When people hear the phrase estate planning, they often think about what happens after someone dies.
But one of the most important parts of estate planning actually focuses on what happens if you become unable to make decisions during your lifetime.
At Borden Law, we encourage clients to plan not only for the future of their assets but also for the possibility of incapacity.
Disability planning protects your finances, healthcare decisions, and independence during unexpected life events.
Disability Is More Common Than Many People Realize
Many Americans underestimate their chances of experiencing a disability.
Research shows:
- Approximately 1 in 4 adults will experience a disability lasting at least 90 days before retirement age.
- More than half of Americans over age 65 will require long-term care support.
Disability can occur because of illness, injury, or age-related conditions. Without proper planning, loved ones may struggle to manage finances or make healthcare decisions on your behalf.
The Financial Impact of Disability
Disability can have significant financial consequences for families.
Households with a disabled adult often face increased costs for:
- Medical care
- Personal assistance
- Specialized equipment
- Housing modifications
These additional expenses can strain even well-prepared families.
Estate planning tools can help ensure financial stability if disability occurs.
Key Legal Documents for Disability Planning
A strong estate plan typically includes several documents designed to protect individuals during incapacity.
Financial Power of Attorney
This document allows someone you trust to manage financial matters if you are unable to do so.
Responsibilities may include:
- Paying bills
- Managing bank accounts
- Handling investments
Without this document, family members may need to go through court proceedings to gain financial authority.
Healthcare Directive
Healthcare directives allow individuals to document their medical preferences and appoint someone to make healthcare decisions on their behalf.
This ensures that your wishes are respected even if you cannot communicate them yourself.
Special Needs Planning
Families caring for individuals with disabilities may also consider special needs trusts.
These trusts allow financial support to be provided without jeopardizing eligibility for government assistance programs such as Medicaid or Supplemental Security Income.
Planning Ahead Protects Everyone
Estate planning is about preparing for life’s uncertainties.
By addressing disability planning early, families can avoid difficult legal situations and ensure that decisions are made according to their wishes.
At Borden Law, we help Nevada families create comprehensive estate plans that address both life and legacy planning.
Taking action today can provide peace of mind for tomorrow.
