For more information about the author, click to view their website: Chayet & Danzo, LLC
In 2024, everyone needs an estate plan, regardless of their
socio-economic circumstances. A simple
estate plan will typically contain at least three documents; a durable medical
power of attorney and a durable financial power of attorney. These documents
give the authority to a person of your choice, to speak on your behalf on your medical
and financial issues if you’re not able to make necessary decisions due to
health issues. The third document, a
will, is a way to pass your property upon death to whom you wish.
A trust might be an option in your estate planning instead of or in
addition to a will. Trusts are useful estate planning tools that can accomplish
a variety of goals. They can help avoid probate, minimize taxes, and be used to
give property to minor or disabled loved ones. Trusts can be created during a
person's lifetime (Living Trusts) or at the person's death (Testamentary
Trusts). Some different types of Trusts from both categories are:
Living Trust
A person can transfer their assets to a Living Trust and as a trustee
continue using their assets as needed during their lifetime.
Tax Planning Trusts
Several different types of Living Trusts provide flexible alternatives
for minimizing capital gains and estate taxes, including the Charitable
Remainder Trust, Irrevocable Life Insurance Trust, Qualified Personal Residence
Trust, Grantor Retained Annuity Trust, and Grantor Retained Unitrust.
Testamentary Trusts
A person can create a Trust under a Will, called a Testamentary Trust,
which does not take effect until they are deceased.
Disability Trusts (also known as
Special Needs Trusts)
A Disability Trust is a type of Living Trust that allows a disabled
person under the age of 65 to use his/her own assets, other than for food and
shelter, for their special needs and keep public benefits, such
as Medicaid and Supplemental Security Income (SSI).
3 reasons you may need a trust as part
of your estate plan
The types of assets you own is another important consideration. Three
typical reasons you might need a trust:
1.
A loved one cannot be trusted with a large financial gift or has special needs
If
you have concerns that a child does not have the financial skills to manage a financial gift, or the loved one
receives government benefits.
2.
You want to transfer complex assets in a thoughtful manner
Trusts can be
effective for keeping a vacation home or a closely held business in the family. For large charitable donations,
a trust allows you to leave a vision for how you would like the gift used.
3.
Limiting the potential for relationship-damaging fights is important
When you have worked
hard and been successful, a trust may be able to limit conflict, and the legal fees associated with
litigation.
Editor’s
Note: This article was submitted by Marco D. Chayet, Esq.
Marco is a partner in the
law firm Chayet & Danzo, LLC, and the Public Administrator for the 18th
Judicial District; he may be reached at 303-355-8500 or by email at
Marco@ColoradoElderLaw.com
This is a
brief overview of the topic and should not be considered legal advice.
When temperatures rise, so do the risks associated with heat, especially for older adults.Older individuals may not adjust as well to sudden changes in temperature, and with possible chronic health conditions or certain medications, extreme heat may cause negative health outcomes.Kavod Senior Life is well aware of these potential issues, sharing four best practices to protect people in the second half of life against the heat. Here are some tips we've learned from our 50+ years of housing and supporting older individuals in aging well!Stay HydratedWhy It Is Important: Older adults are at a higher risk of dehydration because they may not feel thirsty as often as younger people, and as mentioned above, certain medications can increase the risk of dehydration.Tips:Drink water even if you dont feel thirsty.Eat water-rich foods like fruits (e.g., watermelon, cucumbers) and vegetables.Avoid alcohol and caffeinated beverages, as they can lead to dehydration.How Kavod Responds: Hydration stations are set up in the lobbies of each building during the hottest days to give residents, staff and visitors easy access to ice cold water (with lemon and cucumber, even!)Create a Cool EnvironmentWhy It Is Important: A cool living space is crucial to preventing heat-related illnesses.Tips:Use fans or air conditioning. If air conditioning is not available, consider spending time in public places like libraries, shopping malls, or community centers that are air-conditioned.NOTE: Do not rely on fans as your main cooling source when temperatures are extreme for heat.Keep blinds or curtains closed during the hottest parts of the day to block out the sun.Use light-colored, loose-fitting clothing made of natural fibers like cotton, which are more breathable.Try to avoid using the stove or oven to cook it will make your home hotter.Take cool showers or baths to cool down.How Kavod Responds: A cooling center is set up on campus where the temperature stays at 72 degrees. Residents can get out of their apartments