Regardless of your stage of life, a well-conceived estate plan includes planning for temporary or permanent incapacity. Confronting this prospect is daunting, but anyone can be suddenly hospitalized and not be able to speak for themselves. Similarly, the challenges of aging present the possibility of suffering an illness that results in permanent incapacity.
At Guttman Law, PLLC, our Minnesota estate planning practice is dedicated to preparing individuals for life’s transitions. We advise clients in Minneapolis and St. Paul, and the surrounding communities, on how to best implement an incapacity plan. When you consult with us, we will take the time to understand your circumstances, learn about your family, and design a plan to ensure that your medical and financial needs will be met.
Once your plan is in place, you will have peace of mind knowing that your well-being, your assets, and your loved ones will be protected. Please reach out to our office today to speak with our experienced incapacity planning attorney.
Why Incapacity Planning in Minnesota Matters
Planning for incapacity is certainly an emotional challenge, but it’s simply about taking precautionary measures to ensure you and your family will be protected during a period of temporary or permanent incapacity.
Incapacity can result from any number of causes — car accidents resulting in catastrophic injuries or medical events such as strokes — which makes it crucial to establish who can make medical, financial, and personal decisions on your behalf in the event that you are incapacitated. By not having an incapacity plan, your life savings could easily be depleted, which will become a financial burden for you and your family and may make it difficult for you to maintain your independence.
At Guttman Law, we will work to protect your legal rights and help prepare the essential documents in an incapacity plan, including:
We will take the time to explain how each of these documents works together to provide you with the maximum legal protection you need.
Above all, we will provide you with compassionate, efficient representation and always work in your best interests. We understand that incapacity planning is a sensitive topic and will offer you compassion, knowledge, and the personal attention you deserve.
How Does Medical Assistance Impact My Incapacity Planning?
Contrary to popular misconceptions, the federal Medicare program only covers limited services on a short-term basis, including nursing home care or rehabilitation services for a set number of days. As such, Medicare does not factor into your plan in the event you require skilled or non-skilled care. In short, incapacity planning is a critical component of your estate plan.
By working with our experienced Minnesotta elder law attorneys, you can explore all your options, such as:
Long-Term Care (LTC) Insurance
Depending on the policy, coverage may include a percentage of the costs of personal and custodial care at a skilled care facility, or a certain amount of home care assistance for daily activities (e.g. bathing, dressing, or eating).
Qualifying for LTC insurance can be challenging, however, particularly if you have a preexisting condition. Moreover, the cost is based on several factors that often lead to high premiums. Our attorney will work with you to determine whether long-term care insurance is a workable option for you.
Planning for Medical Assistance
You may be surprised to learn that Medicaid is the largest payer of nursing home care in the country; however, this joint federal-state program is needs-based and you may have financial resources that make you ineligible. Our estate planning and elder law attorneys have developed proven strategies to help you obtain Medical Assistance and protect your assets.
While no one likes to consider the possibility of becoming incapaciated, it is crucial to protect yourself, your assets, and your family when you are unable to make decisions or speak for yourself. Knowing that each family has unique circumstances, we will help you design an incapacity plan that best suits your needs.
Contact Our Experienced Minnesota Incapacity Planning Attorneys
Ultimately, incapacity planning is a prudent way to protect yourself and the people you care about the most. At Guttman Law, we are committed to helping you maintain your independence and preserve your wealth. When you become our client, we will provide you and your family with the trustworthy advice you need and the dependable service you deserve. Please contact our office today to speak with our incapacity planning attorney.