Nursing home care is expensive. On average about $8000 a month in the Denver area. Medicaid will help you pay for it; but first your must “spend down” enough of your assets to qualify for Medicaid. You likely won’t have to sell your home if you enter residential care. Medicaid however, will make a claim against your estate during probate to recover the funds it used on your behalf. This process is known as estate recovery. And it may result…
All work and no estate plan makes Jack a dull boy. All work and no estate plan makes Jack a dull boy. I know estate planning ranks right up there with having a root canal. But, I do my best to make going through the haunted hotel of estate planning as painless as possible. The most difficult part for many is starting. And getting started is as simple as scheduling an initial consultation. During our consultation, I’ll ask you what…
In Colorado, you can not disinherit a spouse. A surviving spouse omitted or disinherited from a will still has property rights in the estate. Sometimes omitting a spouse is intentional, sometimes negligent. Colorado law entitles a spouse to receive an elective share of the estate or to take against the will. Depending on the length of the marriage, the surviving spouse’s share is between 5% and 50% of the augmented estate. A spouse is defined as someone who is a…
Once in a while a married couple will ask me about joint wills. A joint will is a single document signed by two people, usually leaving all of their assets to each other. When the surviving spouse dies the assets are then left to the children. Seems simple, and the easiest way draft an estate plan. This strategy it’s almost always a never a good idea. Problems with Joint Wills Since joint wills are binding contracts between two people, it…
Don’t overlook this important piece of your estate planning. The letter of last instructions gives your personal representative, as well as your family, details they’ll need to settle financial matters, and resolve your final wishes. Although, it’s not legally binding, it’s an invaluable resource to your loved ones. It provides final wishes not covered in your will, as well as contact information, they’ll need to close accounts and settle your matters. What To Write Often, a letter of last instructions…