Estate Planning Attorney In St. Joseph Mo – 4 Tips For Choosing The Right One
Where Can I Find Estate Planning 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
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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. Each person has a different path to reach their “golden years”, which unfortunately has become increasingly complicated over time. Our firm prides itself in providing customized solutions for our clients. Contact us today if you have questions concerning your home, farm and real estate deeds. Click here for Navigate To This Website
Elder Law, a speciality practice that aids seniors in their legal matters, is new_paragraph. 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 citizens fear they might lose their home, savings and everything that they have worked so hard to earn. They don’t want the burden of being a burden on their families or society.
Estate Planning Attorney In St. Joseph Mo
Brent has helped thousands of families in Saint Joseph and Northwest Missouri feel at ease with his expert and thoughtful advice. Over 30 years of experience in working with senior citizens to create estate plans, real property transfers, deeds.
Brent will be happy to discuss Elder Law with you and help you develop a plan.
Nursing Home Medicaid Planning. It’s never too late to begin planning for Medicaid and long 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 is eligible, or how they can benefit from nursing home Medicaid planning. It is crucial to hire a nursing home attorney who has experience and is committed to helping families.
With his expertise in nursing home Medicaid planning, Brent has helped families across the community save thousands of dollars. Brent is a licensed nursing home lawyer and would like to share some key points about Medicaid. Most of what you hear from others about nursing home Medicaid are well-meaning, but they are almost always wrong.
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It is almost never too much too soon to plan.
Even if your loved one moves to a nursing facility, they can still be eligible for Medicaid assistance.
It is vital to understand legal protections available to the spouse and loved ones of nursing home residents. People are often afraid that they might lose their home or their life savings if their spouse or a loved one must move into a nursing care 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.
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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 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. 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. 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 begins on the day that the Medicaid applicant is admitted to a hospital or nursing home for at most 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. 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.
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Consider John and Mary, a married couple, with $300,000 of financial assets. John suffers from dementia and requires nursing home services. 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 be told that John must spend 55% their lives’ savings before John can apply 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 wouldn’t need to spend any of their savings if they had a proper plan and were assisted by a qualified Medicaid Asset Protection attorney like G. Brent Powers. It is crucial to plan ahead and use the correct legal documents and strategies to avoid a costly and embarrassing situation.
What if there was no planning? Are all your hopes lost? Is it all over? Mary could retain almost all of her financial assets by using a “Marital Medicaid Compliant Anuity”. Even if John is in a nursing facility, Mary can still use the Annuity. G Brent Powers has both the expertise and experience to ensure Mary’s safety and prevent her from becoming 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 people grow older, they begin to think about how best to transfer their home, farmland, or other properties to their loved ones or others. Some people may require assistance in selling real estate without the help of a broker or agent.
To 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? Is a living estate 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 assisted many families to make the right decisions in transferring their homes, farms, or businesses over the years.
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 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.
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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 was president of Saint Joseph Bar Association.
Brent is a native Missourian and grew-up in Saint Joseph.
He graduated from Central High School and received his undergraduate degree at the University of Missouri-Columbia. He then earned his law degree in 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 organizations offer training, education, and a national network to support senior citizens and persons with special needs.