Where Can I Find Medicaid Asset Protection 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
18162330257
https://gbrentpowerslaw.com/
Medicaid Asset Protection In St. Joseph Mo
Medicaid Asset Protection 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 is proud to offer our clients customized planning and unique solutions. 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 View Publisher Site Medicaid Asset Protection In St. Joseph Mo
Elder Law
Elder Law is a special practice that assists seniors with their legal issues. 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 people fear losing their savings and home if they require long-term or nursing home care. They don't wish to become a burden for their family or society.
Medicaid Asset Protection In St. Joseph Mo
Brent has helped thousands of families in Saint Joseph and Northwest Missouri feel at ease with his expert and thoughtful advice. 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 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.
Through effective nursing home Medicaid planning Brent has helped many families in our community save hundreds of 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. 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 much too soon to plan.
Your loved ones can still receive Medicaid benefits even after they move into 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.
Medicaid Asset Protection 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. The spouse who lives in the home (the "Community Spouse") gets to keep some resources while the spouse with a need for Medicaid (the 'Institutionalized Spouse') can claim benefits.
Congress set limits on the assets that the Community Spouse may retain if the Institutionalized Spouse becomes eligible for benefits. These limits are known as the Community Spouse Resource Allowance, (CSRA). 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'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 marital couple's countable assets, which excludes very few assets that are exempt, are divided into two and each spouse is given their 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. Working with an Elder Law lawyer in this process is crucial in order to protect everyone's interests. According to the Wall Street Journal, 86% of widows are below the poverty line due to the cost of caring for their spouses.
Medicaid Asset Protection 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 give $300,000 to Mary as her CSRA, and $171,000.360 to John. John must have less that $5,000 to be eligible for Medicaid. John's assets must be paid down by the family, who will then have to spend $166.360. John and Mary will now be told to spend $55,360 of their savings each year before John is eligible 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 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.
But what if planning wasn't done in advance? Can all hope be lost? The answer is no. Mary could retain almost all of her financial assets by using a "Marital Medicaid Compliant Anuity". Even if John is in a nursing facility, Mary can still use the Annuity. 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 Asset Protection In St. Joseph Mo
Real Estate / Deeds
As they age, people begin to consider how to best transfer their farmland, home, or other property to their loved ones. Others may need assistance with selling property without the aid of a broker.
Every family's situation must be assessed to determine the best course of action. Is it possible to gift property to your children right away? What happens if your spouse is in need of long-term nursing home or long-term care? What is the best option? What are the tax implications of transferring property? Is it possible for the owner to finance the 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.
Estate Planning
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.
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.
Brent can assist you in setting up an appropriate estate plan.
Where to find Medicaid Asset Protection In St. Joseph Mo
Administration of trusts
Brent is available to assist you in determining the best way of handling your affairs.
Brent Powers is a Saint Joseph, Missouri-based lawyer who has been practicing since 1980.
His career began as a trial attorney. However, due to his parents' needs and the many referrals, he moved to Elder Law, Medicaid nursing homes planning and Division of Assets.
He was president of Saint Joseph Bar Association.
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 member of National Academy of Elder Law Attorneys, and the National Organisation of Social Security Claimants’ Representatives.
These national associations provide education, training and a network of expertise for members attorneys to help seniors and people with special requirements.
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