Medicaid Trust In St. Joseph Mo – Wise Tips On How To Choose
Where Can I Find Medicaid 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. 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 Read More Medicaid 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 covers all of these issues and more.
Many seniors fear that they may lose their home, savings, or everything they have worked for all their lives if they need nursing home or long-term care. They don’t want their children, families, or society to feel like a burden.
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Brent’s thoughtful and professional advice has given peace of mind for thousands of families in Saint Joseph, Northwest Missouri. He has more than 30 years’ experience working with clients to design estate plans and real estate transfers.
Brent is available to help you understand Elder Law and create a plan for your future.
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 that you choose a Nursing Home Attorney who has the experience and is dedicated helping families.
Many families have saved thousands of dollars by using Brent’s effective nursing home Medicaid planning. Brent is a licensed nursing home lawyer and would like to share some key points about Medicaid. Most of what people tell you about nursing facility Medicaid is not accurate.
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It is almost never too late or too early to plan.
You can still get Medicaid assistance for your loved one even if they move to a nursing home.
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. We can almost always insure that this won’t happen to you.
Numerous financial safety nets are available for both couples and seniors without jeopardizing Nursing Home Medicaid eligibility.
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Division of Assets
The “Spousal Impoverishment” Act was passed by Congress in 1988. It was intended to prevent married couples from having to spend all their assets before one spouse is eligible 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.
Congress set limits on the assets that the Community Spouse may retain if the Institutionalized Spouse becomes eligible for benefits. These limits are often referred as the Community Spouse Resource Allowance or CSRA. The Missouri Community Spouse can retain $25,728 to $128,640.00 for 2020. This amount is adjusted every year to reflect inflation and costs of living. 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 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 matter which spouse owns the asset. The couple’s assets will be combined to determine the Division of Assets. This means that the assets of the spouse with significantly more assets will be reduced. This is why it is important to work with an Elder Law attorney to ensure everyone’s best interests are protected. According to the Wall Street Journal, 86% are living below the poverty level due to having to pay for their spouse’s care costs.
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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 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 then be asked to spend 55% on their savings in order for John to become 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 won’t have to use any of the savings they have if they do their planning in a timely manner with the help and assistance of G. Brent Powers (Medical Asset Protection attorney). Avoid costly, unplanned spenddowns by using the right legal strategies and documents.
But what if the planning was not perfected in time? Are all your hopes lost? Is it all over? 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 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 get older, many people start to think about how to transfer their home, farmland and other properties to their loved one or others. Others may need assistance with selling property without the aid of a broker.
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 is in need of long-term nursing home or long-term care? A living trust is the best choice? How do you tax the transfer of your property? Can the property owner finance its sale?
Over the years, Brent has helped many families make the right decisions when it comes to transferring their home, farm, and business properties.
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.
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Administration of trusts
Brent will help you to determine the best method to manage your affairs.
Brent Powers has been a practicing lawyer in Saint Joseph, Missouri and Northwest Missouri 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 and grew-up in Saint Joseph.
He graduated from Central High School and received his undergraduate degree at the University of Missouri-Columbia. He then earned his law degree in 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 organizations provide education and training as well as a network of experts for member attorneys in order to assist seniors and people with special disabilities.