A comprehensive estate plan does more than distribute your assets after death. It also safeguards your well-being while you are alive by ensuring that your wishes are respected if you are unable to make or communicate decisions because you are incapacitated. Planning for the very real possibility of your own incapacity should be an integral part of your comprehensive estate plan. Using specific legal documents within your incapacity planning component, you can clearly state your medical … [Read more...] about Who Will Make Healthcare Decision for You If You Are Incapacitated?
Incapacity Planning
Why Every College Student in California Should Have an Advance Directive
For any parent, sending a son or daughter off to college is a life-changing milestone event filled with pride, excitement, and often a little apprehension. If you just sent your child off to college, you likely devoted significant time and resources to preparing for the transition, including shopping for dorm necessities, registering for classes, and arranging travel. In the middle of all that planning, you may have overlooked one critical aspect of preparing your child for college – planning … [Read more...] about Why Every College Student in California Should Have an Advance Directive
Incapacity Planning in Your California Estate Plan
When you think of estate planning, your mind might immediately go to creating a Last Will and Testament to ensure your assets are distributed according to your wishes after your death. While this is certainly an important aspect of estate planning, a truly comprehensive estate plan addresses much more, including the possibility of incapacity. To help ensure that you are fully protected in your estate plan, the Los Angeles attorneys at Schomer Estate & Wealth Advisors discuss incapacity planning … [Read more...] about Incapacity Planning in Your California Estate Plan
What Is a HIPAA Release?
We are going to look at a particular document that should be part of your estate plan, but first, we have to provide some context. When you understand the larger picture, can take the right steps to prepare yourself. Aging and Incapacity It is hard to imagine life as an octogenarian, but the longevity statistics are eye-opening in this regard. The average lifespan in the United States is about 78 years when you are looking at all deaths, but many people pass away when they are very young or … [Read more...] about What Is a HIPAA Release?
How Can I Use a Trust to Plan for the Possibility of Incapacity?
When you think of estate planning you are likely to think about executing a Last Will and Testament to ensure that your estate assets are distributed according to your wishes after you are gone. While planning for the distribution of your estate assets is certainly one important aspect of a comprehensive estate plan, it should not be the sole focus of an estate plan. On the contrary, a well-thought-out estate plan should include a variety of additional inter-related components, including an … [Read more...] about How Can I Use a Trust to Plan for the Possibility of Incapacity?
Understanding the Benefits of Incapacity Planning
To get the most out of your estate plan you should ensure that it covers the possibility of your incapacity as well as the certainty of your eventual death. Although many people think of incapacity as an age-related concern, the reality is that you could become incapacitated at any age. To protect yourself, your assets, and your loved ones, you need to be prepared for that possibility. To help encourage you, the Los Angeles incapacity planning attorneys at Schomer Estate & Wealth Advisors … [Read more...] about Understanding the Benefits of Incapacity Planning
Using a Living Trust for Incapacity Planning
When you think about estate planning you probably focus on what will happen to you and your assets after your death. While your estate plan certainly should plan for your eventual death, your plan should also contemplate the very real possibility of your own incapacity. Incapacity planning should be included in every adult’s estate plan. With that in mind, the Los Angeles estate planning attorneys at Schomer Estate & Wealth Advisors discuss how a living trust can be used for incapacity … [Read more...] about Using a Living Trust for Incapacity Planning
Incapacity Planning: Prepare for the Twilight Years
Estate planning is often looked upon as a purely financial endeavor, and this is definitely a large part of the process. At the same time, you should also address the eventualities that you may face during your twilight years. Aging, Alzheimer’s Disease, and Incapacity Your life expectancy is at least 85 years after you celebrate your 67th birthday, and Alzheimer’s disease is quite common among people in this age group. The Alzheimer’s Association tells us that 32 percent of the oldest old … [Read more...] about Incapacity Planning: Prepare for the Twilight Years
Include Advance Directives in Your Estate Plan
Estate planning is often thought of as a purely financial exercise, and of course, you do have to facilitate asset transfers to your loved ones. At the same time, it is important to prepare for the eventualities that you may face toward the end of your life. In this post, we will look at two essential advance directives for health care that should be part of your estate plan. Life Support Preferences If you are in a terminal condition late in your life with no hope of recovery, there may be … [Read more...] about Include Advance Directives in Your Estate Plan
Latter Life Incapacity Looms Large
We always emphasize the fact that estate planning should be looked upon as a holistic endeavor. It encompasses the latter stages of life along with the inevitable passing of your legacy. There are eventualities that elders face, and it is wise to prepare for them in advance. Along these lines, it is important to have realistic longevity expectations. There is a life expectancy calculator on the Social Security Administration website. According to this tool, the life expectancy for a man … [Read more...] about Latter Life Incapacity Looms Large
