Over the years, you have watched your parents go from vibrant to frail. Now that your mother is gone, your father seems to drift from one place to another.
Growing older is a fact of life. Whether you live here in Colorado or elsewhere, as you age, you could become a target for someone who believes you are vulnerable. One form of abuse many older people suffer is financial abuse. Elder law is designed to help protect you from these types of people.
Having an aging parent can be a blessing, but it can also come with its challenges. While Colorado residents are certainly happy to still have their older parents around, it can be difficult to see mental decline occur and to witness parents struggle to keep up with important financial and household decisions. In some cases, an adult child may need to pursue guardianship in efforts to prevent detrimental outcomes.
The process of making important financial and legal decisions regarding the future is not easy. It can be especially difficult when a Colorado family is dealing with personal conflict and other issues that can complicate the estate planning process. Navigating difficult family dynamics while trying to make plans for the future can add stress to an already emotional and sometimes complicated process.
When your aging parent has reached a point of needing routine care, the number of options can overwhelm you. Between assisted living facilities and nursing homes, it is easy to feel conflicted over the right decision for your parents. The good news is that Medicaid can make at-home care a more personal experience.
Qualifying for Medicaid is a wonderful help for your aging parents. Long-term care is expensive, and the financial assistance your parents can receive takes stress off your shoulders. However, another worry may be creeping into your mind: Are nursing homes that accept Medicaid low quality?
Each family in Colorado has its own needs, goals and concerns when it comes to how assets will be passed on in the event of the primary benefactor's death. While wills, powers of attorney and advance medical directives are an important aspect of an estate plan, another useful estate planning tool is the revocable trust. The following details some of the benefits of using this instrument.