The “oldest old” is a term that is used in the elder law community to describe individuals who are at least 85 years of age. It could be natural to assume that this would be a relatively small group. But surprisingly, we are told that this is the fastest-growing age demographic in the United States.
Therefore, the fact is that you may well live into your mid-80s and perhaps significantly longer than that. With this in mind, you have to consider some of the contingencies that you may face if you do live to such an advanced age.
One of these contingencies is the possibility of dementia setting in and stripping you of your ability to make sound decisions on your own. Upwards of half of the oldest old are suffering from dementia to one extent or another, and of course the biggest culprit is Alzheimer’s disease.
To make sure that you have your own hand-picked decision-makers in place who would have the legal power to handle your affairs in the event of your incapacitation, you are going to want to execute the appropriate durable powers of attorney.
In addition, if you were to create a revocable living trust, you could include an incapacity component. This involves leaving instructions and appointing a disability trustee who would administer the trust in the event of your incapacitation.
Incapacity planning is not to be overlooked when you are making preparations for the future. If you would like to discuss the matter with an expert, simply take a moment to arrange for a consultation with a licensed and experienced Campbell CA estate planning lawyer.
- The SECURE Act – the Gift That Keeps On Giving - September 28, 2023
- The Importance of Hiring a Probate Attorney (VIDEO) - September 27, 2023
- IRS Confirms Grantor Trust Status Alone Does Not Cause a Step-Up in Basis - September 14, 2023
