The process of estate planning should include comprehensive preparations for all the contingencies that may present themselves as you enter your twilight years. With this in mind you would do well to speak with an estate planning attorney about incapacity planning.
It should be noted that people of all ages should have an incapacity plan in place. Nobody has a view into the future, and accidents and catastrophic illnesses can strike anyone at any age.
The above having been noted indeed, senior citizens are more likely to suffer from incapacity than their younger counterparts. In fact, approximately 40% of the oldest old (people who are at least 85 years of age) have Alzheimer’s disease according to the Alzheimer’s Association.
This disease causes dementia. Sufferers find it difficult to follow concepts and make logical decisions.
Alzheimer’s disease is just one cause of incapacity, so you can see why it is important to take steps to protect yourself and your family.
Part of the plan is to select representatives to make decisions in your behalf via the execution of durable powers of attorney. If you want to you can name two different people to make financial and medical decisions respectively.
Your health care proxy is going to need access to your medical records to make sound decisions in your behalf. To make sure that this access is granted you must include an authorization due to the restrictions imposed by the Health Insurance Portability and Accountability Act (HIPAA).
If you have not yet taken steps to address the possibility of future incapacity give us a call at 631-265-0599 or click this link to arrange for an appointment: Free Long Island Incapacity Planning Consultation