and socialize there without having to go outdoors, helping abate social isolation. Dietary AdjustmentsWhy It Is Important: Certain foods can help keep the body cool and hydrated.Tips:Encourage smaller, more frequent meals that are easier to digest.Include hydrating foods like soups, smoothies, and salads.Limit heavy, hot foods and opt for lighter fare like yogurt, salads, and chilled fruits.How Kavod Responds: Kavod staff serves residents cold lemonade and fresh watermelon over the weekend in the cooling center, both terrific ways to stay hydrated.Educate and EquipWhy It Is Important: Knowledge and preparation are key to preventing heat-related issues.Tips:Educate yourself about the risks of heat and the importance of staying cool.Be aware of the signs and symptoms of heat-related illnessHave access to emergency numbers and know what to do in case you experience these symptomsHow Kavod Responds: The management team reviews, prepares and hand-delivers updates to residents to best ensure everyone is educated and can take appropriate actions against the heat.ConclusionBy following these four important steps, older individuals can stay healthy and safe while enjoying all the good things summer has to offer. If you know an older person who would benefit by living in our community, please contact us for a tour, or check out our website for more information. Stay cool, everyone!Resources used in article:Center for Disease Control: https://www.cdc.gov/extreme-heat/risk-factors/extreme-heat-and-older-adults-aged-65.html#:':text=Older%20adults%20do%20not%20adjust,control%20its%20temperature%20or%20sweatNational Institute on Aging: https://www.nia.nih.gov/health/safety/hot-weather-safety-older-adultsHarvard Medicine: https://magazine.hms.harvard.edu/articles/effects-heat-older-adultsChat GPT
As the summer heat intensifies across the country, dehydration becomes a common and potentially dangerous concern. This condition can have severe implications, particularly for seniors who are more vulnerable due to several physiological factors. Seniors face unique challenges, especially when it comes to the impact of their medication on hydration. Why Are Seniors More Prone to Dehydration?Seniors are at an increased risk for dehydration for several reasons: Reduced Thirst Signal: As people age, their bodies lose their ability to recognize thirst, making it harder to drink fluids. Lower Body Water Volume: Older adults generally have a lower total volume of body water, meaning they have less fluid to lose before dehydration sets in. Kidney Function Decline: Kidneys become less efficient at conserving water with age, further contributing to fluid loss. Chronic Illnesses: Conditions such as diabetes can worsen the risk of dehydration since they affect the body's ability to control water. In addition to these factors, medication plays a significant role in influencing fluid balance in seniors.The Impact of Medication on DehydrationAs a clinical pharmacist, I've seen firsthand how medications can contribute to dehydration, especially in older adults. One of my clients, an active senior, nearly passed out while cycling in the summer. As it turned out, he was on a diuretic medication, commonly referred to as a "water pill." Diuretics are a class of drugs that increase urination, leading to reduced fluid levels in the body. These medications, often prescribed for conditions like hypertension and heart failure, can inadvertently lead to dehydration if fluid intake isn't carefully managed. Some commonly used diuretics include bumetanide, chlorothiazide (Diuril), hydrochlorothiazide, and furosemide (Lasix). But diuretics aren't the only medications that can cause dehydration. Other drugs like these can also affect your body's water balance. Antihistamines: Often used for allergies, these can cause dry mouth and reduced fluid intake. Blood Pressure Medications: Certain blood pressure medications can increase urine output. Laxatives: They can cause fluid loss through increased bowel movements. Chemotherapies: These treatments often lead to side effects like vomiting and diarrhea, contributing to dehydration.Managing Dehydration RisksIt's important to be aware of dehydration risks, particularly for those taking medications that impact fluid balance. Regardless of whether one feels thirsty, its important to drink water throughout the day. Staying alert to the signs of dehydrationsuch as increased thirst, dry mouth, dark urine, fatigue, and dizzinesscan also help address the issue early. These symptoms are early warning signs that the body may need more fluids. Finally, anyone concerned about dehydration should consult a healthcare provider. They can adjust medication and advise seniors on managing fluid intake to prevent dehydration. At Deeper Dive Horizons, one of my priorities is to guide you and your loved ones through the complexities of medication management to improve your well-being. With over 22 years of experience, my goal is to dive deeply into your health and ensure you maintain a balanced and healthy life, even in challenging conditions like extreme heat. Schedule a consultation today to get started 888-984-8895.
