Estate Planning For Disabled Persons In St. Joseph Mo – 7 Questions To Ask
Where Can I Find Estate Planning For Disabled Persons 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 Estate Planning For Disabled Persons In St. Joseph Mo
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. Every person is on a unique journey towards their “golden” years. Unfortunately, the process has become more complicated with each passing year. Our firm prides themselves on providing unique solutions and planning that are tailored to each client’s needs. Contact us today if you have questions concerning your home, farm and real estate deeds. Click here for More Hints Estate Planning For Disabled Persons 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 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 the burden of being a burden on their families or 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 is available to help you understand Elder Law and create a plan for your future.
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 can be eligible for Medicaid or how their spouse and family can benefit from it. It is important that you choose a Nursing Home Attorney who has the experience and is dedicated helping families.
Many families have saved thousands of dollars by using Brent’s effective nursing home Medicaid planning. Brent is a licensed nursing home lawyer and would like to share some key points 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 is almost never too much too soon to plan.
You can still get Medicaid assistance for your loved one even if they move to a nursing home.
It is crucial to be aware of legal protections and strategies that are available for the spouse or family member of a resident at a nursing facility. Many people fear losing their home and savings if the spouse or loved one is forced to move to a senior living facility. We can almost always insure that this won’t happen to you.
Many financial protections are available to elderly couples and individuals 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 “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 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 requires that a Division of Assets Application be completed in order to determine what amount the Community Spouse will be permitted to keep.
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. 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. This is why it is important to work with an Elder Law attorney to ensure everyone’s best interests 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, suppose John and Mary are married and have $300,000 in assets. John is demented and needs 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. 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 don’t have any need to spend their entire life savings if they are able to plan well and get the advice of an experienced Medicaid Asset Protection attorney, such as G. Brent Powers. Avoid costly, unplanned spenddowns by using the right legal strategies and documents.
What if you didn’t plan ahead? Can all hope be 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 is a professional with the necessary experience and expertise to make sure Mary doesn’t become homeless.
Brent always makes time to meet in person with clients before presenting or applying for a court appearance.
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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. Some people may require assistance in selling real estate without the help of a broker or agent.
Every family’s situation must be assessed to determine the best course of action. 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? What is the best option? How do you tax the transfer of your property? Can the property owner finance its sale?
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 is about maintaining control over your assets while you live, continuing to provide care for your loved ones even if you are incapacitated or disable, and distributing your property after you die to who you want, when and how you want it, at the lowest possible 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.
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Administration of trusts
Brent can help you decide the best way to manage your affairs.
Brent Powers is a Saint Joseph, Missouri-based lawyer who has been practicing since 1980.
Although he began his career in the courtroom as a trial advocate, he changed to Elder Law due to the need of his parents, his older clients, and numerous referrals.
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 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 offer education, training, as well as a national network for expertise to assist senior citizens and those with special needs.