Protect Your Family & Assets By Planning Ahead for the Possibility of Disability

As an estate planning attorney in Orange County, I often see the results of when someone fails to plan for an unexpected disability.

People tend to think about estate plans in terms of retirement and what happens to their assets after they die, but many don’t consider the possibility of disability.

A disability can drain your family emotionally and financially. When you plan ahead, you can help prevent some of the fallout.

I often point clients toward disability insurance and long-term care insurance. These can be beneficial in the alleviation of financial burdens.

I recommend you work with a professional who can discuss the different types of policies and what works best for you. Some issues and costs that you’ll want to consider include:

·     medical costs,

·     loss of income,

·     monthly expenses, caregiver’s expenses,

·     modifications to your home, and transportation.

·     How the policies pay out and for what expenses

If you are 65 years old or older, a veteran, or a spouse of a veteran, then there are some public benefits that can provide financial relief by helping you pay for care (medical and non-medical). These public benefits are medicaid and wartime veterans pension (commonly referred to as "aid & attendance"). Contrary to popular belief you do not need to be impoverished or spend down all of your assets to access these benefits. In addition, they are not just for nursing home care, but can help defray the cost of in-home care, independent living, or assisted living.

The key to gaining access to these benefits in order to maximize their usefulness and ability to help you pay for the care that you both need and want is to be proactive. We have too often seen the fallout of waiting until crisis hits to plan. In those circumstances options become limited and the access to benefits much more difficult. That's why we encourage our clients and others to plan ahead even before a disability, diagnosis, or the need for extra help or assistance arises.

Beyond planning for the cost of disability, you’ll also want to create a legal lineup of legal decision makers for you in the event you become incapacitated. That is the point when you can no longer manage your financial, legal, and health at a point when you may no longer be able to do so. To further assist those individuals you choose to make medical decisions on your behalf, you should strongly consider including specific wishes with regard to medical interventions and end-of-life choices. This way your loved ones have an idea of what you want, even if they’re in shock.

We encourage you to speak with an estate planning attorney or elder law attorney in your area to help you plan for unexpected disability. If you live in Orange County or Southern California, my team and I would be happy to assist you or answer any questions you might have about this important planning.