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G Brent Powers Law Office
3715 Beck Rd D-401, St Joseph, MO 64506
Q5QW+6R St Joseph, Missouri
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 itself on offering unique planning and solutions tailored to our clients’ needs. 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 Website Here
Elder Law is a specialty that helps seniors and provides guidance. 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 fear they might lose their home, savings and everything that they have worked so hard to earn. They don’t want their children, families, or society to feel like a burden.
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Brent has provided expert and thoughtful advice to thousands of families across Saint Joseph and Northwest Missouri, providing them with peace of heart. 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 unaware of the benefits of Medicaid and have not planned for it. Many families don’t know who is eligible, or how they can benefit from nursing home Medicaid planning. It is important to select a Nursing home Attorney with extensive experience who is dedicated to helping families.
With his expertise in nursing home Medicaid planning, Brent has helped families across the community save thousands of dollars. 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.
Your loved one may still be eligible to receive Medicaid assistance after they have moved into a nursing care facility.
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. 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.
Many financial protections are available to elderly couples and individuals without jeopardizing Nursing Home Medicaid eligibility.
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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. As a result, the “Community Spouse”, the spouse who remains at home, is allowed to keep a portion of their resources and the spouse who needs Medicaid (the “Institutionalized Spouse”) can get 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. 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. 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 spouses’ countable assets (which does not include a small amount of assets that may be exempt) is divided into two. Each spouse gets their share. 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 assets of the spouse with significantly more assets will be reduced. 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 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 be under $5,000 in order 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. 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. To avoid an expensive and regrettable situation, it is important to prepare the right legal documents and strategies.
What if you didn’t plan ahead? 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 takes the time to meet clients face-to-face before appearing in court.
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Real Estate / Deeds
As they age, people think about how to best transfer their house, farmland, and other properties to loved ones. 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. Is there a benefit to gifting property to children now? What happens if your spouse requires long-term or nursing home care? Is a living estate the best option? 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 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 should take into consideration your and your family’s unique needs and assets. Only then will we be able to determine the right documents and strategies that can be used to make sure your planning is as effective as possible.
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 was a lawyer in Saint Joseph 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 was president of Saint Joseph Bar Association.
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 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.