FPC #1: Incapacity Planning for Financial Decisions
Cheap trust mill planning rarely plans adequately for incapacity, which is the inability to make your own decisions or manage your affairs. While medical advances are keeping people alive longer, that also means that more of us are living a long time in an incapacitated condition due to illness or injury.
- Who decides you are incapacitated? how is that decision made?
- Once it is decided you are incapacitated, who makes financial decisions regarding your assets inside and outside of trust? who makes your health care decisions? how are Health Agents and Wealth Agents appointed, removed, and how are vacancies filled?
- how do Incapacity Trustees differ from Death Trustees?
- Can you do estate planning after losing capacity?
- What are the drawbacks of conservatorship?
- What problems arise with powers of attorney?
- What is the best way to avoid conservatorship?
- Should guardians of minor children be nominated in a power of attorney, as well as conservators?
This is one of the focus topics we present on a revolving basis at our weekly “guntrust Challenge” competitions — part shooting match, part quiz show.
So come visit our Family Protection Clinic and gain expertise on estate planning and self-defense!