The Veteran’s Administration announced it will change its eligibility rules for the Aid and Attendance pension program starting October 18, 2018. One of the main changes is that the VA will impose a “lookback period” of 36 months on transferred assets. This means that if a qualifying veteran or surviving spouse gives away an asset, such as a house or money, and then applies for Aid and Attendance within three years of the gift, the veteran will not be eligible for Aid and Attendance and will also be subject to a penalty period.
These rules do not go into effect until October 18, 2018. Transfers made before that day are not subject to the lookback period.
Therefore, if you have been considering transferring assets in order to qualify for Aid and Attendance, the time to do so is now.
The VA Pension Program is a benefit available to eligible veterans and their surviving spouses. The Aid and Attendance benefit can provide an eligible veteran with up to $21,962 per year for long-term care. An eligible surviving spouse can receive up to $14,113 per year.
If you have questions about transferring assets or eligibility for Aid and Attendance, you may contact us via this website or by calling 244-3905.