Denver Elder Law Blog

As the Colorado resident ages, planning for the future becomes more and more important. Retirement planning becomes a crucial part of the budget, and the individual often dreams of what life will be like once he or she is finally able to retire. These dreams often involve traveling, working in the yard and spending time with friends and family. Yet, as many individuals age, they discover that their retirement dreams are just that -- dreams, and their reality is dealing with a progressive disease such as dementia or Alzheimer's.

The need for long-term care can be a concern for many retirees and those approaching retirement. Medicare only covers a limited number of days if it is necessary for one to seek care in a skilled nursing care environment. Once these days are exhausted, the individual is then responsible for the cost associated with such care.

Caring for a pet is a big responsibility. Many households in Colorado devote a great deal of time and money to providing for the well-being of their animals. Whether they raise them from birth or adopt them full-grown from shelters, pet owners often incorporate their animals into their homes as members of their families. This is why more pet owners are adding pet trusts to their estate plans.

Sadly, many beloved animals spend their remaining days in shelters following the deaths of their owners. This happens when the owner does not make clear arrangements for their continued care or simply mentions their pets in a will. By designating a caregiver in a will, a pet owner does not leave a secure future in place for the pet since there is no law binding an heir to accept or keep an inheritance.

If your parents have health issues and/or are approaching the age where you and they fear they may need to take up residence in a Colorado nursing home or assisted-living facility, you may already be worrying about how they will pay the costs that such care entails. Few people can afford the extraordinary costs of long-term care even if they are reasonably well off financially. The vast majority of people need to obtain Medicaid.

Medicaid itself, however, presents you and your parents with a whole new set of issues. First and foremost, your parents must qualify for Medicaid benefits. Unfortunately, most Medicaid programs require that anyone applying for Medicaid must be “indigent” in order to qualify for it. What this means is that together, your parents must own no more than $4,000 worth of assets. Whatever their current financial situation, it is highly likely that they own considerably more than that very small amount. So now what do you do? The answer may be a Medicaid spend-down. 

In years past, one would pour over the family photo album to learn about friends and family. If one wanted to say hello to grandma, he or she would have to pick up the telephone and place a call. Then, when the phone bill came in, along with all the other bills, someone would have to sit down and write out a check to pay the bills. Things have changed drastically over the past 20 years or so, and the way that the average Colorado resident communicates, preserves history and even takes care of financial matters has changed. While many of these changes offer a number of advantages, they also can present problems unless they have been addressed as a part of one's estate planning process.

The average Colorado resident spends a portion of each day on the internet. For many, this includes updating their social media accounts, such as Facebook. This is a great way to stay in contact with friends and family members. It also offers the ability to notify friends and family of upcoming plans, social events and more. One is able to share pictures and even store pictures to look at any time one accesses the account.