Why You Should Include Incapacity Planning in Your Estate Plan www.rbsllc.com
A thorough estate plan should do much more than simply provide a roadmap for the division of your estate assets when you die. A comprehensive estate plan can also address other goals or objectives as well, such as retirement and long-term care planning, special needs planning, and incapacity planning. Just as many people prefer not to think about their own immortality, those same people often prefer not to consider the possibility of their own incapacity. The reality is that incapacity can strike anyone at any time. To ensure that both you and your loved ones are protected in the event incapacity strikes, you need to include incapacity planning in your overall estate plan.
NCAPACITY BY THE
When most people hear the term “incapacity” they envision an older
person suffering from an age-related dementia disease such as Al
disease. While age-related dementia diseases do certainly cause incapacity
with an estimated one in three seniors dying with Alzheimer’s disease,
there are other ways that you could become incapacitated at a much younger age. A tragic car accident, for example, or a debilitating illness could cause incapacity at any age. In fact, statistics tell us that we all have a one in five chance of becoming disabled or incapacitated at some point prior to reaching age 65. After you turn 65 your incapacity risk jumps to one in two, or 50 percent. If you are fortunate enough to make it to age 80 your chance of becoming incapacitated rises to three in four, or 75 percent.