• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Unsworth LaPlante, PLLC

Vermont Estate Planning Attorneys

Vermont: (802) 879-7133

Attend A Free Workshop
  • Home
  • Our Firm
    • About Our Firm
    • Meet Our Team
    • What to Expect When Working with Us
  • Services
    • Estate Planning
    • Incapacity Planning
    • IRA & Retirement Planning
    • Legacy Planning
    • LGBTQ Estate Planning
    • Medicaid Planning & Elder Law
    • Pet Planning
    • Special Needs Planning
    • Trust Administration
    • Young Families Planning
  • Resources
    • Articles
    • Elder Law Reports
    • Elder Law Resources
      • Burlington
      • Montpelier
      • Rutland
      • St. Johnsbury
      • White River Junction
    • Estate And Gift Tax Figures
    • Free Estate Planning Worksheet
    • Frequently Asked Questions
      • Elder Law
      • Estate and Gift Tax
      • Estate Planning
      • Estate Planning for Blended Families
      • Estate Planning for Parents
      • FAQs for Families Without an Estate Plan
      • Incapacity Planning
      • In-Home Elder Care FAQs
      • IRA & Retirement Planning
      • Gift, Estate, and Inheritance Taxes
      • Legacy Wealth Planning
      • LGBTQ Estate Planning
      • Medicaid
      • Philanthropy and Estate Planning
      • Planning for Long-Term Care
      • Pet Planning
      • Revocable Living Trust FAQs
      • Special Needs Planning
      • Trust Administration
      • Trusts
      • Wills
    • Is Your Estate Plan Outdated?
    • Medicaid Resources
      • Medicaid Analysis Worksheet
      • Medicaid Guide
      • Vermont Medicaid
    • Newsletters
    • Presentations
    • Reports
      • Advanced Estate Planning
      • Basic Estate Planning
      • Estate Planning for Niches
    • SECURE Act
    • Top Estate Planning Techniques
  • Webinars/Seminars
  • Reviews
    • Our Reviews
    • Review Us
  • BLOG
  • Contact
Home » Incapacity Planning Is a Must

Incapacity Planning Is a Must

December 5, 2018 by Stephen Unsworth

incapacity planningWhen you think about the matter of estate planning, arranging for postmortem asset transfers will probably come to mind. Without question, you have to execute a will or some type of trust to state your final wishes. The ideal course of action will depend upon the circumstances, and there are many possibilities. This is one of the most important financial decisions you will ever make, so you should certainly discuss your options with a licensed estate planning attorney.

End-of-Life Eventualities

A well-constructed estate plan will also address the challenges that you are likely to face toward the end of your life. Clearly, this is not a very pleasant subject to contemplate, but a difficult situation could be much worse if you do not plan ahead in an intelligent manner.

Before we take a close look at the specific actions that you should consider taking, we should share some statistics paint a very vivid picture. The Social Security Administration has a tool on their website that you can use to measure life expectancy at any given age. As you get older, your life expectancy is higher than the average, which is 78 years.

If you use the calculator to estimate life expectancy of someone that is turning 67 on this day, is 85 years for a man, and 87 years for a woman. You may be surprised to hear that the segment of the population is between 85 and 94 years of age is growing faster than any other according to the United States Census Bureau.

When you digest these figures, you can see that is likely that you will live into your mid-80s and perhaps beyond if you are around long enough to collect Social Security. The Alzheimer’s Association tells us that four out of every 10 people that are 85 years of age and older are Alzheimer’s sufferers.

Clearly, people with Alzheimer’s are not going to be able to handle all their own affairs effectively. Plus, this disease is not the only cause of incapacity among elders.

Avoiding a Guardianship

There is a mechanism in place that would provide a solution if you were to become incapacitated without making any proactive plans to address the possibility. Interested parties to petition the state to appoint a guardian to act on your behalf if they feel as though you have lost the ability to effectively handle your own affairs.

This process serves a purpose, but there are some good reasons why you should take steps to prevent a guardianship. One of them is the simple fact that the person that is chosen to act for you may not be the individual you would have selected yourself when you were capable of sound decision-making. Another drawback is the possibility of family members who disagree with the choice of a guardian to act for you.

