As we get older, we will lose many of our physical abilities — or at least the abilities we took for granted when we were younger. Our minds will get weaker; we will depend on a lot more help than we are used to; and in general, we need to prepare ourselves for some difficulties that we did not foresee or anticipate.
This is why life care planning and estate planning is important at any age — but especially when you are younger. You can establish the parameters of your estate plan at an age when you are physically and mentally ready to tackle the challenge. No matter your age (well, okay, we can let teenagers or those who are younger off the hook) you should consider an estate plan
There are many factors to consider when it comes to an estate plan or a life care plan. Medical care is obviously a big one. Will you enter a nursing home? How will this get paid for? What is your status with Medicare, medicaid or Social Security?
Specific to your estate, you will likely have many assets and pieces of property (in addition to accounts, retirement benefits and other financial accounts) that you will want to protect and pass on to those you choose. But how do you go about drafting a will or trust? Are there factors you aren’t considering when you select an heir or beneficiary?
The answers to these questions, and many more, can be attained with the help of an experienced attorney. And for those in the Denver area or anywhere in Colorado, Vincent & Romeo, LLC has the experience with eldercare planning and estate planning cases to help you solve any issues you may have with your life care plan or estate.