Call Us Today At (970) 353-4000 To Schedule A Free Initial Consultation!
Call Us Today At (970) 353-4000 To Schedule A Free Initial Consultation!
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Relationships and your family’s financial needs often evolve as you age. For instance, money you may have set aside years ago for a young child’s care can be redirected if that child has since grown into a successful adult who no longer needs financial support.
It’s also important to recognize the realities of aging and consider naming a durable power of attorney in case you become unable to manage your affairs later in life. Additionally, appointing a medical durable power of attorney is crucial.
These steps can help ensure your wishes and assets are protected if they are ever contested due to disability. By clearly outlining your intentions in your estate planning documents, you prevent disputes where family members might claim, “Mom wouldn’t have wanted that,” when, in fact, your documents show that you would have.
As a retiree, there are several key documents you should have in place:
The final document, advanced directives, is particularly important as it outlines your wishes for medical care in case you are unable to communicate them during an emergency. For example, do you want to be on life support? Would you prefer to receive CPR? Legally specifying your preferences can help your family avoid unnecessary pain, arguments, and confusion during a medical emergency or end-of-life care.
Attorney Donald Janklow is a seasoned estate planning attorney serving Colorado. For over 50 years, he’s helped clients just like you make wiser financial choices for a more comfortable and predictable retirement. Have questions about estate planning as a retired person?
Reach out to Donald Janklow Attorney At Law at (970) 353-4000 for an initial consultation today.
Long-term care insurance can be invaluable, allowing you to cover the costs of quality care in a nursing home. This can be a significant relief for your family, saving them considerable expenses in the long run.
In addition to financial planning, it’s important to express your wishes for a funeral in your estate plan. Do you prefer to be buried or cremated? Would you like a service, and if so, what kind? Some wishes can be very specific—I’ve had clients request a quiet burial with no fanfare and explicit instructions not to inform anyone.
Planning these details in advance ensures that your wishes are honored in a way that reflects your preferences and brings you comfort.
As circumstances change, it’s wise to update your will. Relationships can shift over time, and people may grow apart. This might lead you to reconsider your list of beneficiaries or how you allocate your assets.
You may also want to consider creating a trust to provide for nursing home care or healthcare needs. It’s not uncommon for people to deplete their financial resources in a nursing home or struggle to afford placement in one.
When funds run out, Medicaid often steps in, but typically at a much-reduced rate. Establishing a well-designed trust can help protect benefits like Social Security while planning for higher-quality care and future health needs.
Many retirees make no effort to avoid probate. A will that has to go through probate can take six months to a year to resolve before distributions are made to heirs.
Attorney Donald Janklow is a seasoned estate planning attorney serving Colorado. For over 50 years, he’s helped clients just like you make wiser financial choices for a more comfortable and predictable retirement. Have questions about estate planning as a retired person?
Reach out to Donald Janklow Attorney At Law at (970) 353-4000 for an initial consultation today.
With a living trust, however, your estate could be closed and distributions made after 10 days. It’s a much faster process and saves your loved ones immense amounts of time and money.
Pour-over wills are another document that we can use to help assets find their way into a trust, allowing the trust to become the dispositive instrument and, again, avoiding probate.
A good estate attorney will take the time to review your current and future financial needs with you. For example, they can help you understand how your disposable income might be affected if you need to move into a nursing home.
Navigating Medicaid can be challenging, and an estate planning attorney can guide you through the process. One important consideration is Medicaid’s five-year look-back period, which means that Medicaid can deny benefits if you’ve made significant gifts or disposed of assets within five years before applying.
Some people mistakenly believe that becoming nearly penniless before entering a nursing home will allow them to live there with minimal costs. However, this approach is neither practical nor wise. It’s essential to consult with an experienced estate planning lawyer to find sensible and workable solutions for retirement and long-term care.
For more information on Estate Planning Considerations For Retirees In Colorado, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (970) 353-4000 today.
Attorney Donald Janklow is a seasoned estate planning attorney serving Colorado. For over 50 years, he’s helped clients just like you make wiser financial choices for a more comfortable and predictable retirement. Have questions about estate planning as a retired person?
Reach out to Donald Janklow Attorney At Law at (970) 353-4000 for an initial consultation today.
