More often than not, veterans walk away from their time of service without fully understanding what benefits are available to them. The following are answers the most common questions about planning with Veterans’ benefits. If you have a question not listed here, do not hesitate to contact our office to discuss your questions and your individual needs for Veterans’ benefits planning.
What are the requirements to obtain Aid and Attendance?
- The veteran has to have served in the military for one day during a war.
- The veteran must have served in the military for 90 days.
- The veteran must not have received a dishonorable discharge.
- The veteran must need assistance with activities of daily living.
Is there a lookback period if I have to give away assets?
Yes. After October 18, 2018 there is a penalty period for any transfer made within 36 months of the date of application. The maximum penalty period is five years.
Is the surviving spouse of a Veteran sometimes eligible for such Veterans’ benefits?
Will the Veterans’ Administration try to recover against excluded assets, such as a home or car, after death if benefits are received?
No. This different than the Medicaid rules as explained above.
What assets are exempt?
The amount of acreage that is exempt as homestead is limited to 2 acres, unless the remainder of the property is deemed unmarketable. The new rules limit net worth to a maximum of $123,600. Net worth is defined as a sum of assets and annual income less medical expenses.