Where Can I Find Estate Planning For Disabled Persons 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
More Help
Click Site Medicaid Asset/protection Planning In St. Joseph Mo
We're here to assist you and your family in making informed decisions on Elder Law issues like estate planning, nursing home Medicaid planning, and asset protection. Our individual paths to our "golden year" are different. Unfortunately, it has become more difficult over the years. Our firm prides itself in providing customized solutions for our clients. Contact us today if you have questions concerning your home, farm and real estate deeds. Click here for Get The Facts
Elder Law
Elder Law is a specialist practice that offers senior citizens guidance and help with their legal needs. 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 includes these and many other areas that concern 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 wish to become a burden for their family or society.
Estate Planning For Disabled Persons In St. Joseph Mo
Brent's thoughtful and professional advice has given peace of mind for thousands of families in Saint Joseph, Northwest Missouri. 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 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 don’t plan for long term care, and they are often misinformed about the process of Medicaid. Many families do not know who is eligible and how planning for nursing home Medicaid can help their spouse or loved ones. 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 Estate Planning For Disabled Persons In St. Joseph Mo
It is almost never too much too soon to plan.
Even if your loved one moves to a nursing facility, they can still be eligible for Medicaid assistance.
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.
Many financial protections are available to elderly couples and individuals without jeopardizing Nursing Home Medicaid eligibility.
Estate Planning For Disabled Persons In St. Joseph Mo - Finding A Professional
Division of Assets
The 1988 "Spousal Impoverishment act" was passed by Congress. It was intended to prevent married people from having to give up all their assets in order to qualify for Medicaid nursing home Medicaid. As a result, the "Community Spouse", the spouse who remains at home, is allowed to keep a portion of their resources and the spouse who needs Medicaid (the “Institutionalized Spouse”) can get 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). Missouri's Community Spouse may retain at most $25,728 or $128.640.00. This amount will be adjusted each year for inflation or the cost to live. Missouri Medicaid allows for a Division of Assets to be used to determine how much the Community Spouse is allowed 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 spouses' countable assets (which does not include a small amount of assets that may be exempt) is divided into two. Each spouse gets their share. It doesn't matter who owns the asset; the entire couple's assets are considered when determining the Division Of Assets. This means that the spouse who has more assets than their spouse will see their assets decrease. To ensure everyone's protection, it is essential to work with an Elder Law lawyer during this process. According to a Wall Street Journal article, 86% live below poverty level because they have to pay for the care of their spouses.
Estate Planning For Disabled Persons In St. Joseph Mo - How to Choose
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 will give $300,000 to Mary as her CSRA, and $171,000.360 to John. John must be under $5,000 in order to qualify for Medicaid. John will tell his family to spend $166.360 of John's assets. 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 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. Avoid costly, unplanned spenddowns by using the right legal strategies and documents.
What if there was no planning? Are all your hopes lost? It is not 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 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.
Best Estate Planning For Disabled Persons In St. Joseph Mo
Real Estate / Deeds
As they age, people begin to consider how to best transfer their farmland, home, or other property to their loved ones. Others might need assistance selling real property without a broker.
To determine the best course of action, each family's circumstances must be assessed. Do you think there are benefits to gifting your property to your kids now? What happens if your spouse requires long-term or nursing home care? Is a living estate the best option? What tax consequences will you face if your property is transferred? Are you allowed to finance the purchase of your property by an owner?
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.
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.
Brent can help with additional advice and assistance, as well as helping you establish a suitable estate plan.
Where to find Estate Planning For Disabled Persons In St. Joseph Mo
Administration of trusts
Brent can help you decide the best way to manage your affairs.
Since 1980, Brent Powers has been practicing law in Saint Joseph and Northwest Missouri.
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 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 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 associations provide education, training and a network of expertise for members attorneys to help seniors and people with special requirements.
No comments:
Post a Comment