Studies show that the majority of Americans will require temporary or long-term disability assistance at some point in their lifetime. These disabilities can lead to high medical expenses, lost wages, and astounding nursing home or other care facility costs.
Although you may be healthy now, what will you do if you become disabled? Who will take care of your medical needs? Have you designated a power of attorney who can handle your financial and legal affairs?
Strauss Attorneys, PLLC, located in Asheville and Hendersonville, North Carolina, helps clients of all ages plan for disability. We will work with you and your financial advisor, if you have one, to develop a comprehensive plan that addresses all aspects of a potential disability.
Establishing the best Disability Plan
When establishing your disability plan, we look at factors such as your current financial situation and your goals and wishes should you become disabled. We take the time to really get to know your situation, so we can tailor a plan that meets your exact needs. With the help of a variety estate planning tools, we create a plan that benefits you and your loved ones.
There a few simple, yet important, aspects of planning for disabilities:
Set up a Power of Attorney:
Clients who become disabled may not be able to make personal and financial decisions on their own. At minimum, it is best to appoint a power of attorney with broad powers to handle property affairs, including matters relating to your disability insurance.
Put Assets in a Revocable Living Trust:
Establishing a revocable trust ensures that a person’s assets will be cared for and distributed appropriately at the time of his or her death. Property and assets set aside in a trust are protected from government facilities, such as nursing homes.
Appoint a Health Care Agent:
Similar to a power of attorney, a health care agent can make medical decisions on your behalf. This person also has the exclusive ability to obtain health records protected by HIPAA, but it is still important to include a specific provision that allows them to do so in order to avoid any potential conflict.
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