It appears that only 45% of Colorado residents are prepared for their end of days. In fact, research indicates that approximately 55% of Americans have done no formal estate planning. They have not created a will or done anything to ensure that their families and assets are protected upon their deaths and that their final wishes are carried out.
Movies and television shows have popularized the myth that last wills and testaments remain hidden from family members and loved ones until the individual passes away. The reading of the will trope does not usually happen in real life. Instead, most attorneys will simply send a copy of the will to everyone affected by it.
The average Colorado resident spends years working and saving for the future. Some are able to acquire significant assets and look forward to enjoying their retirement; others scrimp and save in order to simply be able to retire. Regardless of one's financial picture, though, the possibility of requiring ongoing care as the individual ages can be a concern. How to pay for such care and the need for Medicaid planning can become an issue.
Children are a gift. Yet, like most gifts, there are costs involved. When the child in question is a special needs child, the Colorado parent typically discovers that there are additional steps that must be taken in order to ensure that this child is properly cared for in case the parent is no longer able to do so. Special needs planning can play an important role in giving the parents the assurance they need, and the child the security he or she needs, just in case.
Privacy is important to many individuals. As the Colorado resident strives to keep his or her financial affairs private, there are risks involved with such action. Without a complete listing of one's investment accounts and other financial matters as a part of one's estate planning documents, it is possible that heirs may not be aware of such accounts exist until much later, if ever.
Nursing homes provide a valuable service for countless families, and the need for these establishments will only increase. While there were approximately 5.9 million people over the age of 85 in 2012, that number could become as high as 19.4 million by 2050.
No matter how much one plans and prepares, the future still remains uncertain. Even the best plans can go awry. With this in mind, one cannot be certain the he or she will always be able to take care of him or herself. If the day comes when this is not possible, it may be necessary for a guardianship appointment to be made for the Colorado resident.