to do so.  But, if there comes a time, and there usually does, when you are not able to make health care decisions on your own, it is imperative that you have these 3 absolutely essential health care documents.

1.  A medical power of attorney is essential

The medical power of attorney is a power of attorney for a specific use — granting consent to medical treatment.  You appoint a health care agent to act on your behalf and make decisions about which doctor, procedure, hospital, nursing home, etc is in your best interest.

It is wise to name successor health care agents in the event that your named agent is unable or unwilling to act on your behalf.  For example, you might both be injured in a car accident.

Choose a health care agent who cares about you and who can be appropriately assertive when communicating with medical staff.

2.  A HIPAA release is essential

Because of federal privacy laws, a HIPAA release is an absolutely essential health care document.  By signing a HIPAA release, you are authorizing medical professionals to communicate with your named health care agents.

3.  A living will is essential

If you want to avoid heroic measures and being hooked up to machines to artificially extend your life, a living will is an essential health care document.

The living will is effective at the very end of life and you are in an irreversible coma, persistent vegetative state, or otherwise terminal.

Organ donation form

An organ donation form may not be essential to you, but if you’re like most people, you want to contribute your organs to save lives.  In fact, you could save eight lives.

Organ donation never hastens your death and does not scar the body for funeral purposes.  You can still have an open casket funeral if that is your wish.

If you have questions about these 3 essential health care documents, consult with a qualified estate planning attorney.

The Potter Law Firm is a member of the American Academy of Estate Planning Attorneys.

If your parents are in their golden years, one of the most important things that you can do for them and your entire family is hold a family meeting. By getting everyone together, you can better discuss options for the future, including what should be done if one of your parents suffers from a disability or illness.

One of the most common reasons why there is conflict within the family when a parent dies or becomes ill is because some family members simply don’t have all of the facts and information. In some cases, one or two of the family members may feel overwhelmed and not sure if their siblings are willing and able to help. In other cases, some family members may feel left out, and perhaps even that their input isn’t wanted or needed.

A family meeting can help reduce problems within the family, plus it is a great way to get many things accomplished.

• You will want to have a family meeting before there is ever a medical crisis. If you have your meeting while both of your parents are still healthy, you can plan together for any possible catastrophe, plus you can encourage your parents to put an estate plan in place, if they haven’t already.

• If you do face a crisis, handle it as a family. Hold a meeting so that everyone has the facts: at this meeting it can be decided who will take care of certain tasks and responsibilities.

• Before you hold your family meeting, encourage everyone to write down a list of any issues they would like to discuss at the meeting.

• If at all possible, all family members should be at the meeting. In the event that this isn’t possible, considering using conference calling and a speakerphone.

• Write down any decisions that result from the meeting.

If you feel there may be disagreements, you may want to have someone act as a mediator. Options would be a family friend or your church’s pastor, etc. Simple family meetings can help to avoid a lot of misunderstandings, plus it will help to avoid any family member feeling overwhelmed and responsible for everything.

The Potter Law Firm is a member of the American Academy of Estate Planning Attorneys.

Even if you have an estate plan that works great for you now, and will work equally as well when you or your spouse passes away, this same estate plan may not work well when it comes to the need for long-term care because at the time the plan was established, long-term care probably was not the main concern.

The current economy has only exacerbated the problem of long-term care expenses. Many people have lost a great deal of money while others have even lost their jobs. These financial problems can become devastating if someone in the family becomes ill and needs long term care.

Even under the best of circumstances it is a good idea to review your estate plan on a regular basis with an experienced attorney, but considering the current economic crisis, it is extremely important to review your plan. Not only does your estate plan need to adequately cover taxes and other estate issues, but also it should be fashioned in a way that can help in the event that long-term care is needed.

Some areas of your estate plan that may need attention include Wills and Trusts and ensuring that you have appointed a health care agent appointed through a Health Care Power of Attorney; it may also be necessary for both you and your spouse to have a Durable Power of Attorney. In addition, you may also want to ensure that both you and your spouse have prepared a living will.

If your estate plan does not address the possibility of serious illness and the need for long term care, it is extremely important that revisions be made. Without an adequate estate plan, long-term care can ruin you financially. Contact your attorney and make an appointment to discuss your estate plan; or if you do not already have a plan, contact an attorney to discuss an estate plan that will protect you and your family.

The Potter Law Firm is a member of the American Academy of Estate Planning Attorneys.

One of the necessary steps involved in having a guardian appointed by the court is obtaining a report from an “interdisciplinary evaluation team.” This team is appointed by the court and consists of a physician, a psychologist, and a social worker. The team evaluates the elderly or disabled person, the care that person needs, and the need for a guardianship and reports back to the court.

When it comes to conservator or guardianship cases, the team’s evaluation is often the most important evidence. If the evaluation recommends that a guardianship is necessary then the guardianship will likely be easy to create; on the other hand, if it does not recommend a guardianship you will have an uphill battle.

Regardless of the interdisciplinary evaluation team’s recommendation, the elderly or disabled person has a right to have a jury determine whether a guardianship is appropriate. The elderly or disabled person has a right to be represented by an attorney at this hearing; in the event that they cannot afford an attorney, the court will appoint one for them.

It is important to realize that a jury will likely put significant weight on the evaluation team’s evidence because they are considered unbiased witnesses. While this often makes the process easier, there could also be problems, if the team did not spend sufficient time with the elderly or disabled person and does not really know the extent of his or her disability.

On the other hand, the evaluation team may prefer to err on the side of caution and recommend guardianship if there is any indication of incapacity at all. If the representative does not recommend that a guardian be appointed, convincing a jury to appoint a guardian can be very difficult.

If you are faced with a guardianship hearing, it is best to talk with your attorney to find out how much weight the evaluation team’s report will have on the case, and how you should go forward in the event that the team doesn’t recommend a guardianship.

The Potter Law Firm is a member of the American Academy of Estate Planning Attorneys.