Law Alert: Updates To Veterans’ Benefits
On September 18, 2018, the Veterans Administration (VA) published new rules that make it more difficult to qualify for Veterans’ benefits. Some of the rules include expanded look back periods. For example, gifts made in the past 36 months, either to a family member or to an irrevocable trust, would be penalized. Likewise an investment in an annuity would also be penalized. This means an individual could be prohibited from qualifying for VA pension benefits for up to 5 years, depending on the amount of the gift.
There are other requirements to the new rules, but the above are the most impactful to your case in pursuing these benefits, which would provide a cash benefit to help defray the cost of care.
The good news is individuals can still be covered under the old rules where there is no penalty for making gifts or transferring funds to an irrevocable trust, but action must be taken quickly. The new rules go into effect on October 18, 2018, and we must have all planning done by that date.
Rest assured our attorneys are keeping a close watch and are up to speed on these latest changes in laws. If you would like more information on pursuing a VA pension application and how to get a plan in place before the new, more restrictive rules go into effect, please contact NC Planning right away.
Contact us to schedule a consultation with our estate and business planning attorneys to discuss your legal needs for today and for the future.