Incapacity Planning

As people get older, they may lose the ability to manage their money. When this happens, a younger family member may have to stop in. As Long Island elder law attorney Mark Eghrari explains in this recent Forbes article, the process of assuming control over an elderly relative’s financial situation can be tricky. There are a few key steps that need to be taken when you are in a position where you must take control over the finances of an elderly relative. For example, the necessary steps can …

The process of estate planning should ideally be viewed from a comprehensive perspective. There is more to a well constructed estate plan than the creation of a last will or a trust to facilitate postmortem asset transfers. While it is true that you have to address things that will happen after you are gone when you plan your estate, you should also consider the period of time that will precede your passing. Though this is certainly not a very pleasant prospect to consider, you may become …

Before we look at the question that serves as the title of this post, we should provide some general information about the value of a power of attorney. Our firm focuses on elder law and estate planning matters. Elder law attorneys help individuals who are preparing for their senior years. In our field, durable powers of attorney are often used to proactively address latter life incapacitation. A surprisingly high percentage of elders become unable to handle all of their own …

The incapacity component is an important thing to address when you are planning your estate. Of course you want to prepare for things that will take place after you are gone, but unfortunately, many people go through a period of decline before they pass away. We have all heard of Alzheimer's disease, but it gets your attention when you find out how widespread it has become during our current era. The Alzheimer's Association is a good source of information about the disease. According to their …

When you are looking ahead toward your twilight years, you should be pragmatic about possible incapacitation. People are living longer and longer lives, and it is likely that you will live into your eighties if you are fortunate enough to celebrate your 65th birthday. Once you reach an advanced age, incapacitation can enter the picture. Alzheimer's disease alone is enough to get your attention. The Alzheimer's Association does a lot of fantastic work educating the public about this …

You should think comprehensively when you are devising a plan for aging. Clearly, you want to leave behind a suitable legacy after you are gone. At the same time, you should prepare for the eventualities of aging. This will involve the execution of advance directives for health care. People often become unable to communicate medical decisions during the end of their lives. To account for this, you can state your wishes when you create your incapacity plan. An incapacity plan will include …

In the legal field, powers of attorney are used for various different purposes. When you are perfectly capable of handling your own affairs, you may want to use a power of attorney to allow someone to act on your behalf in a legally binding manner for one reason or another. There are general powers of attorney, and limited powers of attorney. With a general power of attorney, you give someone the power to act on your behalf in a sweeping manner. The agent or attorney-in-fact that you …