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 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. Everybody has their own path to "golden years". Unfortunately, this path has become more complex over the years. Our firm prides themselves on providing unique solutions and planning that are tailored to each client's 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 Why Not Try These Out Estate Planning For Disabled Persons 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, we are faced with many new issues, including housing, retirement, wealth transfer, and long-term nursing. Elder Law includes these and many other areas that concern the elderly.

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 the burden of being a burden on their families or society.

Estate Planning For Disabled Persons 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 can help you create a plan that suits your needs and learn more about Elder Law.

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 can be eligible for Medicaid or how their spouse and family can benefit from it. It is crucial to hire a nursing home attorney who has experience and is committed to helping families.

Brent has helped many families save thousands of dollar through effective nursing home Medicaid planning. Brent is a licensed nursing home lawyer and would like to share some key points about Medicaid. Most of what people tell you about nursing facility Medicaid is not accurate.

Affordable Estate Planning For Disabled Persons In St. Joseph Mo

It is almost never too much too soon to plan.

Your loved one may still be eligible to receive Medicaid assistance after they have moved into a nursing care facility.

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 often fear that their loved one or spouse will move into a nursing home, and they may lose their home and financial savings. 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. 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.

The law also established limits on the assets the Community Spouse can retain, if the Institutionalized Spouse will be eligible for benefits. These limits are also known as the Community Spouse Resource Allowance. Missouri law allows the Community Spouse to keep at least $25728 for 2020, up to a maximum $128 640.00. This amount is adjusted each year for inflation and the cost 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 starts on the day the Medicaid applicant is admitted for at least 30 consecutive nights to a hospital/nursing facility. The couple's countable assets are divided into 2 with each spouse receiving their one-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. It is crucial to consult an Elder Law lawyer to help you navigate this process. This will ensure that everyone's rights 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?
  • Can I leave my house to someone in my will?
  • Who you should never name as beneficiary?
  • 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 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 be under $5,000 in order to qualify for Medicaid. John will tell his family to spend $166.360 of John's assets. John and Mary will be told that John must spend 55% their lives' savings before John can apply 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 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? Can all hope be lost? The answer is no. 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 all the experience and expertise necessary to ensure Mary is not left behind.

Brent takes the time to meet clients face-to-face before appearing in court.

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 PowersEach family's situation should be evaluated in order to determine the best course. 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? A living trust is the best choice? What tax consequences will you face if your property is transferred? Is it possible for the owner to finance the sale?

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.

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 For Disabled Persons In St. Joseph Mo

Administration of trusts

Brent can help you decide the best way 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 a native Missourian, having grew to be a Saint Josephian.

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

 

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