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Veteran's Aid and Attendance Benefit Update

The Veterans Administration (VA) has put into place new rules to qualify for Aid and Attendance or Pension benefits. These rules went into effect October 18, 2018.  The Aid and Attendance benefit is a separate benefit from all other VA benefits, you must be over the age of 65 years old, have been enlisted for at least one day during a war-time period, enlisted a minimum of 90 days and honorably discharged. The benefit is used to help pay for care at home or in assisted living community for the veteran, the veteran and the spouse or the surviving spouse.  The following are some key changes:
  •  Net worth cannot exceed $123,600 excluding the house and car (Total Net Worth + Annual Income - prospective medical expenses = Calculated Net Worth).
  • The look-back period is now 36 months (3 years) for transfers after October 18, 2018.
  • A penalty will be imposed starting the month after the transfer for less than fair market value. 
  • The penalty will not exceed five (5) years.
  • The VA may look through other agencies and cross-match to obtain the required information.
  • An Irrevocable Trust with less than the Net Worth would not be considered excessive.
  • A Trust established for a Child incapable of self-support would also not be considered excessive.
  • There are significant restrictions on transfers to trusts and annuities.
Please call Elderwerks if you have questions, need some help or guidance.

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