Where Can I Find Nursing Home Medicaid 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
We’re here to assist you and your family in making informed decisions on Elder Law issues like estate planning, nursing home Medicaid planning, and asset protection. Each person has a different path to reach their “golden years”, which unfortunately has become increasingly complicated over time. 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 Clicking Here
Elder Law is a special practice that assists seniors with their legal issues. As we age, many issues arise that are not common in our younger years. These include housing, long-term care, wealth transfers and retirement. 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 want their children, families, or society to feel like a burden.
Nursing Home Medicaid St. Joseph Mo
Brent’s thoughtful and professional advice has given peace of mind for thousands of families in Saint Joseph, Northwest Missouri. Over 30 years of experience in working with senior citizens to create estate plans, real property transfers, deeds.
Brent is available to help you understand Elder Law and create a plan for your future.
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 are not planning for long-term health care and are frequently misinformed on how Medicaid works. Many families don’t know who is eligible, or how they can benefit from nursing home Medicaid planning. It is important to find a skilled and dedicated Nursing Home Attorney who is committed to helping families.
With his expertise in nursing home Medicaid planning, Brent has helped families across the community save thousands of dollars. Brent, as a Nursing Home Lawyer, would recommend the following key points regarding Medicaid:Brent, a lawyer for nursing homes, has some tips to help you remember the basics of Medicaid. Most of what you hear from others about nursing home Medicaid are well-meaning, but they are almost always wrong.
Affordable Nursing Home Medicaid St. Joseph Mo
It is almost never too soon or too late for planning.
You can still get Medicaid assistance for your loved one even if they move to a nursing home.
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. Many people fear losing their home and savings if the spouse or loved one is forced to move to a senior living facility. In most cases, we can guarantee that this will not happen.
There are many financial safeguards available for couples and elderly without jeopardizing Nursing Home Medicaid eligibility.
Nursing Home Medicaid 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 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). 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 is calculated the first day a Medicaid applicant is admitted into a hospital/nursing home for at least 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. 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% are living below the poverty level due to having to pay for their spouse’s care costs.
Nursing Home Medicaid St. Joseph Mo – How to Choose
As an example, suppose John and Mary are married and have $300,000 in assets. John is demented and needs nursing home care. The Medicaid caseworker is going to allocate $300,000 in financial assets, and attribute $128.640 to Mary (as her CSRA) and $171.360 to John. John must have less $5,000 to qualify for Medicaid. The family will be asked to spend $166,360 on assets that John has been attributed. John and Mary will be told that John must spend 55% their lives’ savings before John can apply for Medicaid. This reduction in assets means that 86% surviving spouses are at risk of living below the poverty level due to the spouse’s medical bills.
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. You can avoid an unpleasant and costly situation by making sure you have the right legal strategies in place.
What if there was no planning? All hope is lost It is not over. 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 the knowledge and expertise required to ensure Mary’s financial security.
Brent is always available to meet with clients before they apply or appear in court.
Best Nursing Home Medicaid St. Joseph Mo
Real Estate / Deeds
As they age, people begin to consider how to best transfer their farmland, home, or other property to their loved ones. Others may need assistance with selling property without the aid of a broker.
Every family’s situation must be assessed to determine the best course of action. Do you think there are benefits to gifting your property to your kids now? What happens if your spouse is in need of long-term nursing home or long-term care? What living trust would be the best? 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 assisted many families to make the right decisions in transferring their homes, farms, or businesses over the years.
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.
Where to find Nursing Home Medicaid St. Joseph Mo
Administration of trusts
Brent will help you to determine the best method to manage your affairs.
Brent Powers was a lawyer in Saint Joseph 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 has been president of Saint Joseph Bar Association.
Brent is a native Missourian who grew up in Saint Joseph.
He graduated from Central High School. He received his undergraduate and law degrees at the University of Missouri.
He is an active member of the National Academy of Elder Law Attorneys
These national organizations offer education, training, as well as a national network for expertise to assist senior citizens and those with special needs.