Special Needs Trust In St. Joseph Mo – Blog Post – Tips For Finding
Where Can I Find Special Needs Trust 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
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Special Needs Trust 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. Click here for Read The Full Info Here Special Needs Trust In St. Joseph Mo
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 covers these and many other concerns that elderly people face.
Many elderly citizens fear they might lose their home, savings and everything that they have worked so hard to earn. They don’t wish to become a burden for their family or society.
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Brent’s thoughtful and professional advice has given peace of mind for thousands of families in Saint Joseph, 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 will help you to create an Elder Law plan. Call Brent today.
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 unaware of the benefits of Medicaid and have not planned for it. Many families don’t know who is eligible for nursing home Medicaid planning or how it can benefit them or their family. It is crucial to hire a nursing home attorney who has experience and is committed to helping families.
Many families have saved thousands of dollars by using Brent’s 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 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 is important to understand the legal strategies and protections for spouses and families of residents in nursing homes. People fear losing their home or life savings if their spouse/loved one moves into a nursing facility. We can almost always insure that this won’t happen to you.
Numerous financial safeguards can be provided for seniors and couples, 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. The “Community Spouse” can retain a portion of the couple’s resources while the “Institutionalized Spouse”, who is eligible for Medicaid, can receive benefits.
The law also established limits on the assets the Community Spouse can retain, if the Institutionalized Spouse will be eligible for benefits. These limits are often referred to as Community Spouse Resource Allowances (CSRA). Missouri’s 2020 Community Spouse Resource Allowance (CSRA) allows for a minimum of $25,728 and a maximum amount of $128.640.00. This amount is adjusted each year for inflation and the cost 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 begins on the day that the Medicaid applicant is admitted to a hospital or nursing home for at most 30 consecutive days. The couple’s countable assets are divided into 2 with each spouse receiving their one-half. 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. To ensure everyone’s protection, it is essential to work with an Elder Law lawyer during this process. 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 give $300,000 to Mary as her CSRA, and $171,000.360 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 required to spend 55% of the savings they have made in order to qualify 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 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. It is crucial to plan ahead and use the correct legal documents and strategies to avoid a costly and embarrassing situation.
But what if the planning was not perfected in time? Can all hope be lost? Is it all 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 both the expertise and experience to ensure Mary’s safety and prevent her from becoming homeless.
Brent makes every effort to meet with clients personally before he applies or appears 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 might need assistance selling real property without a broker.
To find the best path for each family, it is important to assess their individual circumstances. 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? 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 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 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 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.
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, having grew to be a Saint Josephian.
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.