Nursing Home Medicaid St. Joseph Mo – How To Find A Professional Good Company
Where Can I Find Nursing Home Medicaid 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
We are here to help you, your family, make informed decisions and plan on Elder Law topics such as Medicaid planning, estate and asset protection. Each person has a different path to reach their “golden years”, which unfortunately has become increasingly complicated over time. Our firm prides itself in providing customized solutions for our clients. We are available to answer any questions you may have about your home, farm or real estate deeds. Click here for Click Here Now
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 covers all of these issues and more.
Many elderly citizens worry that they will lose their home and savings if they are in need of long-term nursing home care. They don’t want the burden of being a burden on their families 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. Over 30 years of experience in working with senior citizens to create estate plans, real property transfers, deeds.
Brent will be happy to discuss Elder Law with you and help you develop a plan.
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, or how they can benefit from nursing home Medicaid planning. It is crucial to hire a nursing home attorney who has experience and is committed to helping families.
Through effective nursing home Medicaid planning Brent has helped many families in our community save hundreds of thousands of dollars. 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.
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It’s almost never too early or too late to plan.
Your loved one may still be eligible to receive Medicaid assistance after they have moved into a nursing care facility.
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. In most cases, we can guarantee that this will not happen.
There are many financial safeguards available for couples and elderly without jeopardizing Nursing Home Medicaid eligibility.
Nursing Home Medicaid 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). The Missouri Community Spouse can retain $25,728 to $128,640.00 for 2020. This amount will be adjusted each year for inflation or the cost to live. 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 takes effect on the first day of the Medicaid applicant’s admission to a hospital/nursing house for at minimum 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 assets will be reduced for the spouse with more assets. This is why it is important to work with an Elder Law attorney to ensure everyone’s best interests are protected. The Wall Street Journal recently reported that 86% widows don’t have enough income to cover the costs of caring for 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 is going to allocate $300,000 in financial assets, and attribute $128.640 to Mary (as her CSRA) and $171.360 to John. John must have less $5,000 to qualify for Medicaid. The family will be asked to spend $166,360 on assets that John has been attributed. John and Mary will then be asked to spend 55% on their savings in order for John to become eligible for Medicaid. If the Community Spouse’s assets are reduced by this amount, it’s easy to see how 86% end up living below poverty due to their spouse’s health care expenses.
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. Avoid costly, unplanned spenddowns by using the right legal strategies and documents.
What if there was no planning? Can all hope be lost? The good news is that the answer to this question 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 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 people age, they start to think about how to transfer their property, farmland or other assets to their loved ones. Some people may require assistance in selling real estate without the help of a broker or agent.
Each family’s situation should be evaluated in order to determine the best course. Is it possible to gift property to your children right away? What happens if your spouse requires long-term or nursing home care? What living trust would be the best? What are the tax implications of transferring property? 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 means maintaining control of your assets while living, continuing to provide for your care and your loved ones, even if incapacitated or disabled, distributing your property after your death to whom you want, when you want and the way you want at the lowest overall 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.
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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 was a lawyer in Saint Joseph 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 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 training, education, and a national network to support senior citizens and persons with special needs.