Since COVID-19 hit the United States, everyone has been in the process of adjusting to our new normal. Social distancing guidelines, stay at home orders, and masked faces are becoming a part of the new daily routine and have brought a slew of changes that have impacted nearly every aspect of life. However, despite some of the more challenging changes that we couldn’t plan for because of the suddenness and unexpected nature of the pandemic, creating a Colorado estate plan to ensure that your future is secure, even during COVID-19, is encouraged.
Although the pandemic has led to much uncertainty for many in both physical and emotional health and finances, estate planning doesn’t have to take a backseat just because the world looks a bit different than it did a few months ago. Unexpected events are still likely to occur at any time – sudden illness, losing a job, changes in marital status, etc. are all still happening during these strange times. Thus, making the proper arrangements is crucial. Here are our top three estate planning tips applicable to Colorado residents during COVID-19.
Plan for the long term
In uncertain times like these, it is of crucial importance to plan for the long term. After all, no one knows how long the pandemic will last. If you or your aging parents are considering a nursing home option in the future, the average cost of one month in a nursing home in Colorado is around $7,000. If planned improperly or without a safety net in place, many families often see their wealth or their parents’ wealth get wiped out by long-term care either in nursing homes or through other hidden medical costs that may arise. By creating a Medicaid plan, you can ensure that your family gets the largest share they can of your hard work, rather than the government or a healthcare provider.
Establish a will or trust if you haven’t already
Leaving your assets to a trust can be more secure than leaving money directly to your children or someone else. People can lose an inheritance because they get divorced, are financially and fiscally irresponsible, or get sued. However, a trust can offer protection in each of these circumstances. Additionally, leaving a last will and testament is important so that you know how you want your assets distributed. Without a will, a court may take on the role of divvying up your assets according to the state’s intestate laws, and the results may not be what you expect or want.
Seek help from an attorney
Finally, seek help from an experienced estate planning attorney. Although there are numerous do-it-yourself tools on the internet, estate plans are best handled by a trusted attorney who can help your family manage their expectations and needs based on their individual circumstances. Too many families have had to spend precious time and money administering their loved one’s estates because their parents did not seek proper advice and counsel, but this can be avoided by hiring an experienced professional.
Contact a Boulder Estate Planning Attorney
Are you considering setting up or beginning the process of creating an estate plan for yourself or your aging parents? If so, contact the Boulder estate planning attorneys at Braverman Law Group. Our team of experienced lawyers and professional attorneys have worked with countless Colorado families, assisting them through the process of creating a comprehensive estate plan. To learn more, and to schedule a free consultation today, call us at 303-800-1588.