As the Colorado resident ages, it is possible that he or she will require care that loved ones are not able to provide. When this happens, it is likely that the individual will need to be placed in a nursing home. While this may be what is best for all involved, without proper Medicaid planning, this can also be a costly venture.
Medicaid planning and nursing home care
Special needs planning crucial for family with special child
Planning for the future is an important part of the average Colorado family's routine. As a part of financial planning, the family often funds investment accounts, makes prudent financial decisions and establishes an estate plan. Yet, in spite of this essential planning, parents with special needs children often fail to complete special needs planning for the continued care of the child once they are no longer able to provide this care.
Guardianship established by the court
Life is full of changes. One moment the Colorado resident is worried about the stock market; the next moment the individual is concerned with a medical diagnosis. Then there is always the possibility that something will happen and the individual will become unable to take care of him or herself. If this does become reality, it may be necessary for guardianship to be established by a court.
Durable powers of attorney affect family dynamics
Family dynamics can play an important role in determining the best way to structure one's estate as the Colorado individual grows older. In some families, conflict is the norm; in others, peace reigns. Additionally, when emotions regarding an adult child's mom or dad become involved, the dynamics can quickly change. As a result, planning for this possibility and establishing durable powers of attorney specifically addressing who should make decisions for the individual can be essential to maintaining family harmony.
