Chayet & Danzo, LLC Chayet & Danzo, LLC www.Coloradoelderlaw.com
Call for a Free Initial Consultation
Direct303-872-5980
Toll-Free 1-888-472-1088
Email Us
Compassion, talent and dedication: guiding colorado families and Their Trusted Advisors During Times of Need

What are the benefits of care planning?

A Colorado resident or anyone else turning 65 has a 60 percent chance of needing long-term care. Statistics also indicate that 20 percent of people who reach age 65 spend at least two years in a nursing home. In many cases, people do not prepare because they believe that retirement isn't their most pressing financial priority. However, it is typically worthwhile to to have a long-term health care plan in place.

In addition to being prepared for the future, there may be immediate benefits to doing so. Creating a care plan forces an individual to assess his or her financial situation and account for all current and future assets. It also may spur an individual to create legal directives that may be beneficial if a health emergency arises. Advance planning makes it possible to have more control over how a person is treated.

For example, it may be possible to live at home as opposed to a nursing home after an accident. Making a plan that accounts for future health care needs may take the burden off of other family members. Children don't have to guess as to what their parent's wishes are or keep a parent at home because a nursing home costs too much.

Accounting for the cost of health care may be an essential part of retirement and estate planning. By creating legal directives, an individual may gain more say over how his or her affairs are carried out if that person becomes mentally incapacitated. Additionally, accounting for the cost of care may leave more money available in the estate for future generations. Talking to an estate planning attorney may help an individual understand the potential cost of care and assist with long term care planning to cover those costs.

Source: Colorado, "Long-Term care planning: Colorado options.", September 30, 2014

No Comments

Leave a comment
Comment Information

Watch Our Firm Video

We are the premier Elder Law firm in the Colorado region. We set ourselves apart from other law firms in the area with our talent, dedication, compassion and ability of our attorneys to handle any case in Elder Law. We serve Colorado families with experience and dignity in your time of need.

View More Videos

Denver Office
650 S.Cherry St., Suite 710
Denver, CO 80246

Phone: 303-872-5980
Fax: 303-355-8501
Denver Law Office Map

Edwards Office
105 Edwards Village Blvd.
#D-201
Edwards, CO 81632

Toll Free: 888-472-1088
Fax: 303-355-8501
Edwards Law Office Map

Aspen Office
600 East Hopkins Avenue
Suite 301
Aspen, CO 81611

Toll Free: 888-472-1088
Fax: 303-355-8501
Aspen Law Office Map

  • Rated by Super Lawyers Macro Chayet SuperLawyers.com
  • Rated by Super Lawyers Frank J. Danzo, III  SuperLawyers.com
  • Member National Academy of Elder Law Attorneys, Inc. TM
  • Avvo Rating 10.0 Superb Top Attorney Elder Law
  • 2015 Five Star Professional Wealth Manager Multi-Year Winner
  • Our new 2015 Medicaid Book: how to protect your Family's Assets from devastating nursing home costs
  • Proud Sponsor 2015-Denver Colorado Senior Law Day
  • Peer Review Rated For Ethical standards & Legal Ability TM Martindale Hubbell
  • Haystack