If you die without an estate plan, there is an established process. It might take more time and cost money, but things will work themselves out.
If you become incapacitated without a plan, that’s going to be a real rough road for you and your family. You don’t have a lot of time. You need someone to step in today and start helping you, and you don’t want to waste money on court fees and attorneys. If you’re incapacitated, you want your money to be spent on your care, so having an incapacity plan is critical – everyone needs one.
Click here to listen to the Greg O’Donnell Financial Hour!
Absolute Trust Counsel Founder and Managing Partner Kirsten Howe joins Greg O’Donnell, the CEO and founder of O’Donnell Financial Group, on the Greg O’Donnell Financial Hour radio show. Together they discuss the importance of incapacity planning as it fits into an estate and why you should be thinking about incorporating this aspect now. Whether you are 26 or 75, there is a strategy that is right for you and your loved ones.
Listen in as Greg and Kirsten discuss:
30:28 – What is incapacity planning? Why is it one of the most critical planning aspects?
40:44 – What is the first step in the process? Is it when we figure out who we DON’T want to leave our stuff to?
42:00 – How do we know a person is no longer capable of managing for themselves?
46:50 – We create a power of attorney for you, but you should also go to the institution for their own version, too – especially with financial institutions.
60:25 – How can you set up a trust for someone? For example, a special needs trust in Medi-Cal planning.
63:02 – When is an asset protection trust advisable for someone?
63:58 – Can Medi-Cal or Medicaid be used to cover expenses related to the sale of a home?
72:12 – What are the options of Medicaid vs. Medi-Cal, and how can we plan ahead for aging parents for when the time comes if they are starting to hit some health complications?
75:40 – What is the importance of long-term care insurance? Why are there so many misconceptions about it?
We’re honored for the opportunity to have Kirsten partner with Greg to discuss one of the often overlooked and essential strategies that everyone should incorporate into future planning.
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More Proven Resources Are Just a Click Away:
Incapacity Planning Resource Page
[Ad] Walnut Creek Area neighbors! The time is now to protect yourself, your family, and the assets you’ve worked so hard for. If you don’t have an estate plan in place or need help updating the one you already have, we can help. California law is our specialty, and we will make sure you and your loved ones are prepared for the future starting now. If you have questions about our services or the content in this blog, please don’t hesitate to contact our team by calling 925.943.2740 or by sending an email to firstname.lastname@example.org. Or, if you’re ready to get started, get your discovery call on the books by visiting our calendar to pick a date and time that works for you. We can’t wait to speak with you.
A person with special needs has their own unique needs, and their estate plan should reflect that, but it can come with its fair share of challenges that must be carefully thought out. By visiting https://absolutetrustcounsel.com/special-needs-tools/, you’ll find various tools, tips, and information to help protect and support the person with special needs for years to come.