Medicaid Asset/protection Planning In St. Joseph Mo – Wise Tips On How To Choose
Where Can I Find Medicaid Asset/protection 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
Click For Info – Medicaid Asset/protection Planning In St. Joseph Mo
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 on offering unique planning and solutions tailored to our clients’ needs. We are available to answer any questions you may have about your home, farm or real estate deeds.
Elder Law is a specialty that helps seniors and provides guidance. As we get older, there are many more issues that we face than we did when we were younger. These include long-term care, housing, retirement and wealth transfers. Elder Law covers all of these issues and more.
Many elderly citizens fear they might lose their home, savings and everything that they have worked so hard to earn. They don’t want to be a burden to their children, family, and society.
Medicaid Asset/protection Planning In St. Joseph Mo
Brent has provided expert and thoughtful advice to thousands of families across Saint Joseph and Northwest Missouri, providing them with peace of heart. Over 30 years of experience in working with senior citizens to create estate plans, real property transfers, deeds.
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 don’t plan for long term care, and they are often misinformed about the process of Medicaid. Many families don’t know who is eligible, or how they can benefit from nursing home Medicaid planning. It is important to find a skilled and dedicated Nursing Home Attorney who is committed to helping families.
Brent has helped many families save thousands of dollar through 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 people tell you about nursing facility Medicaid is not accurate.
Affordable Medicaid Asset/protection Planning In St. Joseph Mo
It is almost never too soon or too late for planning.
Your loved ones can still receive Medicaid benefits even after they move into a nursing home.
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 can almost always insure that this won’t happen to you.
There are many financial safeguards available for couples and elderly without jeopardizing Nursing Home Medicaid eligibility.
Medicaid Asset/protection 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. 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 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 will be adjusted each year for inflation or the cost to live. Missouri Medicaid requires that a Division of Assets Application be completed in order to determine what amount the Community Spouse will be permitted 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 marital couple’s countable assets, which excludes very few assets that are exempt, are divided into two and each spouse is given their half. The Division of Assets does not consider the assets of any one of the spouses. Instead, all assets of the couple are combined. This means that assets will be reduced for the spouse with more assets. 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 a Wall Street Journal article, 86% live below poverty level because they have to pay for the care of their spouses.
Medicaid Asset/protection 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 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 now be told to spend $55,360 of their savings each year before John is eligible 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 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. You can avoid an unpleasant and costly situation by making sure you have the right legal strategies in place.
What if you didn’t plan ahead? Are all your hopes lost? The answer 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 has all the experience and expertise necessary to ensure Mary is not left behind.
Brent always makes time to meet in person with clients before presenting or applying for a court appearance.
Best Medicaid Asset/protection Planning In St. Joseph Mo
Real Estate / Deeds
As people age, they start to think about how to transfer their property, farmland or other assets 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 there a benefit to gifting property to children now? What happens when you or your spouse need long-term, or nursing home care. Is a living estate the best option? What tax consequences will you face if your property is transferred? Do you need to borrow money from the owner in order to sell your property?
Brent has assisted hundreds of families over the years to make the right decision when they are transferring a house, farm, or other property.
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.
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 Medicaid Asset/protection Planning In St. Joseph Mo
Administration of trusts
Brent is available to assist you in determining the best way of handling your affairs.
Since 1980, Brent Powers has been practicing law in Saint Joseph and Northwest Missouri.
Although he started his career as a trial lawyer, he was forced to change to Elder Law and Medicaid nursing home planning.
He was 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 an active member of the National Academy of Elder Law Attorneys
These national associations provide education, training and a network of expertise for members attorneys to help seniors and people with special requirements.