Medicaid Planning In St. Joseph Mo – How To Find A Professional Good Company
Where Can I Find Medicaid 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
You Can Try This Out – Medicaid Planning In St. Joseph Mo
We want to help you and your loved ones make informed decisions about Elder Law issues, such as estate planning and nursing home Medicaid planning. 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 itself on offering unique planning and solutions tailored to our clients’ needs. Contact us today if you have questions concerning your home, farm and real estate deeds.
Elder Law is a specialty that helps seniors and provides guidance. As we get older, we have to deal with many different issues. 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 their children, families, or society to feel like a burden.
Medicaid Planning In St. Joseph Mo
With his thoughtful and skilled advice, Brent has brought peace of mind to thousands families in Saint Joseph and Northwest Missouri. 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 is never too early to plan for Medicaid or long term care. Many people are not planning for long-term health care and are frequently misinformed on how Medicaid works. Many families do not know who is eligible and how planning for nursing home Medicaid can help their spouse or loved ones. It is crucial to hire a nursing home attorney who has experience and is committed to helping families.
Brent has helped many families save thousands of dollar through effective nursing home Medicaid planning. 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 people tell you about nursing facility Medicaid is not accurate.
Affordable Medicaid Planning In St. Joseph Mo
It is almost never too late or too early to plan.
You can still get Medicaid assistance for your loved one even if they move to a nursing home.
It is vital to understand legal protections available to the spouse and loved ones of nursing home residents. People fear losing their home or life savings if their spouse/loved one moves into a nursing facility. This is almost impossible to prevent in most cases.
Numerous financial safety nets are available for both couples and seniors without jeopardizing Nursing Home Medicaid eligibility.
Medicaid Planning In St. Joseph Mo – Finding A Professional
Division of Assets
A 1988 law, commonly known as the “Spousal Impoverishment Law”, was passed by Congress. This law, which is often referred to as the “Spousal Impoverishment Bill”, was meant to prevent married couples having to lose all of their assets before one of them could qualify for 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 known as the Community Spouse Resource Allowance, (CSRA). Missouri’s Community Spouse may retain at most $25,728 or $128.640.00. This amount is adjusted every year to reflect inflation and costs 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 takes effect on the first day of the Medicaid applicant’s admission to a hospital/nursing house for at minimum 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 matter who owns the asset; the entire couple’s assets are considered when determining the Division Of Assets. This means that a spouse with significant assets will have their assets 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% are living below the poverty level due to having to pay for their spouse’s care costs.
Medicaid Planning In St. Joseph Mo – How to Choose
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 be under $5,000 in order to qualify for Medicaid. John will tell his family to spend $166.360 of John’s assets. John and Mary will be required to spend 55% of the savings they have made in order to qualify for Medicaid. A reduction of the assets of the Community Spouse of this magnitude will mean that 86% of the surviving spouses will live below the poverty line because of the spouse’s medical expenses.
John and Mary won’t have to use any of the savings they have if they do their planning in a timely manner with the help and assistance of G. Brent Powers (Medical Asset Protection attorney). You can avoid an unpleasant and costly situation by making sure you have the right legal strategies in place.
But what if the planning was not perfected in time? 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 has the knowledge and expertise required to ensure Mary’s financial security.
Brent always makes time to meet in person with clients before presenting or applying for a court appearance.
Best Medicaid 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. Others might need assistance selling real property without a broker.
Every family’s situation must be assessed to determine the best course of action. Is there a benefit to gifting property to children now? What happens if your spouse is in need of long-term nursing home or long-term care? A living trust is the best choice? How do you tax the transfer of your property? Are you allowed to finance the purchase of your property by an owner?
Over the years, Brent has helped many families make the right decisions when it comes to transferring their home, farm, and business properties.
Proper estate plan means maintaining control over your assets, continuing to provide for you and your loved ones even when you’re incapacitated, and distributing your property to the beneficiaries you desire at the lowest possible 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 assist you in setting up an appropriate estate plan.
Where to find Medicaid Planning In St. Joseph Mo
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 has been a practicing lawyer in Saint Joseph, Missouri and Northwest Missouri 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 has been president of Saint Joseph Bar Association.
Brent is a native Missourian, having grew to be a Saint Josephian.
He graduated from Central High School. He received his undergraduate and law degrees at the University of Missouri.
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 associations provide education, training and a network of expertise for members attorneys to help seniors and people with special requirements.