Denver Elder Law Blog

No more alarm clock; no more Monday morning meetings. The average Colorado family looks for to the opportunity to set their own schedule, travel and enjoy their retirement years. These golden years offer the promise of a more relaxed lifestyle; however, they also can prove to be a financial challenge. In fact, many retirees discover that Medicaid planning is an essential component in protecting their estate.

As the Colorado family settles into retirement, decisions regarding how much money should be withdrawn from investment accounts can be crucial. The family wants to enjoy life; however, they also want to ensure that they will have enough funds to last throughout their retirement years. Additionally, the possibility of unexpected medical expenses and long-term care increase as each individual ages.

All Colorado families are different. Some families are traditional and have a mom, dad and two kids; other families feature only one parent with one or more kids. Regardless of the family structure, concerned parents plan for their children's well-being. When children with special needs are involved, this special needs planning becomes even more critical.

Children with special needs often require care even into adulthood. As long as the parents are able to provide this care, this typically does not pose a problem. However, if the parents are no longer able to care for the individual due to death, illness or other reason, the burden of care can fall upon another family member or the special needs individual may end up being placed with an institutional setting.

The snow is starting to melt, flowers are beginning to bloom and kids are ready to play in the warmer weather. As spring kicks in, many Colorado families adhere to the yearly ritual of spring cleaning the house and yard. In addition to this ritual, it is also a good time to make sure that any cleaning up that needs to be done in regard to one's estate planning needs is acted upon.

Prior to drafting a will, most individuals will carefully consider their current family status. The current spouse and children are typically taken into consideration, and these individuals are typically noted as beneficiaries in the will. At this point in time, it is the individual's intent for these individuals to benefit from items specified in the will.

For many in Colorado, the thought of declining health as they age can be frightening. Along with the uncertainty that an illness brings, there is the ever-increasing cost of health care, especially long-term care. When seniors consider their need for care services, they often express a desire to remain in their homes as long as possible. This means including the option for in-home care as they plan for their retirement.

In-home care services can be as basic as assistance with meal preparation and light housework, but it may also include more skilled nursing care such as physical therapy or wound care. Many seniors who are otherwise independent find this option helpful when recovering from surgery or in the early stages of a degenerative condition. The benefits include remaining in a familiar and comfortable environment and receiving individual attention, which often makes recovering from an illness or operation much quicker.