Given the extraordinarily high cost of long-term care, you have to take advantage of any benefit that may be available to you that would defray your assisted living expenses. Veterans of the United States Armed Forces who served for even a single day during a time of war may be entitled to just such a benefit.
The Veterans Aid & Attendance special pension is available to veterans who have served for at least 90 days, with a minimum of one of these days taking place during wartime.
You are required to produce medical evidence proving your contention that you need assistance with your day-to-day living needs. And, because this benefit is targeted toward veterans who are of ordinary means, there is an upper resource limit of $80,000.
However, if you have assets in excess of $80,000 and you want to qualify for Veterans A & A, you could divest yourself of some resources by placing them into a trust or giving gifts to family members.
The above is true at the present time, but a proposal has been presented before the Senate by Oregon Sen. Ron Wyden. He would like to see a three-year look-back period imposed. This would disallow veterans from making divestitures within three years of applying for the benefit.
Planning ahead for long-term care costs is important because most senior citizens will indeed need living assistance eventually. If you would like to explore your options with the benefit of expert advice, don’t hesitate to pick up the phone to arrange for a consultation with a good San Jose CA elder law attorney with a VA accreditation.
- Common Mistakes in Estate Planning – Part III - November 30, 2022
- Litherland, Kennedy & Associates Attend Exclusive Legal Conference in San Diego, California - November 18, 2022
- Common Mistakes in Estate Planning – Part II - November 16, 2022