Where Can I Find Medicaid Asset/protection Planning In St. Joseph Mo in St. Joseph Mo?

G Brent Powers Law Office
3715 Beck Rd D-401, St Joseph, MO 64506
Q5QW+6R St Joseph, Missouri
18162330257
Next

Additional Info Special Needs Trust In St. Joseph Mo

We will help you and all your family members make informed decisions regarding Elder Law matters such as Medicaid planning, estate planning, asset protection, and nursing home planning. Each person has a different path to reach their "golden years", which unfortunately has become increasingly complicated over time. Our firm prides itself on offering unique planning and solutions tailored to our clients' needs. Contact us today if you have questions concerning your home, farm and real estate deeds. Click here for Pop Over To These Guys

Elder Law

Elder Law, a speciality practice that aids seniors in their legal matters, is new_paragraph. As we get older, there are many more issues that we face than we did when we were younger. These include long-term care, housing, retirement and wealth transfers. Elder Law addresses these and other issues that affect the elderly.

Many elderly citizens worry that they will lose their home and savings if they are in need of long-term nursing home care. They don't wish to become a burden for their family or society.

Medicaid Asset/protection Planning In St. Joseph Mo

With his thoughtful and skilled advice, Brent has brought peace of mind to thousands families in Saint Joseph and Northwest Missouri. With over 30 years experience, he can assist clients in developing estate plans, property transfers, deeds probate, power-of- attorney, trusts and other legal needs of senior citizens.

Brent can help you create a plan that suits your needs and learn more about Elder Law.

Nursing Home Medicaid Planning. Planning for Medicaid and long-term care is a good idea. This is especially true if a parent or spouse may require nursing home care. Many people don't know how Medicaid works and haven't planned for long-term care. Many families don’t know who is eligible, or how they can benefit from nursing home Medicaid planning. It is crucial to hire a nursing home attorney who has experience and is committed to helping families.

Through effective nursing home Medicaid planning Brent has helped many families in our community save hundreds of thousands of dollars. As a Nursing Home Lawyer, Brent would advise a few key things to remember when it comes to Medicaid - Brent, a nursing home lawyer, would recommend a few key points to remember about Medicaid. While the majority of information about nursing home Medicaid is good-intentioned, it is almost always inaccurate.

Affordable Medicaid Asset/protection Planning In St. Joseph Mo

It is almost never too much too soon to plan.

Your loved one may still be eligible to receive Medicaid assistance after they have moved into a nursing care facility.

It's crucial to know the legal protections and strategies available for the spouse and their family members of a resident in a nursing home. People fear losing their home or life savings if their spouse/loved one moves into a nursing facility. We are able to insure that you will be safe in almost all instances.

Numerous financial safeguards can be provided for seniors and couples, without jeopardizing Nursing Home Medicaid eligibility.

Medicaid Asset/protection Planning In St. Joseph Mo - Finding A Professional

Division of Assets

1988 was the year Congress passed the "Spousal ImpoverishmentAct". This law was, despite its title, designed to prevent married couples from having their entire financial assets expended before one of them can qualify for nursing-home Medicaid. The "Community Spouse" can retain a portion of the couple’s resources while the "Institutionalized Spouse", who is eligible for Medicaid, can receive benefits.

The law also established limits on the assets the Community Spouse can retain, if the Institutionalized Spouse will be eligible for benefits. These limits are often referred to as Community Spouse Resource Allowances (CSRA). Missouri's 2020 Community Spouse Resource Allowance (CSRA) allows for a minimum of $25,728 and a maximum amount of $128.640.00. This amount is adjusted for inflation each year and changes in the cost of living. Missouri Medicaid requires that a Division of Assets Application be completed in order to determine what amount the Community Spouse will be permitted to keep.

The Division of Assets is calculated the first day a Medicaid applicant is admitted into a hospital/nursing home for at least 30 consecutive days. The spouses' countable assets (which does not include a small amount of assets that may be exempt) is divided into two. Each spouse gets their share. It doesn't matter who owns the asset; the entire couple's assets are considered when determining the Division Of Assets. This means that a spouse with significant assets will have their assets reduced. Working with an Elder Law lawyer in this process is crucial in order to protect everyone's interests. According to a Wall Street Journal article, 86% live below poverty level because they have to pay for the care of their spouses.

Medicaid Asset/protection Planning In St. Joseph Mo - How to Choose

Let's say John and Mary have $300,000. John has dementia and needs nursing home care. The Medicaid caseworker assigns the $300,000 worth of financial assets to Mary, who will then CSRA $128,640 and John $171,360. John must have less that $5,000 to be eligible for Medicaid. John will tell his family to spend $166.360 of John's assets. John and Mary will now be told to spend $55,360 of their savings each year before John is eligible for Medicaid. If the Community Spouse's assets are reduced by this amount, it's easy to see how 86% end up living below poverty due to their spouse's health care expenses.

John and Mary wouldn't need to spend any of their savings if they had a proper plan and were assisted by a qualified Medicaid Asset Protection attorney like G. Brent Powers. It is crucial to plan ahead and use the correct legal documents and strategies to avoid a costly and embarrassing situation.

What if you didn't plan ahead? Can all hope be lost? The good news is that the answer to this question is "no". Mary would be able to keep almost all of her financial assets even if John is now in a nursing care facility by using what is called a "Marital Medicaid Compatible Annuity". G Brent Powers has both the expertise and experience to ensure Mary's safety and prevent her from becoming homeless.

Brent makes every effort to meet with clients personally before he applies or appears in court.

Best Medicaid Asset/protection Planning In St. Joseph Mo

Real Estate / Deeds

As they age, people think about how to best transfer their house, farmland, and other properties to loved ones. Others may require help selling real estate, even without the assistance of an agent or broker.

To find the best path for each family, it is important to assess their individual circumstances. Are there any benefits to gifting property now to your children? What happens if your spouse is in need of long-term nursing home or long-term care? What is the best option? What tax consequences will you face if your property is transferred? Is it possible for the owner to finance the sale?

Brent has assisted many families to make the right decisions in transferring their homes, farms, or businesses over the years.

Estate Planning

Proper estate planning means maintaining control of your assets while living, continuing to provide for your care and your loved ones, even if incapacitated or disabled, distributing your property after your death to whom you want, when you want and the way you want at the lowest overall cost.

Proper planning requires that we consider the unique needs of your family and their assets. Only then, can we decide which documents and strategies are needed to make your planning work.

Brent can assist you in setting up an appropriate estate plan.

Where to find Medicaid Asset/protection Planning In St. Joseph Mo

Administration of trusts

Brent is available to help you determine the best way for your affairs to be managed. This will prevent future problems, unnecessary expenses, and skill gaps.

Brent Powers has been a practicing lawyer in Saint Joseph, Missouri and Northwest Missouri since 1980.

His career began as a trial attorney. However, due to his parents' needs and the many referrals, he moved to Elder Law, Medicaid nursing homes planning and Division of Assets.

He was president of Saint Joseph Bar Association.

Brent is a native Missourian, having grew to be a Saint Josephian.

He is a Central High School graduate, earned his undergraduate degree from Missouri – Columbia and then received his law degree from Missouri – Kansas City.

He is a member of both the National Academy of Elder Law Attorneys as well as the National Organization of Social Safety Claimants Representatives.

These national associations provide education, training and a network of expertise for members attorneys to help seniors and people with special requirements.