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Why You Need to Include Disability Protection in Your Estate Plan

Estate planning protects the wellbeing of you and your family. Working with an estate planning attorney makes it easy to address the many aspects related to your health and financial future.

The risk of disability rises as individuals move into their later years. But many people overlook the possibility that they may become disabled due to injury, disease, or other health issues.

You should have a disability plan in place to ensure that all of the personal, financial, and medical needs are met for you or a loved one.

The Risk of Disability

Many people think of personal assets when discussing estate planning. Wills and trusts ensure that your assets are protected and distributed according to your wishes after you’re gone.

But a comprehensive estate plan should address the management of your assets as well as the strategies that protect you against temporary or permanent disability.

Younger adults also face the risk of disability, making it even more important to put the right estate plan in place sooner than later.

Planning for Disability

Any plans to protect you against temporary or permanent disability must be included in your estate plan. But most people underestimate the risk of disability and fail to implement the best options for their needs

Disability requires the use of professional care services. In-home care allows disabled individuals to meet their daily needs. Home care providers help with bathing, dressing, feeding, and other essential needs.

Long-term health care services can be costly. The level of assistance a person may need depends on the severity of their disability.

Specialized care services are even more expensive and can drain your assets if you haven’t put a plan in place ahead of time.

The cost of in-home care continues to rise, and nursing home services can cost tens of thousands of dollars each year.

Long-term care insurance is available to cover these expenses. The right plan lets you choose how much coverage you receive along with the benefits included in that plan.

Your attorney will provide you with the information you need to choose the insurance plan that’s right for you. But you should also remember that long-term care insurance won’t cover any loss of income.

You may need to consider a separate disability insurance policy as part of your estate plan in order to ensure that you continue to earn enough to maintain your quality of life.

Creating the Right Disability Plan

A disability prevents individuals from making important decisions related to their assets, medical care, and finances. The right estate plan allows you to grant legal authority to another person who can make these decisions for you.

Failing to do so may cause your loved ones to go through lengthy and complex court processes. You can establish powers of attorney so that your assets can be managed should you become disabled.

Revocable trusts, advanced directives, and other estate planning vehicles are invaluable to your long-term wellbeing.

Consulting an experienced estate planning attorney is the first step in protecting you and your family’s future. Together, you can explore the disability risks and determine which estate planning strategies will give you the protection you need.

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