The Colorado couple did their homework, decided that an A/B trust was the appropriate option for their circumstances and the plan was put in place. But, then life happened. One of the spouses died and the surviving spouse wants to alter beneficiaries of the trust. Due to the nature of this type of trust, there are limits as to what can be done; the individual will want to work closely with an elder law attorney to determine the appropriate course of action.
Divorce is rarely easy. There are a lot of moves you need to make during this time, and there is much more you have to do once the divorce is final in regard to your estate plan.
When a Colorado resident dies, his or her estate typically passes on to the beneficiaries. However, in reality, this is not always the case. While technology has made keeping in touch with friends and managing financial accounts easier, it has also created concerns that should be addressed in the estate planning process.
More adults than ever before expect to care for aging senior family members. They realize their loved ones may eventually become unable to care for their financial or medical needs. The senior's family may secure both a financial and medical power of attorney while mom or dad is still competent to sign the forms. A durable financial POA is used to make the person appointed as POA an "attorney-in-fact" to deal with financial third parties in place of a parent, with the same rights as the parent.
When making plans for the future, there are a lot of things to consider. One of them is what would happen in the event that a Colorado resident is no longer able able to make decisions on his or her own behalf. There are estate-planning documents that can help with respect to health and care coordiantion, as well as financial matters should that occur.
It is an unfortunate reality that a common part of aging involves losing mental faculties. Around the globe, over 50 million people suffer to some extent from dementia, and millions of more people develop it every year.
When a loved one is unable to care for him or herself, family members may struggle to make the best choices. There may be financial concerns, such as managing the estate of an elderly parent who is showing signs of dementia. Perhaps most urgently, family and friends may worry about the health and well-being of their loved one. At some point, they may have to reach an agreement about whether guardianship is the best option.
You may be elderly and have an impairment, but you do not want to move to a nursing facility. You have heard about a Medicaid waiver that could help you remain in your home. What is this waiver all about, and how would you qualify?
Raising a family and planning for its future can be a daunting task even in the best of circumstances. But for those Colorado families faced with the additional challenge of a special needs family member, this task is often magnified. In this case, special needs planning is a critical component of estate planning for the family's future.
After your mother died, you took care of dad. Now things have changed. Your dad remarried, and she also has grown children. The two of them are not wealthy, but they did get comfortable estates when their other spouses died. Is it appropriate to have a conversation with your dad about his estate plans now that he has remarried?