THE FOLLOWING MESSAGE IS URGENT!!
The Department of Veterans Affairs has announced a policy change that will soon affect all older veterans and their spouses! Please read on…
On October 18, 2018, the VA is instituting rule changes that will make it more difficult for vets to qualify for existing benefits and protect their assets.
Vets and their spouses who are 65 or older, served during a period of war, have trouble performing tasks of daily living (bathing, dressing, toileting, etc.), and meet certain financial requirements are eligible to receive up to $26,036 annually in non-service connected benefits through the VA to help pay for long-term care, including home health care and nursing home care.
To qualify, most veterans and their spouses will need to work together with their estate planning attorney to create and implement a plan. Proper planning allows the veteran to meet the VA’s income and asset thresholds, without actually forfeiting their assets or being forced to spend down their savings before they could be eligible for benefits.
Currently, this type of planning can be done right up to the day the application is submitted…with the VA’s blessing… because they do not have a formal “look-back period” for asset transfers on the books. But…
THIS IS CHANGING AS OF OCTOBER 18TH!
Starting on October 18, 2018, the Department of Veterans Affairs will begin imposing a three (3) year look-back period on all asset transfers. Each transfer or gift will cause a penalty period that could last up to five years before you are able to access your benefits. Other significant changes to the rules are also going into effect.
If you don’t have time to wait for benefits or your family could utilize up to $26,036 tax-free to help pay for your care today or in the future, the time to act is NOW.
Here is what you must do immediately:
- If you’ve already done your homework on collecting Aid & Attendance benefits but you’ve yet to move forward with your planning, it’s time to take the final step. Call us at 301-220-4463 and we’ll get you into the office ASAP. Please be advised that spaces are very You must get your planning done before October 18th to take advantage of opportunities while they still exist before the new rules go into effect. This means that you will need to become a client no later than Monday, October 8th.
- If you are an older wartime veteran or spouse and this is the first time you are hearing about Aid and Attendance benefits, please hit REPLY to this email or call the office at 301-220-4463 RIGHT AWAY. We are clearing out spaces on our calendar, but they are limited. We’ll teach you all about this benefit, crunch the numbers to determine how you can qualify, and create a plan to help you get your application in before the October 18th
- If you think you might need care in the future, the time to plan is still RIGHT NOW. You can work to appropriately arrange your finances today so that when you apply for benefits down the road, you can qualify without a penalty.
If you are a wartime vet or spouse (or you care about someone who is), there’s no time to delay. Call our office at 301-220-4463, Monday-Friday, from the hours of 8:30 am to 5:30 pm and we’ll work diligently to complete any planning that you may need before the October 18th deadline.
P.S. I don’t usually say this—but, please SHARE this post with every veteran who you know and care about. Helping a Vet access the Aid & Attendance benefits they are rightfully entitled to for serving during a period of war can mean the difference between aging with dignity or becoming impoverished by the costs of long-term care. This is information that every older vet should know about!