When your golden years seem to lose their luster and the strength to get out of your chair is nearly impossible to muster, you may begin looking into alternatives to keep you in your house and your comfort zone longer. However, your monthly checks don't seem to expand with inflation and you aren't sure what you will be able to afford. The concern is real, and knowing the average costs of elder care in Colorado will help guide the decisions you probably need to make in the near future.
As much as we believe that being prepared is proper planning, it is difficult to plan for the rising cost of long-term care. And if we can't plan for it, how can we prepare for it? One great way to begin planning for the expenses related to long-term care is to use a long-term care calculator. These useful tools can be found online and can be used to help you plan for the rising cost of healthcare.
Despite hearing countless stories about nursing home abuse and neglect, one of the greatest threats to our senior citizens is that of financial exploitation and abuse. Unlike physical abuse, financial exploitation does not leave immediate and noticeable injury and can go on for a substantially long time before being noticed. Understanding who is at risk and how it happens can help senior citizens, and their family members identify potential and occurring financial exploitation.
When planning for your future financial and medical needs, there are numerous aspects to consider. Older individuals typically have even more concerns when developing this type of care plan. To address the many issues related to the financial and medical aspects of care planning, elder law attorneys can provide seniors with this comprehensive service.
Asset protection is one of the most commonly overlooked aspects of financial planning. Even though many individuals spend a great deal of time devising a strategy to make their portfolio grow, protecting it so it can do so is a completely separate challenge. Fortunately, it is never too late to protect your most valuable assets with the help of an elder law attorney.
During the two most vulnerable times in our lives, when we are infants and when we are seniors, we require the help of others to advocate for our care. When we are born, our parents take on the responsibility of raising us, caring for us, and providing for us. As we age, our parents are less able to take on these responsibilities. When we become seniors, our parents are gone, leaving us once again vulnerable. For aging seniors, it is important to have an advocate to take on the responsibilities that our parents once did. For many seniors and their families, this means finding the help of an elder law attorney.
Life insurance is one of those necessary tools that often goes overlooked or underappreciated until it comes time to cash it in. Many people know that life insurance plays an important role in their estate plan, but few people see it as a useful asset in their financial plan. The fact is that ultimately, the money provided by a life insurance policy could help protect family assets that may be placed in jeopardy if there is a shortage of estate funds.
Financial struggle knows no prejudice. Hard times can hit anyone regardless of their job, education or family status. Even individuals that are the beneficiaries of trusts can go through a period of financial hardship. People in this situation may wonder what claim a creditor may have to their trust and the assets within it. Fortunately, most well-drafted trusts include a clause known as a spendthrift provision, designed to protect assets from creditors in the event of judgment or default by the beneficiary.
You have worked hard your whole life so that you may retire in comfort, or at least without worry. Many times, this means hiring a financial adviser or planner to help manage your accounts. While finding the right planner can offer you peace of mind, finding the wrong one can have dire financial consequences you're not prepared to handle.
The sheer cost of nursing home care -- and just how to pay for it -- is quite the concern for many Colorado residents. Understandably, people want good care, care they can trust, but also need to balance this against cost and just how the nursing home bill is going to be paid.