Many people think ahead about the future of estate planning with concerns about what happens to their assets after they pass away. This is a core component that generates most conversations around estate plans, but according to the Centers for Disease Control and Prevention, approximately one in four people in the country live with a disability.
This means that you need to think carefully about the potential for a disability, and some of the other unique challenges facing many families dealing with these issues. For example, one recent Fidelity study identified that more than half of caregivers for those loved ones who had disabilities had no or little time to prepare for this before assuming that care.
If you developed a disability and were unable to care for yourself or speak up about your needs, do you have a plan for who would step into this role?
Setting up comprehensive savings plan, seeking out supportive communities, and learning for and applying for all available benefits are important. Your loved ones might not know where to turn to get this valuable information, and your lack of planning puts your family in a difficult situation trying to find it and apply for these benefits. The more organized you are, the better the chances of getting everything you’re entitled to.
If you don’t yet have a possible disability plan, this can impact not only your estate planning, but your financial management through the appointment of a power of attorney, and even potential business interests.
For example, if you do not have a business succession plan, such as a buy-sell plan created, your sudden disappearance from the business due to disability related issues can generate problems for one of your biggest assets.
Scheduling a time to meet with an experienced and qualified estate planning attorney in Pasadena, CA is strongly recommended. Set up a time now to discuss these options with a lawyer to understand all of your rights.