When you go on any type of a journey you are going to make careful advance preparations. You don’t just set out blind with no map, supplies, equipment, or itinerary. If you’re smart you make sure that you are prepared to handle just about anything that fate should send your way.
With this in mind, your life’s journey should be properly planned for, and there are distinct different stages to take into consideration. One of these would be the period of time that is often referred to as the “twilight years.” This is the interim that lies between your active retirement years and your ultimate passing.
At the present time the average life expectancy in the United States is 78.7 years. Of course this is indeed an average; the fact is that the segment of the population aged 85 and over is the fastest-growing group among us. Of course when you reach such an advanced age certain challenges exist. One of these is the possibility of incapacity.
Physical maladies can result in incapacitation as we all know, but many seniors suffer from mental incapacity as well. Alzheimer’s disease is a big threat with approximately 4 out of every 10 individuals who are 85 years of age and older suffering from the disease. Alzheimer’s sufferers experience dementia and often become unable to make sound decisions for themselves.
If you want to be comprehensively prepared for possible incapacity you would do well to handpick your own potential decision-makers via the execution of durable powers of attorney. With these documents you can appoint attorneys-in-fact to make financial and medical decisions in your behalf should you become unable to communicate them yourself due to incapacitation.
It is a good feeling to know that people you trust are empowered to act in your best interests come what may. If you are interested in learning more about incapacity planning, simply arrange for a consultation with an experienced elder law attorney.
Latest posts by Saul Kobrick (see all)
- New Tax Law May Affect State Income Tax, Too! - February 20, 2018
- Planning for Retirement Plans and IRAs: Asset Protection - February 15, 2018
- Sager Family Shows Perils of Blended Families - February 13, 2018