Medicaid Trust In St. Joseph Mo - Wise Tips On How To Choose

Published Oct 19, 21
7 min read

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
18162330257
https://gbrentpowerslaw.com/

Medicaid Trust In St. Joseph Mo



Medicaid Trust 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 itself in providing customized solutions for our clients. We are available to answer any questions you may have about your home, farm or real estate deeds. Click here for Look Here Medicaid Trust In St. Joseph Mo

Elder Law

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 addresses these and other issues that affect the elderly.

Many elderly people fear losing their savings and home if they require long-term or nursing home care. They don’t want the burden of being a burden on their families or society.

Medicaid Trust In St. Joseph Mo

With his thoughtful and skilled advice, Brent has brought peace of mind to thousands families in Saint Joseph and 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 is available to help you understand Elder Law and create a plan for your future.

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 don't know who is eligible for nursing home Medicaid planning or how it can benefit them or their family. 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. 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 most of the information you hear about nursing home Medicaid is accurate, it's almost always incorrect.

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It is almost never too much too soon to plan.

You can still get Medicaid assistance for your loved one even if they move to a nursing home.

Medicaid Trust In St. Joseph MoIt is crucial to be aware of legal protections and strategies that are available for the spouse or family member of a resident at a nursing facility. Many people fear losing their home and savings if the spouse or loved one is forced to move to a senior living 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 Trust In St. Joseph Mo - Finding A Professional

Division of Assets

1988 was the year Congress passed the "Spousal ImpoverishmentAct". This law was, despite its title, designed to prevent married couples from having their entire financial assets expended before one of them can 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 often referred to as Community Spouse Resource Allowances (CSRA). Missouri's Community Spouse may retain at most $25,728 or $128.640.00. This amount is adjusted each year for inflation and the cost of living. 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 starts on the day the Medicaid applicant is admitted for at least 30 consecutive nights to a hospital/nursing facility. The couple's countable assets are divided into 2 with each spouse receiving their one-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. 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 Trust In St. Joseph Mo - How to Choose

People Also Asked:

  • What is the difference between will and estate planning?
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  • 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?
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Let's say John and Mary have $300,000. John has dementia and needs nursing home care. 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 be under $5,000 in order 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. If the Community Spouse's assets are reduced by this amount, it's easy to see how 86% end up living below poverty due to their spouse's health care expenses.

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 you didn't plan ahead? Are all your hopes lost? The answer is no. Mary would be able to keep almost all of her financial assets even if John is now in a nursing care facility by using what is called a "Marital Medicaid Compatible Annuity". 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 Trust In St. Joseph Mo

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. Some people may require assistance in selling real estate without the help of a broker or agent.

Medicaid Trust In St. Joseph MoG. Brent PowersEach family's situation should be evaluated in order to determine the best course. Do you think there are benefits to gifting your property to your kids now? What happens when you or your spouse need long-term, or nursing home care. What living trust would be the best? What tax implications will a transfer of property have? 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.

Estate Planning

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.

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

Where to find Medicaid Trust In St. Joseph Mo

Administration of trusts

Brent will help you to determine the best method to manage 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 and 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 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.

 

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