You have probably heard of something called a power of attorney, especially when it comes to your aging parent. When going over the estate and medical directives, a power of attorney is an important document to include.
The will has been drafted, trusts have been created and the estate plan is in place. Once each of these items is taken care of, the Colorado resident may believe that he or she has adequately protected his or her family and estate. Yet, if Medicaid planning has not been included in this process, both could be left vulnerable.
As with most things, preparing ahead of time for one's initial meeting with an attorney can save both time and money. Estate planning encompasses a vast array of decisions which must be made and assets which must be addressed. By thinking through some of the basics and gathering the appropriate information, the Colorado resident can be prepared.
Let us say your mother, a widow who lives alone, is about to turn 80. She has always been alert and active, but lately, you have noticed some cognitive changes.
As Colorado readers know, estate planning is important for almost everyone, regardless of income level or the size of the estate. Drafting a will and having in place other types of estate planning documents can give a person peace of mind regarding the future, but it is smart to occasionally review plans to see if updates are needed. Certain life events and circumstances may necessitate changes and updates to your estate plan.
What if the unthinkable happened? All of a sudden, almost everything that the Colorado resident spent years acquiring disappeared in an instant. While this may seem like a far-fetched idea, it is reality for some individuals. Natural disasters, accidents and other events can take one's life and change it forever. While this may not be likely to happen, it is something to be prepared for and addressed as a part of the estate planning process.
Discussing living arrangements with your aging parent may be a difficult conversation. There are some events, however, that make this discussion more urgent. With 5.3 million people in the United States over the age of 65 diagnosed with Alzheimer’s disease, according to the Alzheimer's Association, critical issues arise that warrant discussing.