Yesterday, the U.S. Department of Veterans Affairs announced big changes to the VA Aid and Attendance Benefit. In its final rule published on September 18, 2018, the VA added a look back period for asset transfers, established net worth limits, and added new medical expense deduction limitations.
Here are the highlights of the new rules:
- There will be a 36-month look-back period that penalizes a veteran (or a surviving spouse) for every $2,169.00 that is given away or transferred into a trust or annuity.
- Net worth will now include all assets plus annual gross income (minus unreimbursed, recurring medical expenses) and will be capped at the current CRSA, or community spousal resource allowance, (which is $123,600 for 2018).
Our October newsletter will offer more details on the VA’s Aid and Attendance Benefit and these new rules. If you are not currently receiving our newsletter, you can sign up by emailing us at firstname.lastname@example.org
These new rules will make accessing needed benefits even more difficult for our veterans and their families. The changes go into effect on October 18, 2018, so families still have a chance to act to protect their assets. If you have questions about these new rules or need to set up an appointment with one of Hurley Elder Care Law’s Certified Elder Law Attorneys, please call us at (404) 843-0121.