Importance of planning before incapacity or illnesses

According to the National Association of Estate Planners & Councils, over 120 million Americans do not have updated estate plans or any long-term financial plans. And while this may not be quite as much of an issue for young people, it certainly is a big issue for seniors. While nobody likes to think about and plan for death or serious illness, estate planning is best done before it is actually necessary.

Seniors do well to be proactive in their approach to estate planning. This especially includes taking steps to protect assets and create an advance health care directive. Another reason to plan before illness or incapacity set in is that you may simply not be prepared to deal with it financially.

According to a recent study by the American Society of Clinical Oncology, nearly half of patients are forced to use all their savings on health care, 49 percent have to borrow money to pay for prescriptions, 30 percent don't fill medication, and 20 percent take less medication than their doctor recommends.

Those who struggle with chronic conditions have ample reason to do estate planning around such matters. Whether it means modifying trustee provisions, modifying a living will or health care proxy, or modifying a durable power of attorney, there are a number of ways those suffering with chronic illnesses can make their estate plan reflect the needs of their illness.

Failing to plan for such things before they happen can force elderly persons to compromise their savings, health, and their quality of life.

Source: Forbes, "Estate Planning For Seniors Should Be Done Before a Life-Changing Event," Bernard A. Krooks, October 19, 2011.

No Comments

Leave a comment
Comment Information

Mr. Teiger, Thank you very much for your time and results. I will definitely recommend you & your firm to anyone who wants to be treated professionally courteously and needs results.Hope all is well.Again...thank you. Regards, Paul L.

msg iconEmail Us For a Response

When you have legal questions or concerns, contact our team at Teiger Law Center, P.C., by calling 678-374-7645, 800-780-2275 or reach us via email by completing our online contact form. From our Cumming and Alpharetta law offices, we represent clients in the Atlanta metro and throughout north Georgia.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Cumming Office
514 West Maple Street
Suite 101
Cumming, GA 30040

Toll Free: 866-726-2153
Phone: 678-374-7645
Fax: 770-406-8858
Cumming Law Office Map

Alpharetta Office
12600 Deerfield Parkway, Suite 100
Alpharetta, GA 30004

Toll Free: 800-780-2275
Phone: 678-374-7645
Fax: 770-406-8858
Map & Directions