Elder Law
The Facts:
We as Americans are living longer. Life expectancy is now about 77 years. Although we have more longevity it does not guarantee we will live a healthy life. In fact most Americans are less healthy because of lack of exercise and incorrect dieting. In addition, statistics say there has been an increase in diabetes and mental illness in the last two decades.
The average cost to stay in a nursing home is $70,000 per year. It is most likely that health care costs will continue to rise disproportionately to inflation for many reasons, including the strain that baby boomers shall begin placing on the long term care systems in 2011 when they begin to turn 65. As we age, we all will face different challenges. The reality is we cannot know what will happen in the future. Because of the effects of such disorders it is prudent to have financial and healthcare Powers of Attorney, Advanced Healthcare Directives and a Will (or trust) established while in good health and mental capacity. If an individual does not possess these documents and becomes incapacitated, it is required that a legal guardian be appointed to protect the incapacitated individual and their assets. However, the cost of the guardianship process may be significant as compared to appropriate pre-planning.
Solution:
If you are facing these issues or believe you or your loved ones may have to deal with incapacity issues in the near future, we believe it wise to seek counsel. Our philosophy is that you or your loved ones worked hard and earned their assets, and therefore should retain as much of them as possible. Good stewardship demands an aggressive approach to asset protection planning, and preparation of all necessary medical and financial documents. There is no cookie cutter solution to your unique life, interests and personal philosophy. Some individuals may only need basic documents to deal with their affairs and others may require more complex estate planning, transfer of assets and asset protection. We at Stone, Duncan, & Associates, can assist you in creating an individualized plan that suits your needs and desires. We will work closely with you, your family and other professionals in creating a plan to suit your needs. We will always give you candid advice, as these are serious issues regarding your life and how you want to live it. Please contact us with any questions or to set up an appointment. We look forward to serving you.