The Benefits of Disability Planning With An Attorney
When you think about planning for your future, disability planning may not be the first thing that comes to mind. But the truth is, anyone can become disabled at any time. And if you’re not prepared, a disability can majorly impact your life.
When making disability plans, there are numerous factors to consider, but it’s crucial to keep in mind that you have alternatives. You may make sure you are ready for anything life throws your way by doing a little preparation.
According to several studies, practically everyone will have at least a temporary disability at some point. A handicap lasting at least 90 days will affect one in three Americans before the age of 65, to be more specific.
Many individuals worry about what could occur if they have a disability. Discussing choices and preparing (where capacity is not a problem) may be beneficial to offer comfort and ease the tension around this matter.
Long-Term Disabilities Will Affect A Lot Of Individuals
Unfortunately, for many Americans, the damage won’t be short-term. According to a study on long-term care services conducted by the Centers for Disease Control and Prevention, over 8.3 million Americans used such services in 2013.
By 2050, the number is anticipated to double. 70% of seniors will, at some point in their lives, need long-term care services and help. It is common for someone to get assistance at home for a few months or longer before moving on to an assisted living facility for 2.5 years. Then, over 60% of patients must stay in a nursing home for between nine months and slightly over two years.
Long-Term Care Can Be Quite Expensive
The cost of nursing homes and in-home care is rising, and many individuals and families may require long-term care for a more extended period. It is essential to be aware of the prices in the location where the patient will receive care, as they substantially vary by location.
Long-Term Care Insurance Would Cover Expenses
Long-term care expenses for parents, their spouses, or other family members may swiftly deplete the family’s hard-earned resources. Seniors (or their families) can also get life insurance with a long-term care benefit rider or long-term care insurance to cover the cost in full or in part.
Most hybrid or long-term care insurance policies provide the policyholder choice over how much coverage she wants and where and how to use her benefits.
A thorough plan covers every level of skilled and custodial care. Clients may receive care in various settings, including their home, an assisted living facility, an adult day care center, or a hospice facility.
Disability Must Be Fully Taken Into Account in All Planning
A person with a disability frequently isn’t able to make decisions that affect their personal life or financial situations. Someone else must have the legal power to make these decisions if the impaired person cannot.
If not, the family must ask the court to appoint a guardian for the person, the property, or both. Anyone old enough to remember public guardianship practices knows how crucial it is to avoid one at all costs.
Seniors should, at the very least, appoint someone to handle health care decisions for them and get broad powers of attorney that allow agents to manage all of their assets in the event of incapacity (the name of the legal document varies by state, but all achieve the same thing).
On the other hand, a fully funded revocable trust can ensure that the senior’s person and assets will be taken care of as planned and in line with the trustee’s highest legal duty. For more information, one can also consult with a will and trust attorney in Colorado.
Conclusion
Disability planning in Colorado is a complex and multi-layered process requiring great foresight and consideration. Ultimately, disability planning is necessary for both individuals and society as a whole, as it ensures that everybody has the chance to lead a productive life.
For all of your estate planning requirements, including wills, trusts, probate, and legacy planning, get in touch with attorney Marc Carlson. Estate Planning Lawyers Colorado is here to help you with disability planning in Colorado. Start planning today!
