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G Brent Powers Law Office
3715 Beck Rd D-401, St Joseph, MO 64506
Q5QW+6R St Joseph, Missouri
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We want to help you and your loved ones make informed decisions about Elder Law issues, such as estate planning and nursing home Medicaid planning. Everybody has their own path to “golden years”. Unfortunately, this path has become more complex over the years. Our firm prides itself in providing customized solutions for our clients. Please contact us today to discuss your questions regarding your home and farm, real property deeds, power-of- attorney, trusts/vs. wills probate vs. not-probate transfers, or long-term issues. Click here for Get More Info Disabled Widower Insurance Benefits In St. Joseph Mo
Elder Law is a specialist practice that offers senior citizens guidance and help with their legal needs. As we age, we are faced with many new issues, including housing, retirement, wealth transfer, and long-term nursing. Elder Law covers these and many other concerns that elderly people face.
Many elderly citizens fear they might lose their home, savings and everything that they have worked so hard to earn. They don’t want to be a burden to their children, family, and society.
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Brent has helped thousands of families in Saint Joseph and Northwest Missouri feel at ease with his expert and thoughtful advice. His experience includes over 30 years working with seniors to create estate plans, estate transfers, powers of attorney, trusts, and other legal requirements.
Brent can help you create a plan that suits your needs and learn more about Elder Law.
Nursing Home Medicaid Planning It’s never too late to begin planning for Medicaid and long term care. Many people are not planning for long-term health care and are frequently misinformed on how Medicaid works. Many families don’t know who can be eligible for Medicaid or how their spouse and family can benefit from it. 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. Brent is a licensed nursing home lawyer and would like to share some key points about Medicaid. While the majority of information about nursing home Medicaid is good-intentioned, it is almost always inaccurate.
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It’s almost never too early or too late to plan.
Your loved ones can still receive Medicaid benefits even after they move into a nursing home.
It is vital to understand legal protections available to the spouse and loved ones of nursing home residents. People are often afraid that they might lose their home or their life savings if their spouse or a loved one must move into a nursing care facility. We are able to insure that you will be safe in almost all instances.
Numerous financial safety nets are available for both couples and seniors without jeopardizing Nursing Home Medicaid eligibility.
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Division of Assets
The “Spousal Impoverishment” Act was passed by Congress in 1988. It was intended to prevent married couples from having to spend all their assets before one spouse is eligible for nursing home Medicaid. The spouse who lives in the home (the “Community Spouse”) gets to keep some resources while the spouse with a need for Medicaid (the ‘Institutionalized Spouse’) can claim benefits.
Congress also set limitations on the assets that the Community Spouse can keep if the Institutionalized Spouse wants to receive benefits. These limits are often referred to as Community Spouse Resource Allowances (CSRA). The Missouri Community Spouse can retain $25,728 to $128,640.00 for 2020. This amount is adjusted each year for inflation and the cost of living. The Division of Assets is the process Missouri Medicaid uses to determine the amount that the Community Spouse can keep within the range.
The Division of Assets begins on the day that the Medicaid applicant is admitted to a hospital or nursing home for at most 30 consecutive days. The couple’s countable assets are divided into 2 with each spouse receiving their one-half. It doesn’t matter which spouse owns the asset. The couple’s assets will be combined to determine the Division of Assets. This means that the spouse who has more assets than their spouse will see their assets decrease. It is crucial to consult an Elder Law lawyer to help you navigate this process. This will ensure that everyone’s rights are protected. According to the Wall Street Journal, 86% of widows are below the poverty line due to the cost of caring for their spouses.
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As an example, consider John and Mary as a married couple. John has $300,000 worth of assets. John has dementia. Mary requires nursing home care. The Medicaid caseworker will assign the $300,000. in financial assets to Mary and attribute $128.640 to Mary as her CSRA. John is credited $171,360. John must have less $5,000 to qualify for Medicaid. John’s assets will be credited to the family and they will be required to spend $166 360. John and Mary will now be told to spend $55,360 of their savings each year before John is eligible for Medicaid. A reduction of the assets of the Community Spouse of this magnitude will mean that 86% of the surviving spouses will live below the poverty line because of the spouse’s medical 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. To avoid an expensive and regrettable situation, it is important to prepare the right legal documents and strategies.
But what if planning wasn’t done in advance? Do you think all is lost? The answer 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 the knowledge and expertise required to ensure Mary’s financial security.
Brent makes every effort to meet with clients personally before he applies or appears in court.
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Real Estate / Deeds
As people grow older, they begin to think about how best to transfer their home, farmland, or other properties to their loved ones or others. 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 you need long-term care or nursing facility care? What living trust would be the best? What tax consequences will you face if your property is transferred? Is it possible for the owner to finance the sale?
Over the years, Brent has helped many families make the right decisions when it comes to transferring their home, farm, and business properties.
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 also help you to create a proper estate plan.
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Administration of trusts
Brent is available to assist you in determining the best way of handling your affairs.
Brent Powers has been a practicing lawyer in Saint Joseph, Missouri and Northwest Missouri since 1980.
His career started as a trial-lawyer. But, due to the needs of his parents and many referrals, he transitioned into Elder Law, Medicaid nursing facility planning and Division of Assets.
He was president of Saint Joseph Bar Association.
Brent is a native Missourian and grew-up in Saint Joseph.
He is a Central High School grad, who received his undergraduate degree and his law degree from the University of Missouri, Kansas City.
He is a National Academy of Elder Law Attorneys member and the National Order of Social Security Claimsants’ Representatives.
These national organizations provide education and training as well as a network of experts for member attorneys in order to assist seniors and people with special disabilities.