Obviously, major components of any estate plan include determining who gets your assets after you pass away and the best methods to accomplish that. For many people these are only aspect of estate planning they consider.
In reality, however, it is extremely important that estate planning does not stop there.
A big part of estate planning is also making sure that your needs will be met at the end of your life. Ideally, this is done so you will still have an inheritance left for your heirs. As there is a good possibility that at the very end of your life you will be sick and in need of care, estate planning is thus also about planning for that sickness.
As Market Watch points out in “What to know about Alzheimer’s and retirement planning,” getting care for Alzheimer’s is more expensive than getting care for other common end of life conditions. Therefore, the cost of Alzheimer’s is a good benchmark for planning.
Estate planning for Alzheimer’s is not just about money. It is also about making sure you have already planned ahead and legally appointed a capable person or persons who can look after your affairs. That means getting a general durable power of attorney and a health care power of attorney.
A qualified Cincinnati estate planning attorney can help you with all of the necessary details.
Remember: “An ounce of prevention is worth a pound of cure.” When making your estate plans or when probating an estate or administering a trust, do not go it alone. Be sure to engage a Cincinnati estate planning attorney.
For more information about estate planning, probate or trust administration in Cincinnati (and throughout the rest of Southwest Ohio) and to review free resources regarding estate planning, probate or trust administration, visit my website. If you have questions regarding this article or a particular legal matter, feel free to contact me at 513-399-PLAN (7526).
Reference: Market Watch (July 7, 2016) “What to know about Alzheimer’s and retirement planning”