Denver Elder Law Blog

An accident or illness can strike suddenly. One minute, the Colorado resident is able to take care of himself/herself and make the necessary day-to-day decisions that must be made. However, all of a sudden, something has happened, and the individual is no longer able to do so. When this happens, it may be necessary for a loved one or another individual to take over guardianship responsibilities for the incapacitated individual.

If this scenario has been planned for, plans for guardianship may be in place. This makes the process much smoother. However, in many cases, guardianship has not been formally established, and it may be necessary for the court to appoint a guardian.

Long-term care is expensive. Yet, so many Colorado families find themselves caught between needing long-term care services and not knowing how they can afford them. Assistance is available, although without prior Medicaid planning, it may seem out of reach.

In many instances, one spouse is in need of long-term care while the other spouse is still able to care for herself/himself. The couple has assets, but these assets can be a part of the overall problem. One spouse will need funds to be able to remain independent, yet the other will need funds for long-term care. Unless the family is able to pay for long-term care out-of-pocket, they may need to look to Medicaid for assistance.

There are some things that Colorado families simply do not talk about with those outside of the immediate family. For some, these things may include politics, religion and finances. For others, it may be the wayward child or long-lost relative. Regardless, when it comes to estate planning, some of these issues will need to be addressed when meeting with one's attorney.

Over time, it becomes habit to simply not mention the child that has decided not to be a part of the family. Perhaps he/she has developed a drug or alcohol addiction. Regardless of the reason, the individual may decide that he/she does not want the child to inherit anything or may decide that it is not in the child's best interest to suddenly receive a large inheritance. This is something that should be discussed as a part of the estate planning process so that steps can be taken to make sure that the individual's wishes are adhered to.

Estate planning in Colorado is a useful tool that many families use to protect their assets. It can also help families mitigate their long-term care costs. People are living longer, requiring them to fall back on assets and resources they originally planned to leave to their families. Long-term care is not cheap. Fortunately, resources like Medicaid help many families shoulder the financial burden. 

Medicaid is not just for those who have little to no assets. Many mid- to upper-income families can retain Medicaid eligibility and preserve their assets with proper estate planning. Here are a few methods to consider.