If you are looking to create a comprehensive estate plan, you absolutely cannot overlook, incapacity planning. Incapacity planning is the process of establishing a financial or estate plan that addresses the issue of incapacity due to a disease or memory loss, or another debilitating condition.
Planning Too Late is Risky Business
The circumstances surrounding incapacity can vary widely, sometimes it is sudden and unexpected, like a stroke or coma with long-term damage to one’s health. In other cases, it can result from a slow decline in cognition, the kind that comes with dementia.
Estate Planning and Elder Law Attorney, Mindy Felinton, states that it is crucial once a loved one has been diagnosed with dementia, or while they are in the early states of any debilitating disease, an incapacity plan must be put in place. Unfortunately, there are times where it can be too late.
What Happens If It’s Too Late?
In many scenarios, Mindy meets with many prospective clients attempting to establish an incapacity or estate plan where the dementia has become so extreme that she is unable to provide those services. The cost of not having an estate plan and an incapacity plan is so significant that you could be missing up to hundreds of thousands of dollars in assistance that could be available to you, or a loved one, should long-term care be needed.
Contact Mindy Felinton
Don’t put off your plan! If you are getting ready for retirement, the time to plan is now! Contact Mindy Felinton and her team who will work with you to develop a solution that is customized to you and your family’s situation. Contact her firm by calling her office in Maryland at (301) 610-0055 or her office in Florida at (561) 290-2179.