Estate Planning For Disabled Persons In St. Joseph Mo - Questions To Ask

Published Oct 19, 21
7 min read

Where Can I Find Estate Planning For Disabled Persons 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 For Disabled Persons In St. Joseph Mo



Estate Planning For Disabled Persons In St. Joseph Mo 

We're here to assist you and your family in making informed decisions on Elder Law issues like estate planning, nursing home Medicaid planning, and asset protection. Our individual paths to our "golden year" are different. Unfortunately, it has become more difficult over the years. 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 Click Resources Estate Planning For Disabled Persons In St. Joseph Mo

Elder Law

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 covers these and many other concerns that elderly people face.

Many seniors fear that they may lose their home, savings, or everything they have worked for all their lives if they need nursing home or long-term care. They don't want their children, families, or society to feel like a burden.

Estate Planning For Disabled Persons In St. Joseph Mo

Brent has provided expert and thoughtful advice to thousands of families across Saint Joseph and Northwest Missouri, providing them with peace of heart. He has more than 30 years' experience working with clients to design estate plans and real estate transfers.

Brent will help you to create an Elder Law plan. Call Brent today.

Nursing Home Medicaid Planning Planning for Medicaid and long-term care is a good idea. This is especially true if a parent or spouse may require nursing home 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, or how they can benefit from nursing home Medicaid planning. It is important to select a Nursing home Attorney with extensive experience who is dedicated to helping families.

With his expertise in nursing home Medicaid planning, Brent has helped families across the community save 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 most of the information you hear about nursing home Medicaid is accurate, it's almost always incorrect.

Affordable Estate Planning For Disabled Persons In St. Joseph Mo

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

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

Estate Planning For Disabled Persons 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 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 are able to insure that you will be safe in almost all instances.

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

Estate Planning For Disabled Persons 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 lives in the home (the "Community Spouse") gets to keep some resources while the spouse with a need for Medicaid (the 'Institutionalized Spouse') can claim 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 law allows the Community Spouse to keep at least $25728 for 2020, up to a maximum $128 640.00. This amount is adjusted every year to reflect inflation and costs of living. Missouri Medicaid requires that a Division of Assets Application be completed in order to determine what amount the Community Spouse will be permitted 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 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 spouse who has more assets than their spouse will see their assets decrease. This is why it is important to work with an Elder Law attorney to ensure everyone's best interests are protected. According to a Wall Street Journal article, 86% live below poverty level because they have to pay for the care of their spouses.

Estate Planning For Disabled Persons In St. Joseph Mo - How to Choose

People Also Asked:

  • What is the difference between will and estate planning?
  • What is involved in estate planning?
  • When should I start estate planning?
  • 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?
  • Do I need a lawyer for a living trust?
  • What's the difference between a will and a living trust?
  • Who you should never put in your will?
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  • Do I need a will if I have no assets?

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 also have less than $5,000 to be eligible. 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. 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 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. It is crucial to plan ahead and use the correct legal documents and strategies to avoid a costly and embarrassing situation.

But what if the planning was not perfected in time? Can all hope be 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 is a professional with the necessary experience and expertise to make sure Mary doesn't become homeless.

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

Best Estate Planning For Disabled Persons In St. Joseph Mo

Real Estate / Deeds

As they age, people think about how to best transfer their house, farmland, and other properties to loved ones. Some people may require assistance in selling real estate without the help of a broker or agent.

Estate Planning For Disabled Persons In St. Joseph MoG. Brent PowersTo find the best path for each family, it is important to assess their individual circumstances. Is there a benefit to gifting property to children 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 are the tax implications of transferring property? 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 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.

Brent can also help you to create a proper estate plan.

Where to find Estate Planning For Disabled Persons 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 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 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 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 organizations offer education, training, as well as a national network for expertise to assist senior citizens and those with special needs.

 

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