Individual desires and estate planning

| Jun 12, 2019 | Estate Planning

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.

Over time, it becomes habit to simply not mention the child that has decided not to be a part of the family. Perhaps he/she has developed a drug or alcohol addiction. Regardless of the reason, the individual may decide that he/she does not want the child to inherit anything or may decide that it is not in the child’s best interest to suddenly receive a large inheritance. This is something that should be discussed as a part of the estate planning process so that steps can be taken to make sure that the individual’s wishes are adhered to.

Financial concerns are another area in which full disclosure is necessary in order to maximize benefits. In the event that the individual will require long-term care, steps will need to be taken to protect assets prior to the need for care. Medicaid benefits are available for such circumstances; however, there are specific guidelines regarding the value of the individual’s assets. By addressing these early enough, it is possible to structure one’s estate in order to best protect the estate.

Many Colorado families prefer to keep some things private. However, it is advisable to make one’s legal counsel aware of issues which may affect one’s estate. With proper estate planning, the individual can be certain that his/her wishes are adhered to.