Planning for incapacity should take place now, while you still have good mental capacity. If you lose mental capacity, you will not be able to make good decisions regarding your financial and personal affairs. For seniors, incapacity can occur for instance, as the result of a head trauma, dementia or as a consequence of Alzheimer’s and Parkinson’s diseases.
If you have not planned properly for incapacity, your loved ones or friends may not be able to help pay your bills and make financial and health care decisions for you. In addition, your loved ones and friends may not be able to protect your assets and help you qualify for Medi-Cal or the VA Aid & Attendance Pension Benefit.
You should also decide now who you would trust to make financial decisions for you, and who you would trust to make health care decisions for you. These can be different people.
Your elder law and asset protection attorney will help you set up a Long Term Care Plan to handle these issues in the event you lose capacity. Your Long Term Care Plan will direct how your assets will be distributed when you die. And if you don’t die, and become ill, your Long Term Care Plan will provide directions for your long term care, will help preserve your assets and “get your ducks in a row” for asset protection and your qualification for Medi-Cal and the VA Aid & Attendance Pension Benefit.
This information is not to be taken as legal advice, and you are encouraged to see your elder law attorney. At the Law Offices of Michael J. Young, at 1931 San Miguel Dr., Ste. 220, Walnut Creek, CA www.WalnutCreekElderLaw, 925-256-0298, lawyoung1@gmail.com we practice Elder Law and we help Baby Boomers, Seniors and families through their Elder Care Journey. We help families with long-term care planning, asset-protection plans, comprehensive estate planning, wills, trusts and powers of attorney. We also help Baby Boomers and families get their “Ducks in a Row” in order help them qualify for Medi-Cal and the VA Aid & Attendance Improved Pension benefit.