Special Needs Trust In St. Joseph Mo - 3 Tips For Finding The Right One

Published Oct 19, 21
7 min read

Where Can I Find Special Needs Trust 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/

Special Needs Trust In St. Joseph Mo



Special Needs Trust 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. Each person has a different path to reach their "golden years", which unfortunately has become increasingly complicated over time. Our firm is proud to offer our clients customized planning and unique solutions. Please contact us today to discuss your questions regarding your home and farm, real property deeds, power-of- attorney, trusts/vs. wills probate vs. not-probate transfers, or long-term issues. Click here for Click Reference Special Needs Trust In St. Joseph Mo

Elder Law

Elder Law is a special practice that assists seniors with their legal issues. As we age, many issues arise that are not common in our younger years. These include housing, long-term care, wealth transfers and retirement. Elder Law covers all of these issues and more.

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 their children, families, or society to feel like a burden.

Special Needs Trust 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. He has more than 30 years' experience working with clients to design estate plans and real estate transfers.

Brent will be happy to discuss Elder Law with you and help you develop a plan.

Nursing Home Medicaid Planning. It is never too early to plan for Medicaid or 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 for nursing home Medicaid planning or how it can benefit them or their family. It is important to find a skilled and dedicated Nursing Home Attorney who is committed to helping families.

Many families have saved thousands of dollars by using Brent's effective nursing home Medicaid planning. Brent is a licensed nursing home lawyer and would like to share some key points about Medicaid. While most of the information you hear about nursing home Medicaid is accurate, it's almost always incorrect.

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It is almost never too much too soon to plan.

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

Special Needs Trust In St. Joseph MoIt is important to understand the legal strategies and protections for spouses and families of residents in nursing homes. 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 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.

Special Needs Trust 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 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.

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 known as the Community Spouse Resource Allowance, (CSRA). Missouri's Community Spouse may retain at most $25,728 or $128.640.00. 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 begins on the day that the Medicaid applicant is admitted to a hospital or nursing home for at most 30 consecutive days. The couple's countable assets are divided into 2 with each spouse receiving their one-half. 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 a spouse with significant assets will have their assets reduced. Working with an Elder Law lawyer in this process is crucial in order to protect everyone's interests. The Wall Street Journal recently reported that 86% widows don't have enough income to cover the costs of caring for their spouses.

Special Needs Trust In St. Joseph Mo - How to Choose

People Also Asked:

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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 is going to allocate $300,000 in financial assets, and attribute $128.640 to Mary (as her CSRA) and $171.360 to John. John must also have less than $5,000 to be eligible. The family will be asked to spend $166,360 on assets that John has been attributed. 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 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. To avoid an expensive and regrettable situation, it is important to prepare the right legal documents and strategies.

But what if planning wasn't done in advance? Do you think all is lost? It is not 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 takes the time to meet clients face-to-face before appearing in court.

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Real Estate / Deeds

As people age, they start to think about how to transfer their property, farmland or other assets to their loved ones. Others may require help selling real estate, even without the assistance of an agent or broker.

Special Needs Trust In St. Joseph MoG. Brent PowersTo find the best path for each family, it is important to assess their individual circumstances. Is it possible to gift property to your children right away? What happens if your spouse is in need of long-term nursing home or long-term care? What living trust would be the best? What tax consequences will you face if your property is transferred? Do you need to borrow money from the owner in order to sell your property?

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 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.

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.

Where to find Special Needs Trust In St. Joseph Mo

Administration of trusts

Brent can help you decide the best way to manage your affairs.

Brent Powers was a lawyer in Saint Joseph since 1980.

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 was the president of Saint Joseph Bar Association and volunteered for a number of community boards. He also participated in many events sponsored by Saint Joseph Bar Association to provide sound legal advice to people in need.

Brent is a native Missourian, having grew to be a Saint Josephian.

He is a Central High School grad, who received his undergraduate degree and his law degree from the University of 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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