Where Can I Find Division Of Assets 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
Where to Find Division Of Assets 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. Everybody has their own path to “golden years”. Unfortunately, this path has become more complex over the years. Our firm prides themselves on providing unique solutions and planning that are tailored to each client’s needs. We are available to answer any questions you may have about your home, farm or real estate deeds. Click here for Check These Guys Out Division Of Assets In St. Joseph Mo
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 covers these and many other concerns that elderly people face.
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.
Division Of Assets In St. Joseph Mo
Brent’s thoughtful and professional advice has given peace of mind for thousands of families in Saint Joseph, 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 is available to help you understand Elder Law and create a plan for your future.
Nursing Home Medicaid Planning. It is never too early to plan for Medicaid or 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 important to select a Nursing home Attorney with extensive experience who is dedicated to helping families.
Many families have saved thousands of dollars by using Brent’s effective nursing home Medicaid planning. 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.
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It’s almost never too early or too late to plan.
You can still get Medicaid assistance for your loved one even if they move to 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.
There are many financial safeguards available for couples and elderly without jeopardizing Nursing Home Medicaid eligibility.
Division Of Assets In St. Joseph Mo – Finding A Professional
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 “Community Spouse” can retain a portion of the couple’s resources while the “Institutionalized Spouse”, who is eligible for Medicaid, can receive benefits.
Congress set limits on the assets that the Community Spouse may retain if the Institutionalized Spouse becomes eligible for benefits. These limits are often referred as the Community Spouse Resource Allowance or CSRA. Missouri’s Community Spouse may retain at most $25,728 or $128.640.00. 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 countable assets of a married couple (which excludes some assets exempted) are divided in two, with each spouse getting their own one-half share. The Division of Assets does not consider the assets of any one of the spouses. Instead, all assets of the couple are combined. This means that assets will be reduced for the spouse with more assets. This is why it is important to work with an Elder Law attorney to ensure everyone’s best interests are protected. The Wall Street Journal recently reported that 86% widows don’t have enough income to cover the costs 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 give $300,000 to Mary as her CSRA, and $171,000.360 to John. John must be under $5,000 in order 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 won’t have to use any of the savings they have if they do their planning in a timely manner with the help and assistance of G. Brent Powers (Medical Asset Protection attorney). It is crucial to plan ahead and use the correct legal documents and strategies to avoid a costly and embarrassing situation.
But what if the planning was not perfected in time? All hope is lost The answer is no. Mary could retain almost all of her financial assets by using a “Marital Medicaid Compliant Anuity”. Even if John is in a nursing facility, Mary can still use the Annuity. G Brent Powers is a professional with the necessary experience and expertise to make sure Mary doesn’t become homeless.
Brent takes the time to meet clients face-to-face before appearing 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 might need assistance selling real property without a broker.
To find the best path for each family, it is important to assess their individual circumstances. Is it possible to gift property to your children right away? What happens if you need long-term care or nursing facility care? What living trust would be the best? How do you tax the transfer of your property? Can the property owner finance its 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 involves maintaining control of your assets and continuing to care for your loved ones. It also means that you can distribute your property after your death to the people you choose, whenever you wish, and at the lowest cost.
Planning should consider the needs of you and your family. Only then can we identify and use the appropriate documents and strategies to ensure that your planning will be as successful as possible.
Along with helping you set up an appropriate estate plan, Brent can help you with further advice on: Brent is available to help you create an estate plan.
Where to find Division Of Assets In St. Joseph Mo
Administration of trusts
Brent will help you to determine the best method to manage your affairs.
Brent Powers has been a practicing lawyer in Saint Joseph, Missouri and Northwest Missouri since 1980.
Although he started his career as a trial lawyer, he was forced to change to Elder Law and Medicaid nursing home planning.
He served as the President of the Saint Joseph Bar Association. He also served on numerous community boards and took part in many events sponsored or organized by the Saint Joseph Bar Association in order to assist people in need of sound legal advice.
Brent is from Northwest Missouri, and he grew up near Saint Joseph.
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 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.