Fighting with relatives after the death of a loved one is not something you want to happen. Unfortunately, it is a realistic reality for many families in Colorado already struggling to deal with the aftermath of losing a loved one.
When it comes to end-of-life care, the Colorado resident has several options. The option chosen can be expressly stated as a part of one's estate planning documents. Or, one can simply hope that the ability to make personal decisions continues until the end of one's life.
The holiday season is in full swing, and the new year is just around the corner. With 2018 about to start, it is the perfect time to review your estate plan. You should check up on your estate plan every year and after major life events. Some of your documents may be outdated and do not reflect your current wishes or values.
Dreams of traveling the world or spending time with the grandchildren often drive one to save for the future and build wealth for retirement. After years of planning and preparing, the Colorado resident is finally able to reap the rewards of hard work and dedication. These plans can be altered though as one begins to require long-term care. In fact, without proper Medicaid planning, it is possible that one's assets will limit his or her ability to receive Medicaid benefits for nursing home care if it becomes necessary.
Once the will is drafted, many Colorado individuals assume that they have adequately prepared for the future. While this important document does identify how assets are to be divided and who will take care of any minor children, it does not address one's wishes in the event that an illness or injury prevents the individual from making decisions for him or herself. For this reason, advance medical directives should also be drafted for each individual.
Estate planning goes a long way in protecting your family. Many families fail to understand how common mistakes can impact their future. What can you do to protect your loved ones and your assets?
It’s not easy to discuss what happens when we can no longer care for ourselves or someone we love cannot care for themselves. No one likes having the conversation, especially when it feels like that time is still a long way off.