Some people may have led relatively healthy lives and still find themselves facing serious medical diagnoses. For some Colorado residents, the diagnosis could involve a progressive disease like ALS or another motor neuron disease that could severely impact their lives. Because such conditions get worse over time, a diagnosis may jumpstart planning for the future.
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.
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.
Timing is everything. This is especially true as a Colorado resident considering Medicaid planning. The timing involved in transferring assets, inheriting assets and making purchases can be important factors in estate planning and determining Medicaid eligibility.