Medicaid Planning In St. Joseph Mo - Blog Post - Tips For Finding

Published Oct 19, 21
7 min read

Where Can I Find Medicaid 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 Planning In St. Joseph Mo



Medicaid Planning In St. Joseph Mo 

We want to help you and your loved ones make informed decisions about Elder Law issues, such as estate planning and nursing home Medicaid 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. We are available to answer any questions you may have about your home, farm or real estate deeds. Click here for Check It Out Medicaid Planning In St. Joseph Mo

Elder Law

Elder Law is a special practice that assists seniors with their legal issues. As we age, many issues arise that are not common in our younger years. These include housing, long-term care, wealth transfers and retirement. Elder Law covers these and many other concerns that elderly people face.

Many elderly citizens fear they might lose their home, savings and everything that they have worked so hard to earn. They don't want their children, families, or society to feel like a burden.

Medicaid 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 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 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 important that you choose a Nursing Home Attorney who has the experience and is dedicated helping families.

Brent has helped many families save thousands of dollar through effective nursing home Medicaid planning. Brent is a licensed nursing home lawyer and would like to share some key points about Medicaid. While the majority of information about nursing home Medicaid is good-intentioned, it is almost always inaccurate.

Affordable Medicaid Planning In St. Joseph Mo

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.

Medicaid 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 fear losing their home or life savings if their spouse/loved one moves into a nursing facility. We are able to insure that you will be safe in almost all instances.

Numerous financial safeguards can be provided for seniors and couples, without jeopardizing Nursing Home Medicaid eligibility.

Medicaid 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 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 established limits on how many assets the Community Spouse can retain if an Institutionalized Spouse is to be eligible to 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 is adjusted every year to reflect inflation and costs of living. Missouri Medicaid's Division of Assets process determines the maximum amount that the Community Spouse may 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. 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 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% are living below the poverty level due to having to pay for their spouse's care costs.

Medicaid Planning In St. Joseph Mo - How to Choose

People Also Asked:

  • What is the difference between will and estate planning?
  • What is involved in estate planning?
  • When should I start estate planning?
  • Can I do my own estate planning?
  • What should you never put in your will?
  • Is it better to have a will or a trust?
  • What are the disadvantages of a trust?
  • Do I need a will or an estate plan?
  • How much should I expect to pay for estate planning?
  • How do I protect my assets from nursing home?
  • At what age should you set up a trust?
  • At what age should you create a trust?
  • Can I put my house in a trust without a lawyer?
  • Do I need a lawyer for a living trust?
  • What's the difference between a will and a living trust?
  • Who you should never put in your will?
  • Can I leave my house to someone in my will?
  • Who you should never name as beneficiary?
  • Do I need a will if I have no assets?

Consider John and Mary, a married couple, with $300,000 of financial assets. John suffers from dementia and requires nursing home services. The Medicaid caseworker assigns the $300,000 worth of financial assets to Mary, who will then CSRA $128,640 and John $171,360. 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 then be asked to spend 55% on their savings in order for John to become eligible 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 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. You can avoid an unpleasant and costly situation by making sure you have the right legal strategies in place.

What if there was no planning? All hope is lost Is it all over? Mary can retain most of her financial assets, even if John is incapacitated. Mary could use a "Marital Medicaid Compliance Annuity" to help her. G Brent Powers is a professional with the necessary experience and expertise to make sure Mary doesn't become homeless.

Brent makes every effort to meet with clients personally before he applies or appears in court.

Best Medicaid 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. Others might need assistance selling real property without a broker.

Medicaid Planning In St. Joseph MoG. Brent PowersEvery family's situation must be assessed to determine the best course of action. Do you think there are benefits to gifting your property to your kids now? What happens if you need long-term care or nursing facility care? What living trust would be the best? What tax implications will a transfer of property have? Are you allowed to finance the purchase of your property by an owner?

Over the years, Brent has helped many families make the right decisions when it comes to transferring their home, farm, and business properties.

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.

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.

Brent can also help you to create a proper estate plan.

Where to find Medicaid 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 was a lawyer in Saint Joseph since 1980.

His career started as a trial-lawyer. But, due to the needs of his parents and many referrals, he transitioned into Elder Law, Medicaid nursing facility planning and Division of Assets.

He has been president of Saint Joseph Bar Association.

Brent is from Northwest Missouri, and he grew up near 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 an active member of the National Academy of Elder Law Attorneys

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

 

Related Searches Include:
  • Estate Planning
  • Estate Plan
  • Estate Taxes
  • Beneficiary Designations
  • Real Estate Lawyer
  • Real Estate
  • Family Members
  • Probate Court
  • Living Trust
  • Estate Tax
  • Minor Children
  • Life Insurance
  • Estate Planner
  • Loved Ones
  • Estate Planning Attorney
  • Many People
  • Estate Attorney
  • Tax Advisor
  • Tax Advice
  • Inheritance Taxes
  • Federal Estate Tax
  • Inheritance Tax
  • Helpful Guides
  • Real Estate Lawyers
  • Durable Power
  • United States
  • Beneficiary Designation
  • Retirement Plans
  • Probate Process
  • Financial Advisor

Navigation

Home