Medicaid Trust In St. Joseph Mo - Finding A Professional

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 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 is proud to offer our clients customized planning and unique solutions. If you have any questions regarding your farm, home, real estate deeds or power of attorney, trusts and wills, probate vs. unprobate transfer, long-term care, or trusts vs. Wills, please contact our firm today. Click here for More Bonuses Medicaid Trust In St. Joseph Mo

Elder Law

Elder Law is a specialty that helps seniors and provides guidance. 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 elderly citizens worry that they will lose their home and savings if they are in need of long-term nursing home care. They don't wish to become a burden for their family or society.

Medicaid Trust In St. Joseph Mo

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 will be happy to discuss Elder Law with you and help you develop a plan.

Nursing Home Medicaid Planning. It is never too early to plan for Medicaid or long term care. Many people are unaware of the benefits of Medicaid and have not planned for it. Many families don't know who can be eligible for Medicaid or how their spouse and family can benefit from it. It is important to find a skilled and dedicated Nursing Home Attorney who is committed to helping families.

Through effective nursing home Medicaid planning Brent has helped many families in our community save hundreds of thousands of dollars. Brent, as a Nursing Home Lawyer, would recommend the following key points regarding Medicaid:Brent, a lawyer for nursing homes, has some tips to help you remember the basics of 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.

Your loved ones can still receive Medicaid benefits even after they move into a nursing home.

Medicaid Trust In St. Joseph MoIt 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 are able to insure that you will be safe in almost all instances.

Numerous financial safety nets are available for both couples and seniors 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 "Community Spouse" can retain a portion of the couple’s resources while the "Institutionalized Spouse", who is eligible for Medicaid, can receive benefits.

Congress also set limitations on the assets that the Community Spouse can keep if the Institutionalized Spouse wants to receive 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 will be adjusted each year for inflation or the cost to live. The Division of Assets is the process Missouri Medicaid uses to determine the amount that the Community Spouse can keep within the range.

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 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 assets of the spouse with significantly more assets will be reduced. It is crucial to consult an Elder Law lawyer to help you navigate this process. This will ensure that everyone's rights are protected. The Wall Street Journal recently reported that 86% widows don't have enough income to cover the costs of caring for their spouses.

Medicaid Trust 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?

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 also have less than $5,000 to be eligible. John's assets must be paid down by the family, who will then have to spend $166.360. John and Mary will now be told to spend $55,360 of their savings each year before John is 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. To avoid an expensive and regrettable situation, it is important to prepare the right legal documents and strategies.

But what if planning wasn't done in advance? All hope is lost It is not 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.

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Real Estate / Deeds

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

Medicaid Trust In St. Joseph MoG. Brent PowersTo 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 is in need of long-term nursing home or long-term care? A living trust is the best choice? 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 many families to make the right decisions in transferring their homes, farms, or businesses over the years.

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

Brent Powers has been a practicing lawyer in Saint Joseph, Missouri and Northwest Missouri 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 was president of Saint Joseph Bar Association.

Brent is a native Missourian, having grew to be a Saint Josephian.

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 associations provide education, training and a network of expertise for members attorneys to help seniors and people with special requirements.

 

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