Medicaid Asset/protection Planning In St. Joseph Mo - How To Choose The Right One

Published Oct 19, 21
7 min read

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
18162330257
https://gbrentpowerslaw.com/

Medicaid Asset/protection Planning In St. Joseph Mo



Medicaid Asset/protection Planning In St. Joseph Mo 

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 itself in providing customized solutions for our clients. 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 Why Not Find Out More Medicaid Asset/protection Planning In St. Joseph Mo

Elder Law

Elder Law is a specialist practice that offers senior citizens guidance and help with their legal needs. 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 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 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. 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. 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 not planning for long-term health care and are frequently misinformed on how Medicaid works. 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. While the majority of information about nursing home Medicaid is good-intentioned, it is almost always inaccurate.

Affordable Medicaid Asset/protection Planning In St. Joseph Mo

It's almost never too early or too late to plan.

Even if your loved one moves to a nursing facility, they can still be eligible for Medicaid assistance.

Medicaid Asset/protection Planning In St. Joseph MoIt's crucial to know the legal protections and strategies available for the spouse and their family members of a resident in a nursing home. People often fear that their loved one or spouse will move into a nursing home, and they may lose their home and financial savings. This is almost impossible to prevent in most cases.

Numerous financial safety nets are available for both couples and seniors without jeopardizing Nursing Home Medicaid eligibility.

Medicaid Asset/protection Planning In St. Joseph Mo - Finding A Professional

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.

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 also known as the Community Spouse Resource Allowance. Missouri's Community Spouse may retain at most $25,728 or $128.640.00. 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 begins on the day that the Medicaid applicant is admitted to a hospital or nursing home for at most 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 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 the Wall Street Journal, 86% of widows are below the poverty line due to the cost of caring for their spouses.

Medicaid Asset/protection Planning In St. Joseph Mo - How to Choose

People Also Asked:

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Let's say John and Mary have $300,000. John has dementia and needs nursing home care. The Medicaid caseworker will give $300,000 to Mary as her CSRA, and $171,000.360 to John. John must also have less than $5,000 to be eligible. John's assets will be credited to the family and they will be required 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 will not have to spend down any of their life savings if they plan properly and promptly with the help of G. Brent Powers, a qualified Medicaid Asset Protection lawyer. Avoid costly, unplanned spenddowns by using the right legal strategies and documents.

What if there was no planning? Do you think all is 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.

Best Medicaid Asset/protection Planning In St. Joseph Mo

Real Estate / Deeds

As they age, people think about how to best transfer their house, farmland, and other properties to loved ones. Some people may require assistance in selling real estate without the help of a broker or agent.

Medicaid Asset/protection Planning In St. Joseph MoG. Brent PowersTo find the best path for each family, it is important to assess their individual circumstances. Do you think there are benefits to gifting your property to your kids now? What happens if your spouse is in need of long-term nursing home or long-term care? Is a living estate the best option? What tax consequences will you face if your property is transferred? Can the property owner finance its sale?

Brent has assisted hundreds of families over the years to make the right decision when they are transferring a house, farm, or other property.

Estate Planning

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.

Proper planning requires that we consider the unique needs of your family and their assets. Only then, can we decide which documents and strategies are needed to make your planning work.

Brent can help with additional advice and assistance, as well as helping you establish a suitable 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.

Brent Powers has been a practicing lawyer in Saint Joseph, Missouri and Northwest Missouri 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 the president of Saint Joseph Bar Association and volunteered for a number of community boards. He also participated in many events sponsored by Saint Joseph Bar Association to provide sound legal advice to people in need.

Brent is a native Missourian who grew up in Saint Joseph.

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 organizations offer training, education, and a national network to support senior citizens and persons with special needs.

 

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