An accident or illness can strike suddenly. One minute, the Colorado resident is able to take care of himself/herself and make the necessary day-to-day decisions that must be made. However, all of a sudden, something has happened, and the individual is no longer able to do so. When this happens, it may be necessary for a loved one or another individual to take over guardianship responsibilities for the incapacitated individual.
Once the dust settles and the family begins to accept the fact that their loved one has died, the next step often is to begin the process of settling the estate. Hopefully, the Colorado resident left a will and other relevant estate planning documents in a readily accessable location. Unfortunately, this is not always the case, and the family must begin and extensive search for the important documents.
Long-term care is expensive. Yet, so many Colorado families find themselves caught between needing long-term care services and not knowing how they can afford them. Assistance is available, although without prior Medicaid planning, it may seem out of reach.
According to a recent study published by JAMA, a notable medical journal, more than twice as many seniors died from falls in 2016 than in 2000. Is your loved one at risk for becoming one of them?
There are some things that Colorado families simply do not talk about with those outside of the immediate family. For some, these things may include politics, religion and finances. For others, it may be the wayward child or long-lost relative. Regardless, when it comes to estate planning, some of these issues will need to be addressed when meeting with one's attorney.
After years of making decisions and taking care of him or herself, there comes a time when a person's aging loved one can no longer do so. When this happens, who will make the important decisions? Who will make sure the bills are paid, decide where the loved one will live and make sure that the he/she is properly cared for? Unless steps were taken to address this issue prior to its becoming a necessity, it may be necessary for the Colorado resident to petition the courts for guardianship of the loved one.
Estate planning in Colorado is a useful tool that many families use to protect their assets. It can also help families mitigate their long-term care costs. People are living longer, requiring them to fall back on assets and resources they originally planned to leave to their families. Long-term care is not cheap. Fortunately, resources like Medicaid help many families shoulder the financial burden.
Whether you have an estate plan in place or are just beginning to think about how to distribute your assets, charitable giving has probably crossed your mind. Supporting a cause you believe in is, to be sure, a worthy endeavor. However, it's reasonable to be unsure of where to begin.
For some Colorado residents, the thought of developing dementia or Alzheimer's is a frightening possibility. Unfortunately, this can become a reality. Although there is currently no cure, there are steps that can be taken now to direct the treatment he or she wishes to receive after the ability to make such decisions has passed. Along with open, honest discussions with one's family and physicians, the use of advance medical directives can be beneficial to all involved.