Denver Elder Law Blog

It is impossible to predict the future, but with help, it may be possible to put plans into place that can allow a person to have security and stability months or years down the road. One way to do this is through effective and thorough estate planning, which is important for everyone. Some may believe this is a step only for the wealthy, but it is practical and prudent for everyone in Colorado, regardless of income level, assets and personal wealth.

Each person and family can benefit from the protections provided by estate planning. One of the most basic and beneficial things a person can do with his or her estate plan is have a will in place. If a person does not have a will, state laws will determine who gets what and how a person's wealth is distributed. Simply having a well-drafted will can allow a person to decide what will happen to money, assets, pets and more after his or her death.

As people get older, they tend to become more vulnerable to abuse. The elderly often need more help with daily tasks and responsibilities, and those who are in a position to help are also in a position to abuse. It is sadly true that this potential sometimes comes to fruition. One of the most common forms of elder abuse is financial manipulation, and it is not always easy to spot when it is happening.

Caretakers and family members who have privileged access to an elderly person's finances may try to take advantage of this for their own benefit. This dynamic can be dangerous and leave the victim financially devastated. It is important to watch out for the following examples of financial abuse:

Numbers often give a clear picture of what one can expect. Statistics regarding what will happen as the Colorado resident ages tell a story that can significantly affect one's financial future. These statistics suggest that the individual should consider the need for long-term care and possible Medicaid planning as a part of planning for his or her financial future.

Research shows that over 50 percent of individuals over the age of 65 will need long-term care at some point in their lives. Additionally, the duration of this care typically exceeds two years for women and one year for men. Furthermore, it is estimated that more than 10 percent of the population will require long-term care in excess of five years. This can prove to be an expensive necessity for the average Colorado family.

Paperwork. Is there anyone who relishes it? We doubt it. But most would agree that it is an unavoidable facet of government. Documentation is considered a rule by law mainstay because creating a paper trail enhances accountability, and at the same time, self-protection for decision makers.

Still, a goal to reduce paperwork is laudable, and one new proposal for doing so comes from the Centers for Medicare and Medicaid Services.