New VA Rules Effective 10/18/18 (Part 3)
This week’s post is my third in a three part series regarding the new changes to the VA Aid and Attendance program. As I stated last week, the biggest focus will be on a new 3 year look back and penalty for transfer of assets. That does in many cases take away the ability to qualify immediately after transferring assets, however, not in all cases. Strategies similar to ones we use in crisis Medicaid planning cases will still be available. Converting countable assets to noncountable ones can help qualify an applicant without waiting out the penalty. These include buying a bigger home or purchasing a car. Something called “half a loaf planning” can also sometimes be an option. Provided the amount to be transferred results in a penalty that is less than 3 years it is possible to calculate an optimum transfer amount such that the excess amount of assets over the net worth limit that remain in the Veteran’s name will be used to cover the time frame of the penalty. This will maximize the amount that can be transferred by determining the earliest possible month that the Veteran (or widowed spouse) can qualify for the VA
New VA Rules Effective 10/18/18 (Part 2)
In last week’s post, I reviewed some major changes to the VA Aid and Attendance program. The one that gets the most attention for obvious reasons is the imposition of a 3 year look back and penalty period. This will restrict immediate access to the benefit for many veterans, at least those that don’t plan ahead. There are, however, other changes that I believe will potentially make it easier to qualify for this tax free pension. Unreimbursed medical expenses remain important in both qualifying for the VA benefit as well as in the determination of how much of a pension the applicant can secure. These expenses are still subtracted from gross income in order to determine income for VA purposes (IVAP), which then determines the amount of a pension the applicant can receive. Medical expenses are also now relevant to the net worth calculation. As I explained last week assets are added to annual income to calculate net worth, which must total no more than $123,600 (in 2018) to be eligible for the VA pension. Unreimbursed medical expenses, however, can also be used to reduce the income when calculating net worth, although if expenses exceed income the excess expenses
New VA Rules Effective 10/18/18 (Part 1)
I have written many times in the past several years about possible rules changes to the VA Aid and Attendance pension program, which provides additional income to aging veterans and their spouses who need long term care. Well, those changes are finally here and with almost no warning. The new rules only announced late last month become effective October 18, 2018 so for some there may be an opportunity to act quickly in the next 10 days to preserve eligibility under the old rules. Let’s go over the highlights. The change that will have the biggest impact is the imposition of a 3 year look back period. Similar to Medicaid (which has a 5 year look back) the VA will now look back 3 years from the date of the application for benefits. Any transfers for less than fair value will be subject to a penalty or period of ineligibility for benefits, again, similar to Medicaid. The penalty will be calculated by taking the amount transferred and divide by the maximum pension for Aid and Attendance, currently $2169. This divisor is much lower than Medicaid’s number which will result in a greater penalty for the same amount transferred, however,
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Original Comments on the Latest Legal Developments
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Injustice Anywhere, Is A Threat To Justice Today
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