You can choose your own decision-makers in advance if you execute legally binding documents called durable powers of attorney. The “durable” designation is relevant, because a power of attorney that is not durable would no longer be in effect if the grantor was to become incapacitated. To dig deeper, there is another variation called a springing durable power of attorney. This document would only go into effect in the event of your incapacitation.

You could create a durable financial power of attorney to name someone to handle your financial affairs along with a durable power of attorney for health care or health care proxy. It is certainly possible to name the same person to act in both capacities, but you can have different agents for each respective purpose.

Another incapacity planning document that should be part of your estate plan is HIPPA release. This acronym stands for the Health Insurance Portability and Accountability Act of 1996. This law prevents medical professionals from releasing healthcare records to anyone other than the patient. You could sign a release form  your that gives your health care agent the right to see your medical records.

Download Our Free Estate Planning Worksheet!

If you are interested in learning more about the estate planning process, download our carefully prepared worksheet. It is being offered absolutely free of charge, and you can visit our worksheet access page to get your copy.

  • Author
  • Recent Posts
Stephen Unsworth
Stephen Unsworth
Stephen A. Unsworth is admitted to practice in both Vermont and Maine, and has more than 30 years of experience in estate planning and business law. His mission is to provide quality estate planning services, including assistance with Living Trusts, Wills, Medicaid Planning, Probate, Trust Administration, Powers of Attorney, Special Needs Planning, and Family Limited Partnerships.
Stephen Unsworth
Latest posts by Stephen Unsworth (see all)
  • Does My 401(k) Account Count for Medicaid Eligibility? - October 20, 2022
  • Senior Care Options - October 18, 2022
  • Is an Oral Will Valid in Vermont? - October 13, 2022

Filed Under: Incapacity Planning Tagged With: incapacity planning, durable power of attorney, living will

Other Articles You May Find Useful

incapacity planning
Prepare for Incapacity to Prevent a Guardianship
guardianship
Is There a Way to Prevent a Guardianship?
power of attorney
Why Is a Power of Attorney Part of an Estate Plan?
advance directives for health care
Don’t Overlook Advance Directives for Health Care
senior
Census Report: Burlington Senior Population Exceeds National Average
power of attorney
How Is a Power of Attorney Used in Estate Planning?

Primary Sidebar

Elder Law and Medicaid Planning Attorneys

Unsworth LaPlante, PLC

DOWNLOAD OUR FREE ESTATE PLANNING WORKSHEET

There's a lot that goes into setting up a comprehensive estate plan, but with our FREE worksheet, you'll be one step closer to getting yourself and your family on the path to a secure and happy future.

  • This field is for validation purposes and should be left unchanged.

Follow Us

  • Facebook
  • Instagram
  • LinkedIn
  • Twitter
  • YouTube

Blog Subscription

Sign up to Unsworth LaPlante's estate planning blog to receive all the latest news and updates.

  • This field is for validation purposes and should be left unchanged.

Essex Junction, VT

26 Railroad Ave
Essex Junction, VT 05452
United States (US)
Phone: (802) 879-7133
Fax: (802) 879-0408

Map

unsworth_sidbr_map

Office Hours

Monday8:00 AM - 4:00 PM
Tuesday8:00 AM - 4:00 PM
Wednesday8:00 AM - 4:00 PM
Thursday8:00 AM - 4:00 PM

Footer

footer-logo
  • Facebook
  • Instagram
  • LinkedIn
  • Twitter
  • YouTube

The information on this Vermont Attorneys & Lawyers / Law Firm website is for general information purposes only. Nothing on this or associated pages, documents, comments, answers, emails, or other communications should be taken as legal advice for any individual case or situation. This information on this website is not intended to create, and receipt or viewing of this information does not constitute, an attorney-client relationship.

American Academy of Estate Planning Attorneys, Inc. Privacy Policy | Contact Us | Disclaimer | Site Map | Powered by American Academy of Estate Planning Attorneys

© 2023 American Academy of Estate Planning Attorneys, Inc.