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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 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. Our individual paths to our “golden year” are different. Unfortunately, it has become more difficult over the years. Our firm is proud to offer our clients customized planning and unique solutions. If you have any questions regarding your farm, home, real estate deeds or power of attorney, trusts and wills, probate vs. unprobate transfer, long-term care, or trusts vs. Wills, please contact our firm today.
Elder Law, a speciality practice that aids seniors in their legal matters, is new_paragraph. As we get older, we have to deal with many different issues. Elder Law includes these and many other areas that concern the elderly.
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.
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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. Over 30 years of experience in working with senior citizens to create estate plans, real property transfers, deeds.
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 plan for long term care, and they are often misinformed about the process of Medicaid. Many families do not know who is eligible and how planning for nursing home Medicaid can help their spouse or loved ones. It is important that you choose a Nursing Home Attorney who has the experience and is dedicated helping families.
Brent has helped many families save thousands of dollar through 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. Most of what you hear from others about nursing home Medicaid are well-meaning, but they are almost always wrong.
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It’s almost never too early or too late 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 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. In most cases, we can guarantee that this will not happen.
Numerous financial safeguards can be provided for seniors and couples, 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 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 also known as the Community Spouse Resource Allowance. Missouri law allows the Community Spouse to keep at least $25728 for 2020, up to a maximum $128 640.00. This amount is adjusted for inflation each year and changes in the cost of living. Missouri Medicaid’s Division of Assets process determines the maximum amount that the Community Spouse may keep.
The Division of Assets starts on the day the Medicaid applicant is admitted for at least 30 consecutive nights to a hospital/nursing facility. 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. It doesn’t matter who owns the asset; the entire couple’s assets are considered when determining the Division Of Assets. 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. According to a Wall Street Journal article, 86% live below poverty level because they have to pay for the care of 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 that $5,000 to be eligible for Medicaid. The family will be asked to spend $166,360 on assets that John has been attributed. John and Mary will be required to spend 55% of the savings they have made in order to qualify 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.
But what if planning wasn’t done in advance? Are all your hopes lost? The good news is that the answer to this question is “no”. Mary can retain most of her financial assets, even if John is incapacitated. Mary could use a “Marital Medicaid Compliance Annuity” to help her. G Brent Powers has both the expertise and experience to ensure Mary’s safety and prevent her from becoming homeless.
Brent is always available to meet with clients before they apply or appear 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 need assistance with selling property without the aid of a broker.
Each family’s situation should be evaluated in order to determine the best course. 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? A living trust is the best choice? What tax implications will a transfer of property have? Do you need to borrow money from the owner in order to sell your property?
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 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.
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.
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.
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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 was a lawyer in Saint Joseph 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 a native Missourian and grew-up in 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 member of both the National Academy of Elder Law Attorneys as well as the National Organization of Social Safety Claimants Representatives.
These national organizations offer education, training, as well as a national network for expertise to assist senior citizens and those with special needs.