Division Of Assets In St. Joseph Mo - Avoid These 6 Mistakes When Choosing The Best Company

Published Oct 19, 21
7 min read

Where Can I Find Division Of Assets 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/

Division Of Assets In St. Joseph Mo



Division Of Assets 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. Everybody has their own path to "golden years". Unfortunately, this path has become more complex over the years. 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 Get More Information Division Of Assets 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, there are many more issues that we face than we did when we were younger. These include long-term care, housing, retirement and wealth transfers. Elder Law covers all of these issues and more.

Many elderly citizens fear they might lose their home, savings and everything that they have worked so hard to earn. They don’t want to be a burden to their children, family, and society.

Division Of Assets 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. 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 is never too early to plan for Medicaid or long term care. Many people don’t plan for long term care, and they are often misinformed about the process of Medicaid. 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 that you choose a Nursing Home Attorney who has the experience and is dedicated helping families.

Brent has helped many families save thousands of dollar through effective nursing home Medicaid planning. 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. Most of what you hear from others about nursing home Medicaid are well-meaning, but they are almost always wrong.

Affordable Division Of Assets In St. Joseph Mo

It is almost never too much too soon to plan.

You can still get Medicaid assistance for your loved one even if they move to a nursing home.

Division Of Assets In St. Joseph MoIt is important to understand the legal strategies and protections for spouses and families of residents in nursing homes. People fear losing their home or life savings if their spouse/loved one moves into a nursing facility. We can almost always insure that this won't happen to you.

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

Division Of Assets 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. The "Community Spouse" can retain a portion of the couple’s resources while the "Institutionalized Spouse", who is eligible for Medicaid, can receive benefits.

Congress set limits on the assets that the Community Spouse may retain if the Institutionalized Spouse becomes eligible for benefits. These limits are often referred to as Community Spouse Resource Allowances (CSRA). The Missouri Community Spouse can retain $25,728 to $128,640.00 for 2020. 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 takes effect on the first day of the Medicaid applicant's admission to a hospital/nursing house for at minimum 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 really matter who the asset belongs to, as the assets of both spouses are combined in determining the Division. This means that the assets of the spouse with significantly more assets will be reduced. To ensure everyone's protection, it is essential to work with an Elder Law lawyer during this process. The Wall Street Journal recently reported that 86% widows don't have enough income to cover the costs of caring for their spouses.

Division Of Assets In St. Joseph Mo - How to Choose

People Also Asked:

  • What is the difference between will and estate planning?
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  • 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?
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As an example, consider John and Mary as a married couple. John has $300,000 worth of assets. John has dementia. Mary requires nursing home care. The Medicaid caseworker will give $300,000 to Mary as her CSRA, and $171,000.360 to John. 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 be told that John must spend 55% their lives' savings before John can apply for Medicaid. It is easy to see why 86% of spouses who survive are living below poverty line due to their spouse's medical costs.

John and Mary won't have to use any of the savings they have if they do their planning in a timely manner with the help and assistance of G. Brent Powers (Medical Asset Protection attorney). It is crucial to plan ahead and use the correct legal documents and strategies to avoid a costly and embarrassing situation.

What if you didn't plan ahead? Do you think all is lost? The answer is no. 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 makes every effort to meet with clients personally before he applies or appears in court.

Best Division Of Assets 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. Some people may require assistance in selling real estate without the help of a broker or agent.

Division Of Assets 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 when you or your spouse need long-term, or nursing home care. What is the best option? What tax implications will a transfer of property have? Are you allowed to finance the purchase of your property by an owner?

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 plan means maintaining control over your assets, continuing to provide for you and your loved ones even when you're incapacitated, and distributing your property to the beneficiaries you desire at the lowest possible 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 Division Of Assets In St. Joseph Mo

Administration of trusts

Brent is available to assist you in determining the best way of handling your affairs.

Since 1980, Brent Powers has been practicing law in Saint Joseph and Northwest Missouri.

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 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 National Academy of Elder Law Attorneys member and the National Order of Social Security Claimsants' Representatives.

These national organizations offer training, education, and a national network to support senior citizens and persons with special needs.

 

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