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What is Incapacity Planning? – Preparing for The Unexpected
Most people plan for their future by saving for retirement, writing a will, and estate planning. However, on occasion, unexpected events can happen that leave you seriously injured or otherwise incapacitated. In these situations, you may no longer be able to make sound decisions for yourself and others in your care. You may also be unable to care for yourself, manage finances, or plan ahead. Fortunately, incapacity planning acts as a safety net for these types of situations. Incapacity planning allows individuals to make important decisions now, including who can and will be in charge of making decisions for them later, should they become unable to do so. These types of plans can be laid out for both permanent and temporary incapacity. Creating an incapacity plan can give you peace of mind, knowing that if you’re seriously injured, develop dementia or Alzheimer’s disease, or another disease that affects your mental state, your assets will be protected. With an incapacity plan in place, you can rely on your attorney or a...
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