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

Planning for “known unknowns and unknown unknowns”

This saying of former Defense Secretary Donald Rumsfeld aptly describes an inherent challenge in the estate planning process. Some of the events categorized into the ‘known unknowns’ bucket might be a heart attack, early onset Alzheimer’s or serious car accident. The other bucket as the name implies is more difficult to pin down.

Those ‘unknown unknowns’ are one reason to seek counsel from an experienced attorney during the estate planning process. An attorney who has handled these types of matters over the years can bring up issues that you would have never considered.

Insurance policies

One tool to blunt the impact of certain unforeseen events is insurance. Parents should consider term life insurance policies that provide for the resources to care for children.

Disability insurance, is generally more expensive, but replaces lost income if you are disabled. And the odds of becoming disabled are higher than dying. Here is an example, a car crash caused by a negligent driver leaves you with a long-term brain injury. You can no longer work full-time in your career field. Available auto insurance policies may not cover all your long-term lost wages. A disability policy might fill the gap and kick in while you are waiting on a settlement.

Conflicting answers and crucial details

Some other questions are harder to answer. Who is contacted if something goes wrong? There may be a number of people and the answer may differ in various “but, if” scenarios. If several adult children take turns checking in on an elderly grandma, the contact may change depending on who is in town.

Some new websites offer guidance on estate planning documents you might need or questions to answer related to the unexpected. One offers organization and storage services for online passwords (the private key for your bitcoin wallet), instructions on pet care (the cat needs two thyroid pills a day) or quirks in how things work in your house (a special trick to get a door to unlock).

While online tools offer a good way to start (some even come with prods), there is no substitute for individualized legal guidance. Establishing the right mix of insurance and a comprehensive estate plan is often easier than you would guess. Completion of the process brings peace of mind as well.

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