The New World of VA Pension Planning – What You Need to Know
On September 18th, the Veterans Administration announced new regulations and changes to the Aid & Attendance program. Previously there had been no lookback for Veterans and their families when one needed help to pay for long term medical needs and care expenses. There were no penalties for gifting nor was there a lookback period for gifts.
What this means is that up until October 17, 2018, there will be NO lookback for gifts and the old rules will be in effect. Veterans and their families had to prove that their care was above their income level and in most cases, and as long as their service dates qualified, they were approved for the Aid & Attendance program. One was able to transfer any amount of money and not be penalized (unlike with Medicaid). Effective October 17, 2018, in order to qualify for benefits the VA is imposing a three-year lookback period with penalties that can exceed the three-year mark.
Hiring an attorney is important because the qualification process can be complicated (and about to get more complicated) and there are legal strategies that can help you qualify faster. We urge you to reach out to us before that date, so that we can help get you qualified for the Aid & Attendance benefit under the previous guidelines. If we are able to get a Veteran or their spouse qualified now without a penalty, why wait?
You can call to make an appointment with Fiona at 609-580-1044 to discuss your next steps and if you cannot act now, there will still be ways to get you or a loved one qualified. It will just take longer. The sooner we start, the sooner we can get you qualified.
