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COVID-19 NOTICE:

After careful review of the COVID-19 environment, the law firm of Chayet & Danzo, LLC, will be conducting in-person appointments in our offices on a limited basis and with strict social distancing protocols.

During this time, our team will continue to diligently work remotely on all client matters and will maintain communication through email, telephone, and video conferencing. Our main office number, (303) 355-8500 will continue to be answered during our normal business hours of 8:00 a.m. to 5 p.m. Monday - Thursday and 8:00 a.m. to 4:00 p.m. on Fridays.

This decision to have limited appointments in-office while following strict social distancing protocols is in the best interest and health of our team, clients and community.

We will continue accepting new clients during this period as well as fully servicing our existing clients.

We wish you and your family continued health during these unique and challenging times.

Compassion, talent and dedication: guiding colorado families and Their Trusted Advisors During Times of Need

By the numbers: The cost of care for an aging loved one

Preparing for an aging loved one’s long-term care can challenge even the best of us. There are myriad factors to consider, including those of the mind and of the heart.

But it should come as no surprise that finances are a significant stressor within this puzzle. One survey presented this situation to Americans over the age of 50 who had at least $50,000 in investable assets. Sixty-nine percent of respondents said their biggest fear was racking up medical bills and running out of money.

The cost of care

Many elderly individuals need at least some extra health care help. Oftentimes this comes in the form of home visits or a move to an assisted living facility.

One senior care advocacy group compiled average costs for these types of services throughout Colorado. Here are the group’s findings:

  • Assisted living or memory care – an average of $4,000 a month
  • Home care – an average of $25 an hour
  • Adult day care – an average of $75 a day

The mean cost can vary widely depending on location. For example, the Denver area tends to see figures on the higher side.

Financial planning

When considering long-term financial plans, it’s vital you know these potential costs to ensure you’re moving forward on an optimal path. So how do you get from here, to there – a place of long-term security and stability? This requires some thorough planning.

That means understanding private financial resources as well as public benefits programs, including how to qualify and for which services. It can also include strategic use of legal tools such as trusts, or leveraging certain tax opportunities. It often helps if this type of groundwork starts well in advance, particularly in cases with a pronounced medical diagnosis such as dementia.

Everyone deserves quality health care and medical support, no matter their age. The best way to make sure that happens is to begin planning now.

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

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#D-201
Edwards, CO 81632

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Aspen, CO 81611

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  • 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
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  • Our new 2015 Medicaid Book: how to protect your Family's Assets from devastating nursing home costs
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