Estate Planning In St. Joseph Mo - Top 3 Tips For Choosing The Best Company

Published Oct 19, 21
7 min read

Where Can I Find Estate Planning 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/

Estate Planning In St. Joseph Mo



Estate Planning 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 on offering unique planning and solutions tailored to our clients' needs. Contact us today if you have questions concerning your home, farm and real estate deeds. Click here for Here Estate Planning In St. Joseph Mo

Elder Law

Elder Law is a special practice that assists seniors with their legal issues. As we age, we are faced with many new issues, including housing, retirement, wealth transfer, and long-term nursing. Elder Law covers all of these issues and more.

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 to be a burden to their children, family, and society.

Estate Planning In St. Joseph Mo

Brent's thoughtful and professional advice has given peace of mind for thousands of families in Saint Joseph, Northwest Missouri. With over 30 years experience, he can assist clients in developing estate plans, property transfers, deeds probate, power-of- attorney, trusts and other legal needs of senior citizens.

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

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 do not know who is eligible and how planning for nursing home Medicaid can help their spouse or loved ones. It is important to find a skilled and dedicated Nursing Home Attorney who is committed to helping families.

Many families have saved thousands of dollars by using Brent's effective nursing home Medicaid planning. 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. Most of what people tell you about nursing facility Medicaid is not accurate.

Affordable Estate Planning In St. Joseph Mo

It is almost never too soon or too late for planning.

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

Estate Planning 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. People often fear that their loved one or spouse will move into a nursing home, and they may lose their home and financial savings. This is almost impossible to prevent in most cases.

Numerous financial safeguards can be provided for seniors and couples, without jeopardizing Nursing Home Medicaid eligibility.

Estate Planning 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 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 often referred as the Community Spouse Resource Allowance or CSRA. Missouri's 2020 Community Spouse Resource Allowance (CSRA) allows for a minimum of $25,728 and a maximum amount of $128.640.00. 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 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. 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% of widows are below the poverty line due to the cost of caring for their spouses.

Estate Planning 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?
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  • Who you should never put in your will?
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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 assigns the $300,000 worth of financial assets to Mary, who will then CSRA $128,640 and John $171,360. John must have less $5,000 to qualify for Medicaid. John will tell his family to spend $166.360 of John's assets. John and Mary will be required to spend 55% of the savings they have made in order to qualify 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 will not have to spend down any of their life savings if they plan properly and promptly with the help of G. Brent Powers, a qualified Medicaid Asset Protection lawyer. You can avoid an unpleasant and costly situation by making sure you have the right legal strategies in place.

What if there was no planning? Are all your hopes lost? The good news is that the answer to this question 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 makes every effort to meet with clients personally before he applies or appears in court.

Best Estate Planning In St. Joseph Mo

Real Estate / Deeds

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

Estate Planning 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 you need long-term care or nursing facility care? What is the best option? What tax implications will a transfer of property have? Is it possible for the owner to finance the sale?

Over the years, Brent has helped many families make the right decisions when it comes to transferring their home, farm, and business properties.

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.

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 Estate Planning 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.

His career began as a trial attorney. However, due to his parents' needs and the many referrals, he moved to Elder Law, Medicaid nursing homes planning and Division of Assets.

He has been president of Saint Joseph Bar Association.

Brent is from Northwest Missouri, and he grew up near Saint Joseph.

He graduated from Central High School. He received his undergraduate and law degrees at the University of Missouri.

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

 

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