Hi,

My married parents are in their 80's now and it looks like I'm going to have to direct them for their estate planning because all they have is a will that is decades old.
We live in Colorado, my parents have 4 children (1 deceased), the deceased child has 2 children (my niece and nephew).
My parents own their house outright (approx. $200,000 value) and own some mutual funds, cd's, accounts, and pensions. I would estimate their estate value to be less than 1 to 2 million.
They did purchase a nursing home health insurance policy.
They live in their house but their health is slowly declining.

I am concerned about what can be reasonably done to assure their wishes are carried out, protection from estate taxes, protection from estate/probate/attorney fees, future health care/nursing home care expenses destroying their estate value, and protection from lawsuit, etc.....

I know we need to get living health care wills done, medical poa's etc.

I've read about living trusts and irrevocable trusts.

I don't know if the high level protection irrevocable trust is the way to go, it seems extreme in a way, or if just living will is a good fit.

I guess the irrevocable trust is the way only way to go to protect from future health care/nursing home car expenses destroying their estate value, OR having them start gifting their assets to their heirs now and over the years.....

Any advice is welcome.

Thank-you

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