Powers Of Attorney And Planning For The Future When you are making plans for the future you probably have no difficulty envisioning your active retirement. Setting a financial course that will enable you to have the resources that you need to enjoy all of the things that you always wanted to do but were too busy to get to is actually kind of fun. And though it is not the same type of thing, estate planning is a necessity that we are all aware of so it is not something that most people overlook. In addition, there is another stage of life that must be planned for that many people overlook. People are living longer lives these days and the possibility of incapacitation is very real. The Alzheimer's Association states that around four out of every ten people, who are eight-five years of age and older, have the disease. This illness can rob its victims of the ability to make sound medical and financial decisions. This is why estate planning attorneys will recommend durable powers of attorney. Since they are “durable” they remain in effect after the incapacitation of the grantor, unlike other powers of attorney. Many people will execute a durable power of attorney for health care and one for financial matters and name a different person to act as attorney- in-fact for each respective purpose. Incapacity planning is an important component to any comprehensive aging strategy. If you were to be deemed incapable of making your own decisions without having executed these documents, the court can appoint a guardian and you would become a ward of the state. So, if you do not have your powers of attorney in place, simply contact an experienced elder law attorney and take action to protect yourself and ensure that potential decision makers of your own choosing are in place. Experienced estate planning attorneys Garden City NY of the Law Offices of Saul Kobrick P.C. offers estate planning and business planning resources to residents of Garden City NY. To learn more about these free resources, please visit www.kobricklaw.com today.
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