Dennis D Duffy
Pragmatic and serious minded individuals would do well to plan ahead for the eventualities of aging. It is wise to get started sooner rather than later because there is a Catch-22 here. Incapacity is one of the contingencies that you would be preparing for, and you can't take action if you are in fact incapacitated. This is why advance planning is so important.
Nobody wants to be placed into a difficult situation at any time, but if you knew that a distinct possibility existed that you could face a challenge you would probably want to plan ahead to the best of your ability.
United States Census Bureau statistics indicate that between 2000 and 2010 the fastest growing ten-year age group was the group that is comprised of people who are between 85 and 94 years of age. When you reach such an advanced age the possibility of
Once you reach the age of 85 becoming incapacitated is clearly quite present. there is close to a 50-50 chance that you will have Alzheimers disease. The disease strikes one out of Alzheimer's Disease every eight people who reach Everyone has heard of Alzheimer's disease. However, some the age of 65. of the statistics surrounding the disease may come as a surprise to you. The Alzheimer's Association is a great source of information if you want to look into the various ways that this disease impacts our society. According to the Association one out of every eight senior citizens suffers from Alzheimer's disease. We noted previously that the group that consists of people 85 years of age and up is growing faster than any other. Upwards of 45% of people in this age group are suffering from Alzheimer's disease. Alzheimer's is actually the sixth leading cause of death in the United States. Over 5 million Americans are suffering from Alzheimer's disease.
With any luck, you are going to live long enough that you will no longer be able to take care of all of your daily needs. Thats not to say that you will be completely helpless, but you will have things that you forget to do or that it would just be better to have someone else do for you. It is important to think about what will happen when that time comes.
active until and unless the grantor does in fact become incapacitated.
Conclusion
Even if there was no other cause of incapacity, the widespread nature of Alzheimer's disease alone makes incapacity planning an absolute must. While we are largely focused on the value of this type of planning for elders, even younger adults sometimes become incapacitated due to catastrophic illnesses or accidents. As a result, incapacity planning is relevant to adults of all ages. The wise course of action is to consult with a licensed estate planning attorney to create an incapacity plan that is contained within a larger, comprehensive estate plan.
References
Alzheimer's Association
http://www.alz.org/
Dennis Duffy combines an extensive background in business with a wide range of legal experience to provide his clients with a uniquely practical perspective. An attorney since 1989, he practices primarily in Estate Planning, Wills, Trusts and Probate. Mr. Duffy also offers frequent educational seminars on a variety of estate planning topics to both the general public and private groups in the Quad Cities area.
Caregiver.org
http://www.caregiver.org/caregiver/jsp/content_node.jsp?nodeid=434