Medicaid Trust In St. Joseph Mo - 8 Tips For Choosing The Best Company

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 prides itself in providing customized solutions for our clients. 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 Pop Over To These Guys Medicaid Trust In St. Joseph Mo

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 covers these and many other concerns that elderly people face.

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 want their children, families, or society to feel like a burden.

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. Over 30 years of experience in working with senior citizens to create estate plans, real property transfers, deeds.

Brent can help you create a plan that suits your needs and learn more about Elder Law.

Nursing Home Medicaid Planning. It is never too early to plan for Medicaid or long term 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 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. Brent is a licensed nursing home lawyer and would like to share some key points about Medicaid. While most of the information you hear about nursing home Medicaid is accurate, it's almost always incorrect.

Affordable Medicaid Trust In St. Joseph Mo

It is almost never too late or too early to plan.

Even if your loved one moves to a nursing facility, they can still be eligible for Medicaid assistance.

Medicaid Trust 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. Many people fear losing their home and savings if the spouse or loved one is forced to move to a senior living facility. We can almost always insure that this won't happen to you.

There are many financial safeguards available for couples and elderly without jeopardizing Nursing Home Medicaid eligibility.

Medicaid Trust In St. Joseph Mo - Finding A Professional

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. The spouse who stays in the home (the "Community Spouse") is allowed to keep some of their resources while the spouse who requires Medicaid (the"Institutionalized Spouse") may 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 also known as the Community Spouse Resource Allowance. 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. 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 marital couple's countable assets, which excludes very few assets that are exempt, are divided into two and each spouse is given their 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. 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% of widows are below the poverty line due to the cost of caring for their spouses.

Medicaid Trust In St. Joseph Mo - How to Choose

People Also Asked:

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  • How do I protect my assets from nursing home?
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Let's say John and Mary have $300,000. John has dementia and needs nursing home care. The Medicaid caseworker is going to allocate $300,000 in financial assets, and attribute $128.640 to Mary (as her CSRA) and $171.360 to John. 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. You can avoid an unpleasant and costly situation by making sure you have the right legal strategies in place.

But what if planning wasn't done in advance? 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 has both the expertise and experience to ensure Mary's safety and prevent her from becoming homeless.

Brent always makes time to meet in person with clients before presenting or applying for a court appearance.

Best Medicaid Trust 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.

Medicaid Trust In St. Joseph MoG. Brent PowersTo determine the best course of action, each family's circumstances must be assessed. Is there a benefit to gifting property to children now? What happens if your spouse requires long-term or nursing home care? A living trust is the best choice? What are the tax implications of transferring property? 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 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.

Planning must take into account your unique needs, wishes and assets. Only then can we decide what documents and strategies to use to ensure your planning works as you expect.

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.

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 is a Saint Joseph, Missouri-based lawyer who has been practicing 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 grad, who received his undergraduate degree and his law degree from the University of Missouri, Kansas City.

He is a member of both the National Academy of Elder Law Attorneys as well as the National Organization of Social Safety Claimants Representatives.

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

 

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