Three Reasons to Think Twice About Durable Power of Attorney and Medicaid Planning
A durable power of attorney refers to a legal arrangement that is frequently used to deal with a person’s incapacity. While it is often a grim subject to address the prospect of a person’s eventual incapacity, failure to create the appropriate estate planning documents can later result in additional undesirable complications. Incapacity can be caused by countless factors. For example, Alzheimer’s Disease impacts a large number of older adults. Data shows that approximately 45% of people who are 85 years old or older and suffering from Alzheimer’s disease, which can, in turn, lead to dementia. While some people think that living to an advanced age is unlikely, data shows that a continuing number of people are reaching old age. The Census Bureau reports that the oldest segment of the population in the United States is also the fastest-growing portion of the country. Understandably, many people see the value in creating a power of attorney to deal with potential issues that could arise involving incapacity. New York state even provides statutory power of attorney forms in the hopes that this can speed up the process. This form is legally valid and if completed properly will give another individual certain powers to [...]