Financial preparations for the future

Some people in North Carolina and other states across the United States will reach a point where they are incapacitated and unable to provide care for themselves without some kind of assistance. As people age, Alzheimer’s and other health conditions can impact their daily lives, making it difficult for them to make financial decisions. Any kind of accident could result in someone being incapacitated as well, which can happen at any age.

It’s important to prepare ahead of time for financial emergencies or decisions that might need to be made. Without a financial plan in place, the court could make decisions regarding a person’s belongings and any money that he or she possesses. These decisions might not be in line with what the person had planned for the future. A medical directive is a document that details what should happen if someone is unable to make medical decisions or is facing a situation where a do-not-resuscitate order should be utilized. A durable power of attorney should also be considered as this is a person who will handle all of the financial and health care decisions of the person who is incapacitated.

Aside from a living will and power of attorney, the HIPAA document allows for information to only be released to the people who are listed. Any property can be transferred to a trustee for a short time so that it’s not taken by the state if someone goes to a nursing home.

When someone has a debilitating condition that requires continuous medical care, his or her finances should be protected. A trust and probate attorney can work with an individual as well as his or her family when drawing up any kind of medical or financial document that will prevent the courts from making a final decision.