Five Key Considerations as You Plan For Your Future
Stone Law, LLC
For more information about the author, click to view their website: Stone Law, LLC
Nov 01, 2019
Colorado - Northern Colorado
How do I navigate costs for care as I get older and need more support?
We work hard for financial assets built over a lifetime and may not want those assets drained by long-term care costs or medical bills. Proper planning (including Trusts and other estate planning documents) allows you to maximize benefits, like Medicare and VA, to ensure your family home and other assets are not subject to recovery by the government.
What happens when I can no longer make medical and financial decisions?
While we hope to always be involved in medical and financial decision-making, sometimes that is not possible. If the power to make decisions is ever not your own, ensure you have nominated the right people for this role through Powers of Attorney. When someone has not done so court proceedings determine who will step in to make decisions for you. Understanding how the process works and what your rights and responsibilities are is critical.
Do I really need an Estate Plan?
Everyone needs proper documentation in place that shares your wishes. How do you want your assets distributed? Are there special considerations like disabilities or beneficiaries who need more support? Can I protect assets and beneficiaries, so nothing is wasted, stolen, or used unwisely? You can also determine who makes decisions for you while you are alive and after you pass away.
Why should I have Powers of Attorney?
These documents allow you to nominate someone to make decisions for you while you are still alive, for both medical and financial situations, making that person legally responsible for acting on your behalf. You can make the decision, not a court proceeding.
Can I really avoid Probate?
Probate is the court procedure by which your assets are transferred after you die to those you name in your Will, or to the people listed in the inheritance statutes of Colorado. Probate is public and it can take 8 to 12 months or more to resolve everything, even in the simplest of cases. A Living Trust can help avoid probate, simplifying the process for your loved ones.
Editor’s Note: This article was submitted by Andrew P. Stone, Esq.
Andrew is the principle attorney with Stone Law, LLC and may be reached at 877-897-6591 or by email at andrew@stonelawllc.com
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