Elder Law Attorney In St. Joseph Mo - Tips For Finding The Best Company
Where Can I Find Elder Law Attorney 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
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Visit Our Website Medicaid Asset Protection 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.
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Elder Law
Elder Law is a specialist practice that offers senior citizens guidance and help with their legal needs. As we get older, we have to deal with many different issues. Elder Law covers these and many other concerns that elderly people face.
Many elderly people fear losing their savings and home if they require long-term or nursing home care. They don't want their children, families, or society to feel like a burden.
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Brent has helped thousands of families in Saint Joseph and Northwest Missouri feel at ease with his expert and thoughtful advice. 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. It's never too early for you to start planning for Medicaid, long-term or even short-term 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 can be eligible for Medicaid or how their spouse and family can benefit from it. It is important to select a Nursing home Attorney with extensive experience who is dedicated to helping families.
Through effective nursing home Medicaid planning Brent has helped many families in our community save hundreds of thousands of dollars. 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.
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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.
It is important to understand the legal strategies and protections for spouses and families of residents in nursing homes. Many people fear losing their home and savings if the spouse or loved one is forced to move to a senior living facility. 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.
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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. 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 often referred to as Community Spouse Resource Allowances (CSRA). The Missouri Community Spouse can retain $25,728 to $128,640.00 for 2020. 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 is calculated the first day a Medicaid applicant is admitted into a hospital/nursing home for at least 30 consecutive days. The countable assets of a married couple (which excludes some assets exempted) are divided in two, with each spouse getting their own one-half share. It doesn't matter which spouse owns the asset. The couple's assets will be combined to determine the Division of Assets. This means that a spouse with significant assets will have their assets reduced. This is why it is important to work with an Elder Law attorney to ensure everyone's best interests are protected. According to the Wall Street Journal, 86% are living below the poverty level due to having to pay for their spouse's care costs.
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As an example, consider John and Mary as a married couple. John has $300,000 worth of assets. John has dementia. Mary requires 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 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 then be asked to spend 55% on their savings in order for John to become eligible for Medicaid. A reduction of the assets of the Community Spouse of this magnitude will mean that 86% of the surviving spouses will live below the poverty line because of the spouse's medical expenses.
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? All hope is lost The answer is no. 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 has all the experience and expertise necessary to ensure Mary is not left behind.
Brent is always available to meet with clients before they apply or appear in court.
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Real Estate / Deeds
As people age, they start to think about how to transfer their property, farmland or other assets to their loved ones. Others might need assistance selling real property without a broker.
Each family's situation should be evaluated in order to determine the best course. Is there a benefit to gifting property to children now? What happens when you or your spouse need long-term, or nursing home care. What is the best option? 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 helped hundreds upon hundreds of families, over the years, make the right choice when it comes time to transfer a home or farm.
Estate Planning
Proper estate planning involves maintaining control of your assets and continuing to care for your loved ones. It also means that you can distribute your property after your death to the people you choose, whenever you wish, and at the lowest 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.
Along with helping you set up an appropriate estate plan, Brent can help you with further advice on: Brent is available to help you create an estate plan.
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Administration of trusts
Brent is available to help you determine the best way for your affairs to be managed. This will prevent future problems, unnecessary expenses, and skill gaps.
Since 1980, Brent Powers has been practicing law in Saint Joseph and Northwest Missouri.
Although he began his career in the courtroom as a trial advocate, he changed to Elder Law due to the need of his parents, his older clients, and numerous referrals.
He has been president of Saint Joseph Bar Association.
Brent is a native Missourian, having grew to be a Saint Josephian.
He graduated from Central High School. He received his undergraduate and law degrees at the University of Missouri.
He is an active member of the National Academy of Elder Law Attorneys
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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