People that plan for retirement think of it as an extension of the life that they have experienced previously without the work responsibility. This is understandable, and you should enjoy your golden years to the fullest while you are active and fully capable. However, there is an unpleasant reality under the surface that a lot of people do not think about. If you were born in 1960 or any later year, you become eligible for Social Security when you are 67. Today your life expectancy is 87 … [Read more...] about Will You Be Self-Sufficient When You Reach Your 80s?
Congress uses many difficult acronyms - one of them is HIPAA. It stands for the Health Insurance Portability and Accountability Act, enacted in 1996. From an estate planning and elder law perspective, the HIPAA law is quite relevant. Incapacity Among Elders At the age of 67, your life expectancy is at least 85 years depending on your gender according to the Social Security Administration. The Alzheimer’s Association tells us that over 35 percent of people that are 85 and older have … [Read more...] about What Is HIPAA?
As you age, you invariably find you do not have the same physical capabilities you once had. If you are like most people, you can take care of your day-to-day needs without assistance, even if you are in your 50s or 60s. No one wants to rely on someone else, but things can be very different when you reach an advanced age. Living into your 80s may seem like an iffy prospect, but the statistics say you may likely experience life as an octogenarian. Longevity Statistics If you visit the Social … [Read more...] about Life As an Octogenarian Could Be Your Future
Estate planning is often looked upon as a purely financial endeavor. You facilitate postmortem asset transfers to your loved ones, and that’s the long and short of it. In reality, there is another important factor to consider, and we will examine it in this post. Cognitive Impairment and Physical Incapacity Elder law and estate planning attorneys have to address some realities that a lot of people do not like to think about. Even if you wish it was not so, you cannot change the nature of … [Read more...] about Take Proactive Steps to Prevent a Guardianship
The COVID-19 pandemic reminds us that the unthinkable can happen at any time. You may be living life as usual one day, and find yourself in an ICU unit a week later. While COVID-19 raises the likelihood of health problems, the truth is that the potential for medical problems is always a reality. Advance Directives for Health Care The current threat is very real, but we all know most people go through an ordinary aging process without experiencing sudden catastrophe. Nevertheless, it is … [Read more...] about Prioritize Planning During Pandemic Surge
When you contemplate the need for estate planning you likely focus on the need to protect loved ones in the event of your death. While that certainly should be an important part of your estate plan, you shouldn’t stop there. To truly protect not only your loved ones, but yourself as well, you also need to contemplate the possibility of your own incapacity. To help you better understand the need for incapacity planning, an Oklahoma City estate planning lawyer at Parman & Easterday explains … [Read more...] about How Is Incapacity Determined in Oklahoma?
When you contemplate your estate plan, and the goals and objectives related to that plan, you likely focus almost entirely on how to provide for your loved ones when you are gone and how your estate assets will be distributed to those loved ones. In fact, you may not have considered the need to plan for any other important possibility. You should, however, plan for the possibility of incapacity. With that in mind, the Oklahoma City incapacity planning attorneys at Parman & Easterday explain … [Read more...] about How Is Incapacity Defined and Who Decides If I Am Incapacitated?
Incapacity planning is essential to make sure someone can make healthcare decisions for you, and that person knows what kinds of healthcare you want to receive. Incapacity planning is also important because you want to ensure your financial affairs are properly managed should something happen to you. You need to create a plan for incapacity before you become injured or ill. A power of attorney should be part of this plan for many different reasons. Parman & Easterday can help you … [Read more...] about Key Reasons You Need a Power of Attorney for Incapacity Planning
The creation of a power of attorney may be one of the most important things you can do to ensure you have a comprehensive plan in place for an uncertain future. If you create a power of attorney, your family doesn't need to initiate guardianship proceedings if you become incapacitated and cannot care for yourself or manage your own affairs. A power of attorney has significant benefits over guardianship, but you must follow the law to be sure your power … [Read more...] about Power of Attorney vs. Guardianship
If you are like most people you probably believe you do not need to think about incapacity planning when you are healthy. After all, incapacitation is something that people who are elderly or suffering from a significant, and possibly terminal, disease need to think about because their situation demands it. Young, healthy people do not need to worry, right? While this is generally true, it doesn't mean that as a healthy person, you can ignore incapacity planning issues. No one can ever know … [Read more...] about Incapacity Planning When You’re Healthy