Here is your chance to live in a historically designated building two blocks from bustling Union Station. Built in 1882, The Barth Hotel was originally a liquor warehouse, but it was soon converted into an upscale hotel. While the Barth Hotel Assisted Living is historic, it provides a home with tall ceilings, large and expansive windows, and beautiful features throughout the building Senior Housing Options (SHO) purchased the property in 1980 to help solve the problem of older adults being displaced in downtown Denver due to gentrification. SHO continues that mission today providing residential communities and caring services to enrich the lives of older adults in Colorado. The Barth Hotel accepts Medicaid and private pay for a studio unit and is all-inclusive starting at just $4,000 a month. All SHO Assisted Living properties provide three home cooked meals a day, snacks, medication administration, 24/7-person centered care, housekeeping and on-site maintenance and life enrichment activities that are included in the all-inclusive rate. Call today for more information at 303- 534-7142 or plan to attend our open house on August 15, from 1:00 pm to 4:00 pm at 1510 17th Street Denver, CO 80202. If a quiet, park-like setting is more to your liking, come visit our Park Hill Residence half a mile east of City Park near the Denver Zoo. Park Hill Residence was converted from a convent and still possesses its original charm. There are recently renovated rooms available with the same all-inclusive benefits listed above. These quaint rooms start at $4,000, Medicaid and private pay accepted. Another development at Park Hill is the addition of an Adult Day Program beginning Fall 2024 for people 60+ with dementia. If you would like Information about living at Park Hill or the Adult Day Program, they can be reached at 303-993-5049. Cinnamon Park is our beautiful, assisted living community in Longmont. Founded by a group of physicians in 1984, Cinnamon Park became a SHO community in 1992. We currently have availability that includes the same benefits all our residents at SHO assisted living communities enjoy with unit rates beginning at $4,000. Located in a beautiful residential neighborhood, they share the campus with our affordable living senior community and enjoy many shared activities. We also have open waitlists for many of our affordable housing units too, including hard-to-find two-bedroom units at September House or Decatur in Denver. If interested, please contact our main number at 303-595-4464. Senior Housing Options is celebrating 45 years of following our vision to assure Colorados older adults live and thrive in a safe, caring community regardless of their financial means. Please save the date to attend our anniversary celebration on Wednesday, October 16th from 6:00pm 8:00pm at the Space Gallery located in the Denver Arts District. Industry experts have been invited to speak and a buffet dinner will be served. More information to follow. Sponsorship opportunities are available. Please contact Christine at 303-523-3362 if interested. Senior Housing Options, Inc. (SHO) is a nonprofit organization that serves low- and moderate-income older adults and adults with disabling conditions. SHO is unique in that we provide affordable housing in both the assisted living and more independent settings to those who need it most. We are one of Colorados most long-standing nonprofits in the affordable housing sector, providing the best options for older adults and those with disabilities. Please visit SeniorHousingOptions.org and subscribe to our newsletter, to learn more and keep in touch our phone number is 303-595-4464 and email is info@SeniorHousingOptions.org.
We are a client-focused elder law and estate planning firm serving all of Colorado. Our attorneys provide the highest quality legal services and professionalism, while representing our clients in a cost-effective manner. Meeting the needs of our elder law clients depends on moving beyond conventional legal work to offering practical assistance in planning, counseling, educating, and advocating for the senior or disabled client and their families. Call Toll Free 1-866-873-6596.
We are a client-focused elder law and estate planning firm serving all of Colorado. Our attorneys provide the highest quality legal services and professionalism, while representing our clients in a cost-effective manner. Meeting the needs of our elder law clients depends on moving beyond conventional legal work to offering practical assistance in planning, counseling, educating, and advocating for the senior or disabled client and their families. Call Toll Free 1-866-873-6596.
We are a client-focused elder law and estate planning firm serving all of Colorado. Our attorneys provide the highest quality legal services and professionalism, while representing our clients in a cost-effective manner. Meeting the needs of our elder law clients depends on moving beyond conventional legal work to offering practical assistance in planning, counseling, educating, and advocating for the senior or disabled client and their families. Call Toll Free 1-866-873-6596.