The 3 Parts to a Perfect Estate Plan – Part 1b: Planning for Incapacity
Big Picture Retirement®
Devin Carroll
4.7 • 545 Ratings
🗓️ 21 April 2025
⏱️ 46 minutes
🧾️ Download transcript
Summary
In the first part of our series on estate planning, we laid the groundwork for why incapacity planning matters and what documents you need to get started. But there's more to it than just having your paperwork in order.
In this second episode on planning for incapacity, we take the conversation further by focusing on what happens when long-term care is needed. We'll walk through the different types of care—home care, assisted living, and nursing homes—and how to plan ahead financially using private pay, long-term care insurance, or Medicaid planning.
We'll also highlight common pitfalls like outdated or missing Powers of Attorney, and the risks of DIY estate planning that can create real problems down the road.
If you haven't reviewed your incapacity planning documents lately—or if you've never had them in place—this episode is your call to action.
Although this show does not provide specific tax, legal, or financial advice, you can engage Devin or John through their individual firms.
📍Contact Devin's team at https://carrolladvisory.co/podcast1
📍Contact John's team at https://www.rossandshoalmire.com/
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Transcript
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| 0:00.0 | The Big Picture Retirement Show does not provide tax, legal, or financial advice. |
| 0:04.3 | Listeners are encouraged to seek out their own advisors in these areas. |
| 0:10.7 | Hey, everyone, welcome to The Big Picture Retirement Show. |
| 0:13.7 | I'm your host, Devin, joined by my co-host, John Ross. |
| 0:17.6 | How did it! John, in last week's episode, depends on the order that people are listening to these. |
| 0:23.3 | I suppose that's true. |
| 0:24.0 | When we get down the road. |
| 0:24.9 | But in the last episode, we started talking about some of the basics of estate planning. |
| 0:29.3 | We're trying to lay a foundation here in estate planning and create an episode series that people can go back to over and over again to listen to, to really get these basics down. |
| 0:38.5 | So we talked about how we've gotten into the weeds on some estate planning stuff. |
| 0:42.4 | So we wanted to come back and make sure that foundation is built. |
| 0:44.7 | Do the high level overview of a good estate plan. |
| 0:48.8 | Especially when you see the surveys that show only a third of Americans having a state plan in place. Now, that goes up some once you cross over 65 because more people are thinking about it at that point. But still, it's around half. |
| 1:01.7 | Right. It's still a small amount. I'm still amazed at the people that I talk to, you know, that are multimillionaires. And I ask them, okay, what about your will, power attorney? You got all that in place? No, we need to get that done. Right. And, you know, they've been talking about getting it done for years. Absolutely. And so in the last episode, we talked through the powers of attorney. Right, yes. Financial power of attorney, the medical power of attorney, the advanced directive. HIPAA release. And the HIPAA release. |
| 1:27.8 | Yeah. |
| 1:28.5 | So part one of a good estate plan is having a plan for incapacity. |
| 1:34.0 | Mm-hmm. |
| 1:34.3 | Right? |
| 1:34.8 | Within that big heading, the first half is having the documents in place that are going to take care of it. |
| 1:43.0 | Yeah. |
| 1:43.3 | Right? |
| 1:43.6 | That's those four. |
... |
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