How to Plan for Disability

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No one wants to think about a time when they might have to face a disability but the truth is, it could happen to any one of us, at any time. Experts estimate that about 60% of Americans will need some type of long-term care during their lifetime due to disability or incapacity.

And if that disability or incapacity prevents you from speaking on your own behalf, you would be powerless to make important decisions that affect your estate and your well-being.

Fortunately, there are things you can do now to prepare for disability.

Disability insurance, for example, can help cover your expenses when you’re unable to work. This type of insurance is frequently provided at little to no cost by your employer however, you can purchase disability insurance directly from insurance companies. Short term disability can help cover your expenses while you’re recovering from an injury or are in the early stages of disability. The time period can range from two weeks to as long as two years.

Long term disability on the other hand, is designed to cover more serious conditions and can replace anywhere from 50-70% of your salary.

In addition to disability insurance, you should have your estate planning attorney help you draft a set of Advanced Directives that include a Living Will, a Healthcare Power of Attorney and a Durable Financial Power of Attorney. The Living Will tells your healthcare providers how you would like to be treated in certain situations. It also allows you to specify what medical treatments you do or don’t want.

A Healthcare Power of Attorney grants authority to someone of your choosing to make medical decisions on your behalf in the event that your specific condition is not covered in your Living Will.

The Durable Financial Power of Attorney grants similar authority but only with respect to your financial affairs. This document allows someone to pay your bills, access your financial accounts and take care of your day-to-day finances.

For more information on incapacity planning, contact our office today.

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At Hammond Law Group, we focus on helping Colorado families build strong, forward-looking estate plans that protect assets and preserve family harmony.

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Getting Started Has Never Been Easier — Attend a Workshop or Webinar

At Hammond Law Group, we believe that the foundation of good estate planning lies in knowledge and understanding. Our approach starts with education. Join our highly informative workshop on wills, trusts, estate planning, and more, where we provide you with comprehensive information to get you started in designing your personalized plan.

By attending our workshop or webinar, you not only … exclusive offer of a complimentary consultation with an experienced attorney
(a $500-750 value).

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We have a team-centered approach. While each client’s family works with one attorney, our attorneys regularly discuss the design of our plans with each other in order to ensure we’re doing everything possible to help you meet your goals.

In addition, each client works primarily with one paralegal, who gets to know you and your estate plan intimately through the design and
implementation process. The biggest complaint people have about
lawyers is lack of communication, and by working as a team we have
virtually eliminated this complaint for our clients.

Learn more about our family and then let us learn more about yours.

Your Experienced Estate Planning & Elder Law Advisors | Colorado | Call 719-520-1474

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At Hammond Law Group, our estate planning attorneys work together to create meaningful, lasting estate plans for Colorado families. Each member of our team shares a commitment to personal connection, clear communication, and compassionate service.