Jerry Taylor explains why incapacity planning matters more than most people think. Sharon Stone lost $18 million after a 2001 stroke because someone abused her power of attorney. Appointing the wrong person to handle your finances while you're incapacitated can wipe out your assets, and you may never recover the money.
For all the talk about how important it is to plan for when you exit the planet, it can be more important to plan for if you become sick or injured while you're still on the planet. Just imagine waking up from a long and serious illness only to find that all your money is gone. Put it this way: if you were dead, you wouldn't care, but it's going to matter a lot if you're still alive and you're trying to put your life together. Take the case of Sharon Stone. In 2001, she had a stroke and didn't work for 7 years. When she came out of that and began reclaiming her life, she found out that she had lost $18 million and didn't have anything to her name. She hasn't said this, but that sounds like a very common problem that exists with power of attorney relationships. You name someone you shouldn't have as your power of attorney to step in if something happens to you, and when they do, they take all your money. Yes, you can sue that person for taking your money, but I can tell you, in those situations, most of the time, once the money's gone, it's very difficult to get it back. If you click on my bio link and get my newsletter, you can learn
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