Denver Elder Law Blog

When the terms of a will are unclear or the will does not address a specific asset at all, it can leave a Colorado family in disarray as they try to figure out what to do with that piece of property. Many people address things like real estate, stocks and liquid assets in their will, but it is smart to also include hard assets as well. When estate planning, it is prudent not to overlook these important issues.

Hard assets include things such as heirloom jewelry, valuable pieces of furniture, art and more. In many cases, these things have monetary value, but in others, they may just be sentimental. Regardless, it is important to include these things in a will. When thinking about what should happen to a specific asset, it may be useful to first have it appraised. Knowing its true value can prove beneficial if the asset is later sold and the profits shared between heirs. 

When faced with one's mortality, each individual reacts in a very personal way. Some Colorado residents become reflective and want to review their history. Others think to the future and want to establish ways in which to mold the future for loved ones. With each of these approaches, the individual may wish to revisit his or her estate planning decisions.

In some instances, this may be a wise decision. If an estate plan has not already been developed, the individual will want to work through the process while there is still time. Additionally, if there have been significant relationship changes such as marriages, divorces, births and/or deaths in the family, there may be a need to update all of the relevant paperwork.

Timing is everything. This is especially true as a Colorado resident considering Medicaid planning. The timing involved in transferring assets, inheriting assets and making purchases can be important factors in estate planning and determining Medicaid eligibility.

Medicaid eligibility requires that the individual have no more than $2,000 in assets. If it becomes necessary for the individual to enter an assisted living or nursing home facility, the cost of this care can quickly drain the individual's and family's assets. Therefore, it is often necessary to plan for the possibility and look ahead to which benefits Medicaid and Medicare can provide.

No one likes to think about what is going to happen as their parents grow older, but for most people, doing so is a necessary, if unfortunate, reality. In many cases, the easiest time to begin long-term care planning is early on, when your parents are still relatively sharp and able to clearly express their own wishes and desires.

So, what types of matters might you want to address when discussing long-term care plans for your parents?