Estate Plan Check-UpsEffective estate planning is personal, and its more than just deciding who to leave your assets to once you die.  Effective estate planning  is a comprehensive process that encompasses pre-need planning: health care decisions, financial management, and maintaining a delicate balance between independence and security.  Like your preventive doctor visits, you should regularly check in on your estate plan to ensure it fits your current needs, considers and plans for potential future care needs, and will give effect to your wishes now and in the future. Generally, estate planning involves creating a last will and testament, possibly a revocable trust, possibly an asset protection trust or a supplemental needs trust for a loved one who is unable to manage finances or may be vulnerable to abuse or exploitation.  Estate planning also involves important advanced directives, such as a durable financial power of attorney, a health care power of attorney, and a living will.   Creating an estate plan, or getting my affairs in order, tends to be an item on our to-do lists, for us to get done and move on to the next thing. However, while it may not be something you have to look at every month, or even every year, once your initial estate plan is completed, it is something that needs to be reviewed with some regularity.Most people get an annual physical when they are healthy, not when they are sick. They do this because they want to proactively spot any issues that could cause them to become ill in the future. The same concept can and should be applied when it comes to reviewing and updating your estate plan. Your estate plan may be healthy now, but you want to make sure that it stays that way by checking it regularly, to ensure it fits your needs and family circumstances, protects and provides for you now, and  accomplishes your goals and wishes in the future. Editors Note: This article is for informational purposes only and is not intended to be legal advice.  This article was submitted by Ashley Day, Esq.  Ashley Day Law, LLC.  Reach her at 251-277-3377. 

A living, or intervivos, trust may be revocable or irrevocable, and it may be funded or unfunded. A funded living trust is an alternative to a will and to probate. In a funded living trust, a person (the settlor) puts property and money into his/her trust during his/her lifetime for the benefit of him/her and possibly other family members. An unfunded living trust typically receives assets through a simple pour-over will following the settlors death.Most people who are able to handle their own financial affairs usually name themselves as trustee of revocable trusts they set up. The trustee invests the trust assets and makes the assets and income available to the settlor/beneficiary during his or her life. Such a trust is almost always revocable, meaning that the settlor can revoke or amend the trust so long as he or she is able.If the settlor/beneficiary becomes disabled, alternate trustees are usually named in the trust to assume trustee responsibilities, the most important of which is providing for the financial needs of the disabled settlor/beneficiary. A settlor will usually name a spouse, adult child, relative, friend or a bank as alternate trustees. When the settlor/beneficiary dies, the trust often terminates, and the successor trustee will distribute the trust property to the beneficiaries, as under a will. In many situations, however, living trusts will continue for the benefit of the settlors spouse and children.A living trust has several advantages if it is set up properly and fully-funded, meaning all the settlors assets are placed in trust. First, a fully-funded trust can reduce or eliminate the need for probate upon the death of the settlor. Second, a Colorado resident who owns real property in another state can put that real estate into a living trust and thereby reduce or eliminate the need for probate in the other state. Third, a living trust may avoid the need for a conservatorship for the settlor if he or she becomes legally disabled. However, a living trust cannot avoid a guardianship, because the trustee of a living trust cannot make medical or care decisions for the settlor unless the trustee is the named agent for the settlor under a separate Medical Power of Attorney. (See Chapter 6 for more information on guardianships and Health Care Powers of Attorney.)Many people think they need a fully-funded living trust so that probate is not necessary when they die. In some states, the probate process is cumbersome and costly, and it is thus desirable to avoid that process. In Colorado, however, probate is relatively simple and avoiding probate is not, by itself, a good reason to have a fully-funded, living trust.Trusts are complex legal documents that require the use of competent and experienced estate planning attorneys. Preparing and managing the trust can be more expensive in Colorado than a will and probate. If the trust is not drafted correctly, significant harmful tax results may occur. You should not try to create your own trust or purchase a preprinted living trust. Initially, living trusts and wills with testamentary trusts are more expensive to prepare than wills without trusts. However, they may save you many thousands of dollars if you have a complex estate. Bob Frie and Paul Danborn in our office would be more than happy to discuss with you if you would benefit from a Living Trust.  Please call our office to discuss this with them.

Retirement offers a unique opportunity for seniors to enrich their lives by exploring new passions, hobbies, and interests. However, in some cases, health challenges and mobility limitations can create barriers to pursuing these activities. In these situations, the experienced in-home senior care providers at Gentle Shepherd Home Care in Colorado Springs can help.Our caregivers understand the importance of fostering engagement and independence for seniors and strive to assist them in discovering and pursuing new hobbies and passions.7 Hobbies to ConsiderBelow, we will explore 7 hobbies that seniors should consider pursuing in retirement:Consider Past PassionsMany times, past passions can provide valuable clues to what may bring joy in the present. Consider activities enjoyed in the past. Is there a hobby that was once loved but never had the time to pursue fully? Revisiting these interests can reignite passions and provide a sense of familiarity in trying something new.Explore CreativityWhen it comes to creativity, there is no such thing as an ae limit. Consider pursuing artistic pursuits such as painting, photography, pottery, writing, and more. Many communities have a senior center that offers classes tailored to seniors, providing a supportive environment to nurture creative talents. In addition to providing mental stimulation, these activities also offer a therapeutic outlet for self-expression.Physical ActivitiesPhysical activity is critical for maintaining overall health and well-being, especially as we age. Consider exploring a variety of exercises that cater to personal interests and physical capabilities such as yoga, dancing, tai chi, swimming, and more. These activities can help seniors stay active and energized. In addition, group classes and/or clubs can foster a sense of camaraderie while staying fit.Volunteer ActivitiesVolunteering is a great way to give back to the community, while also staying socially engaged. Consider volunteering with organizations that align with personal interests and values. Regardless of passions, there are plenty of organizations within the community that are looking for volunteers. Volunteering offers a variety of benefits including providing a sense of purpose and fostering meaningful connections.Embrace LearningLearning should be a lifelong pursuit. Consider exploring educational opportunities such as attending lectures, joining discussion groups, enrolling in online courses, and more. In some cases, local community colleges and universities offer special programs for seniors to expand knowledge in areas ranging from history and literature to science and technology.Connect with NatureSpending time outdoors can provide a variety of physical and mental benefits. Consider connecting with nature through activities such as gardening, birdwatching, nature photography, and more. Check with the local community center to learn about nature clubs and organized outings to explore the local parks, botanical gardens, and trails with others who share the same passions.Cultivate Social ConnectionsBuilding and maintaining social connections through retirement is critical for overall well-being. Look for opportunities to connect with others who share the same passions. Join groups within the community that are tailored for seniors. In addition, consider attending community events, cultural activities, religious gatherings, and more to connect with others and forge meaningful relationships.How Gentle Shepherd Home Care Can Help Seniors Find New HobbiesThe in-home elderly care experts from Gentle Shepherd Home Care in Colorado Springs can help seniors find new hobbies. We understand that everyone is unique and take the time to get to know our clients to provide personalized support and companionship, as well as encouragement and motivation. In addition, we can help seniors research and access community programs, classes, and events that align with their interests. Contact us today to schedule your care assessment with one of our highly skilled caregivers.