Medicaid Asset Protection In St. Joseph Mo - Tips For Choosing The Right One

Published Oct 19, 21
7 min read

Where Can I Find Medicaid Asset Protection 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 Asset Protection In St. Joseph Mo



Medicaid Asset Protection In St. Joseph Mo 

We are here to help you, your family, make informed decisions and plan on Elder Law topics such as Medicaid planning, estate and asset protection. 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. 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 Imp Source Medicaid Asset Protection 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 get older, we have to deal with many different issues. Elder Law includes these and many other areas that concern the elderly.

Many elderly people fear losing their savings and home if they require long-term or nursing home care. They don’t want to be a burden to their children, family, and society.

Medicaid Asset Protection 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 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.

Brent has helped many families save thousands of dollar through 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 Medicaid Asset Protection In St. Joseph Mo

It's almost never too early or too late to plan.

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

Medicaid Asset Protection 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. 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 safety nets are available for both couples and seniors without jeopardizing Nursing Home Medicaid eligibility.

Medicaid Asset Protection In St. Joseph Mo - Finding A Professional

Division of Assets

A 1988 law, commonly known as the "Spousal Impoverishment Law", was passed by Congress. This law, which is often referred to as the "Spousal Impoverishment Bill", was meant to prevent married couples having to lose all of their assets before one of them could qualify 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 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 for inflation each year and changes in 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 assets will be reduced for the spouse with more assets. 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 Asset Protection 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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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 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 now be told to spend $55,360 of their savings each year before John is 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 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 you didn't plan ahead? Are all your hopes lost? It is not over. Mary could still retain nearly all her assets through the use of a "Marital Medicaid compliant Annuity", even though John is currently in a nursing home. 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.

Best Medicaid Asset Protection 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 Asset Protection In St. Joseph MoG. Brent PowersEvery family's situation must be assessed to determine the best course of action. Is it possible to gift property to your children right away? What happens when you or your spouse need long-term, or nursing home care. What is the best option? What tax consequences will you face if your property is transferred? Can the property owner finance its 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 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 requires that we consider the unique needs of your family and their assets. Only then, can we decide which documents and strategies are needed to make your planning work.

Brent can help with additional advice and assistance, as well as helping you establish a suitable estate plan.

Where to find Medicaid Asset Protection In St. Joseph Mo

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.

Brent Powers is a Saint Joseph, Missouri-based lawyer who has been practicing since 1980.

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 served as the President of the Saint Joseph Bar Association. He also served on numerous community boards and took part in many events sponsored or organized by the Saint Joseph Bar Association in order to assist people in need of sound legal advice.

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

 

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