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Properly planning for incapacity can save you and your loved ones a lot of time and money. Unfortunately, many individuals will experience an incapacity “event” in their lifetime, such as a serious illness or cognitive impairment.
Having long-term care insurance is one way to defray the costs of dealing with an incapacity event, such as a serious disease or cognitive impairment, and can prevent other assets, such as an IRA, 401(k) or mutual fund, from being depleted.
Consider consulting with an estate planning attorney to help navigate these issues and determine the best options available for incapacity planning.