Special Needs Trust In St. Joseph Mo – Tips On Finding A Good Company
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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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. 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. We are available to answer any questions you may have about your home, farm or real estate deeds. Click here for Additional Reading Special Needs Trust In St. Joseph Mo
Elder Law, a speciality practice that aids seniors in their legal matters, is new_paragraph. As we age, we are faced with many new issues, including housing, retirement, wealth transfer, and long-term nursing. 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 the burden of being a burden on their families or society.
Special Needs Trust In St. Joseph Mo
Brent’s thoughtful and professional advice has given peace of mind for thousands of families in Saint Joseph, Northwest Missouri. His experience includes over 30 years working with seniors to create estate plans, estate transfers, powers of attorney, trusts, and other legal requirements.
Brent will help you to create an Elder Law plan. Call Brent today.
Nursing Home Medicaid Planning. It’s never too late to begin planning for Medicaid and long term 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 can be eligible for Medicaid or how their spouse and family can benefit from it. It is important to select a Nursing home Attorney with extensive experience who is dedicated 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. While most of the information you hear about nursing home Medicaid is accurate, it’s almost always incorrect.
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It is almost never too late or too early to plan.
Even if your loved one moves to a nursing facility, they can still be eligible for Medicaid assistance.
It is important to understand the legal strategies and protections for spouses and families of residents in nursing homes. 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.
Numerous financial safeguards can be provided for seniors and couples, without jeopardizing Nursing Home Medicaid eligibility.
Special Needs Trust In St. Joseph Mo – Finding A Professional
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 spouse who stays in the home (the “Community Spouse”) is allowed to keep some of their resources while the spouse who requires Medicaid (the”Institutionalized Spouse”) may 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 as the Community Spouse Resource Allowance or CSRA. Missouri’s Community Spouse may retain at most $25,728 or $128.640.00. This amount is adjusted for inflation each year and changes in the cost of living. The Division of Assets is the process Missouri Medicaid uses to determine the amount that the Community Spouse can keep within the range.
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 couple’s countable assets are divided into 2 with each spouse receiving their one-half. 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. To ensure everyone’s protection, it is essential to work with an Elder Law lawyer during this process. According to a Wall Street Journal article, 86% live below poverty level because they have to pay for the care of 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 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. John’s assets must be paid down by the family, who will then have to spend $166.360. 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. To avoid an expensive and regrettable situation, it is important to prepare the right legal documents and strategies.
But what if the planning was not perfected in time? Do you think all is lost? The good news is that the answer to this question is “no”. Mary could still retain nearly all her assets through the use of a “Marital Medicaid compliant Annuity”, even though John is currently in a nursing home. G Brent Powers is a professional with the necessary experience and expertise to make sure Mary doesn’t become 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 determine the best course of action, each family’s circumstances must be assessed. 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? What tax consequences will you face if your property is transferred? Are you allowed to finance the purchase of your property by an owner?
Brent has assisted many families to make the right decisions in transferring their homes, farms, or businesses over the years.
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.
Planning should consider the needs of you and your family. Only then can we identify and use the appropriate documents and strategies to ensure that your planning will be as successful as possible.
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 Special Needs Trust 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.
Since 1980, Brent Powers has been practicing law in Saint Joseph and Northwest Missouri.
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 president of Saint Joseph Bar Association.
Brent is from Northwest Missouri, and he grew up near Saint Joseph.
He is a Central High School grad, who received his undergraduate degree and his law degree from the University of Missouri, Kansas City.
He is a National Academy of Elder Law Attorneys member and the National Order of Social Security Claimsants’ Representatives.
These national associations provide education, training and a network of expertise for members attorneys to help seniors and people with special requirements.