Whether for yourself or your aging parents, at Legacy Law Group we can help you plan for the financial, medical, and legal challenges that come with growing older. Our Colorado elder law attorneys can help you develop a comprehensive plan to ensure your wishes and preferences are honored in the future, along with protecting you and your assets if you become incapacitated and require assisted-living or nursing-home care.
Thanks to healthier lifestyles and enhanced medical technology, life expectancies in the U.S. are at an all-time high. But that also means more seniors will require some form of long-term care. Whether in-home assistance or a long-term nursing home stay, it’s becoming inevitable that most of us will require such care at some point in our lives.
Problem is, such long-term care is growing more expensive every day. In fact, some studies estimate that nearly two-thirds of families will run out of money within the first year or two of moving into a nursing home. Unfortunately, most private health insurance plans and Medicare don’t cover long-term care costs—which can average $4,000 to $12,000+ per month in the U.S., depending on where you live and what level of care you require.
With such exorbitant costs, it’s no wonder we’re facing a looming elder-care crisis in this country. Indeed, it’s heartbreaking for seniors to see their entire life savings (and the inheritance they worked so hard to leave their family), get gobbled up by long-term care expenses.
Fortunately, with the proper planning in place, you can rest assured that you and your loved ones will have the proper safeguards in place to keep you at home as long as you desire, cover the expenses of your care and receive the maximum quality of care, when it’s needed. We can also help you qualify for Medicaid and other benefits to help cover these ongoing expenses.
Indeed, using trusts and other asset-protection strategies, you and your loved ones may be able to take advantage of government benefits without “spending down” all of your assets or losing everything you own. Our elder law attorneys can help you create a comprehensive plan that allows you to live out your golden years without worry or financial hardship.
Grantor retained annuity trusts (GRAT) funds the GRAT with assets that appreciate in exchange for a guarantied annuity for a fixed time. If the time has expired, the remaining balance has no tax consequences to the beneficiary designated. i.e., Lifetime access trusts remove assets from people's combined estates while helping them retain control over the asset. An ALPT is extremely similar to a GRAT, but instead of receiving payment of annual pensions by the grantor, a special charity based on donor information or funds is used as a source. The rest assets in the CLAT are transferred tax-free to the grantor's descendants.
This is an agreement with three parties: the Trust-makers, the Trustees (or Trust Managers), and the Trust Beneficiaries. For example, a husband and wife may name themselves all three parties to create their trust, manage all the assets transferred to the trust, and have full use and enjoyment of all the trust assets as beneficiaries. Further "back-up" managers can step in under the terms of the trust to manage the assets should the couple become incapacitated or die. Special provisions in the trust also control the management and distribution of assets to heirs in the event of the trust maker's death. With proper planning, the couple also can avoid or eliminate death taxes on their estate. The Revocable Living Trust may allow them to accomplish all this outside of any court proceedings.
Whether you are young or old, rich or poor, married or single, if you own titled assets such as a house and want your loved ones to avoid court interference at your death or incapacity, consider a revocable living trust. A trust allows you to bring all of your assets together under one plan.
Estate planning at Legacy Law Group is not "one size fits all" or "cookie cutter." We offer three levels of planning to suit your varying needs, and you get to choose the level of planning that best fits your family. From starter plans designed primarily for families with young children and not yet much in the way of financial wealth, to more robust plans for well-established families concerned with matters of asset protection, preservation and increased growth, we have you covered. When we meet for your Family Wealth Planning Session, we will review our three planning levels with you, and you will choose our own fee based on your budget and the planning options that are most important to you and your family.
The document a person signs to provide for the orderly disposition of assets after death. Wills do not avoid probate. Wills have no legal authority until the willmaker dies and the original will is delivered to the Probate Court. Still, everyone with minor children needs a will. It is the only way to appoint the new "parent" of an orphaned child. Special testamentary trust provisions in a will can provide for the management and distribution of assets for your heirs. Additionally. assets can be arranged and coordinated with provisions of the testamentary trusts to avoid death taxes.
Sometimes called an Advance Medical Directive, a living will allows you to state your wishes in advance regarding what types of medical life support measures you prefer to have, or have withheld/withdrawn if you are in a terminal condition (without reasonable hope of recovery) and cannot express our wishes yourself. Oftentimes a living will is executed along with a Durable Power of Attorney for Health care, which gives someone legal authority to make your health care decisions when you are unable to do so yourself.
What does Intestacy mean?
If you die without even a Will (intestate), the legislature of your state has already determined who will inherit our assets and when they will inherit them. You may not agree with their plan, but roughly 70 percent of Americans currently use it.
Elder law involves a number of issues that are intertwined with traditional estate planning. For example, it's essential to have your durable power of attorney, will, living trusts, and advanced directives reviewed by an attorney.
There are special provisions that need to be present in these documents that — if not included — can create unnecessary obstacles for your estate planning attorney. We can provide the legal assistance you need to navigate this and other elder law issues, such as probate or adult guardianship.
Navigating the complex elder law landscape can be a daunting task. Having an experienced lawyer who’s familiar with the process of long-term care planning can be invaluable for ensuring not only the security and care of your loved ones, but also your peace of mind. Contact Legacy Law Group today for elder law attorneys who can help you put the proper planning in place.
My story centers around my family. Most importantly I am a Mother of 3 children - Daniel, Raphael and Adele. Everything I do is rooted in creating a lasting and secure legacy for them.
I come from an immigrant family, who came here from the former Soviet Union, so I know what it's like to start from scratch due to a change in government, political or social issues.
I find inspiration for what I do in my experiences, from my own life. Working along side my clients to make sure their loved ones won't need to start from scratch, no matter what, is the core foundation to my entire firm.
Prior to starting my own firm I practiced in a large national law firm as well as in-house. While these were great experiences and gained much from the experiences; in the end it lead me to where I truly wished to focus my time and my services, my own practice helping families secure their futures.
Hello! I am from Paonia, CO, and graduated from Western Colorado University in 2021. Having lost my father in 2018, I am aware of the necessity of estate planning. My goal is to help each client plan for the future in a way that provides support. I am a dog mom and an avid outdoorswoman.
Hello! I am originally from Russia and moved here with my family 10 years ago. I am a happy dog mom and currently a student at ASU majoring in technology looking to focus on web development or cybersecurity. I am also able to offer bilingual services for those who need it.