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
Click Here For Medicaid Asset/protection Planning In St. Joseph Mo
We are here to help you, your family, make informed decisions and plan on Elder Law topics such as Medicaid planning, estate and asset protection. Everybody has their own path to “golden years”. Unfortunately, this path has become more complex over the years. Our firm is proud to offer our clients customized planning and unique solutions. We are available to answer any questions you may have about your home, farm or real estate deeds. Click here for Their Explanation Medicaid Asset/protection Planning In St. Joseph Mo
Elder Law, a speciality practice that aids seniors in their legal matters, is new_paragraph. As we age, we are faced with many new issues, including housing, retirement, wealth transfer, and long-term nursing. Elder Law covers all of these issues and more.
Many elderly people fear losing their savings and home if they require long-term or nursing home care. They don’t want to be a burden to their children, family, and society.
Medicaid Asset/protection Planning In St. Joseph Mo
Brent has provided expert and thoughtful advice to thousands of families across Saint Joseph and Northwest Missouri, providing them with peace of heart. 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. It’s never too early for you to start planning for Medicaid, long-term or even short-term care. Many people don’t plan for long term care, and they are often misinformed about the process of Medicaid. Many families don’t know who is eligible for nursing home Medicaid planning or how it can benefit them or their family. It is important to find a skilled and dedicated Nursing Home Attorney who 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. Most of what people tell you about nursing facility Medicaid is not accurate.
Affordable Medicaid Asset/protection Planning In St. Joseph Mo
It is almost never too much too soon to plan.
Even if your loved one moves to a nursing facility, they can still be eligible for Medicaid assistance.
It is vital to understand legal protections available to the spouse and loved ones of nursing home residents. People often fear that their loved one or spouse will move into a nursing home, and they may lose their home and financial savings. 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
The 1988 “Spousal Impoverishment act” was passed by Congress. It was intended to prevent married people from having to give up all their assets in order to qualify for Medicaid nursing home Medicaid. The spouse who stays in the home (the “Community Spouse”) is allowed to keep some of their resources while the spouse who requires Medicaid (the”Institutionalized Spouse”) may receive benefits.
Congress established limits on how many assets the Community Spouse can retain if an Institutionalized Spouse is to be eligible to benefits. These limits are known as the Community Spouse Resource Allowance, (CSRA). The Missouri Community Spouse can retain $25,728 to $128,640.00 for 2020. This amount is adjusted for inflation each year and changes in the cost of living. Missouri Medicaid allows for a Division of Assets to be used to determine how much the Community Spouse is allowed 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 marital couple’s countable assets, which excludes very few assets that are exempt, are divided into two and each spouse is given their half. It doesn’t really matter who the asset belongs to, as the assets of both spouses are combined in determining the Division. This means that the spouse who has more assets than their spouse will see their assets decrease. 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.
Medicaid Asset/protection Planning In St. Joseph Mo – How to Choose
Consider John and Mary, a married couple, with $300,000 of financial assets. John suffers from dementia and requires nursing home services. 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 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. It is easy to see why 86% of spouses who survive are living below poverty line due to their spouse’s medical costs.
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. Avoid costly, unplanned spenddowns by using the right legal strategies and documents.
But what if planning wasn’t done in advance? Can all hope be lost? Is it all over? 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 always makes time to meet in person with clients before presenting or applying for a court appearance.
Best Medicaid Asset/protection Planning In St. Joseph Mo
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. Some people may require assistance in selling real estate without the help of a broker or agent.
To determine the best course of action, each family’s circumstances must be assessed. Do you think there are benefits to gifting your property to your kids now? What happens if your spouse requires long-term or nursing home care? Is a living estate the best option? What tax consequences will you face if your property is transferred? Are you allowed to finance the purchase of your property by an owner?
Brent has helped hundreds upon hundreds of families, over the years, make the right choice when it comes time to transfer a home or farm.
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.
Where to find Medicaid Asset/protection Planning In St. Joseph Mo
Administration of trusts
Brent is available to assist you in determining the best way of handling your affairs.
Brent Powers is a Saint Joseph, Missouri-based lawyer who has been practicing 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 the president of Saint Joseph Bar Association and volunteered for a number of community boards. He also participated in many events sponsored by Saint Joseph Bar Association to provide sound legal advice to people in need.
Brent is from Northwest Missouri, and he grew up near Saint Joseph.
He graduated from Central High School and received his undergraduate degree at the University of Missouri-Columbia. He then earned his law degree in 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 offer education, training, as well as a national network for expertise to assist senior citizens and those with special needs.