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Step #10-Plan Now for Possible Future Incapacity-
Part 1
Do you know who would be “in charge” if, as a result of a stroke, accident or illness you were no longer able to make decisions for yourself or manage your finances?
If you have not planned for that possibility, family may have no alternative but to go to court to have you determined to be mentally incapacitated so that a guardian/conservator can be appointed and empowered to make decisions about where you will live, the kind of medical care you will receive, and how your assets will be managed and used for your benefit.
There are significant financial and emotional costs to not planning for incapacity. All expenses and fees associated with setting up the guardianship, as well as the on-going costs of the annual reporting to the court and work of the guardian, will be paid out of your assets. And, the emotional toll on family who may have no choice but to take such actions will be heavy.
Next Month-Step #11 - Plan Now for Possible Future Incapacity-Part 2
For more information, please call us at (502) 489-3533 or toll free in KY at 1(866) 489-3533.
The information in this article is provided as general information and is not intended as legal or tax advice. For advice and assistance in specific cases, you should seek the advice of an attorney or other professional adviser.
If you have not planned for that possibility, family may have no alternative but to go to court to have you determined to be mentally incapacitated so that a guardian/conservator can be appointed and empowered to make decisions about where you will live, the kind of medical care you will receive, and how your assets will be managed and used for your benefit.
There are significant financial and emotional costs to not planning for incapacity. All expenses and fees associated with setting up the guardianship, as well as the on-going costs of the annual reporting to the court and work of the guardian, will be paid out of your assets. And, the emotional toll on family who may have no choice but to take such actions will be heavy.
Next Month-Step #11 - Plan Now for Possible Future Incapacity-Part 2
For more information, please call us at (502) 489-3533 or toll free in KY at 1(866) 489-3533.
The information in this article is provided as general information and is not intended as legal or tax advice. For advice and assistance in specific cases, you should seek the advice of an attorney or other professional adviser.
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