D-Day veterans listen during the Utah Beach Memorial Ceremony in Normandy, France, June 4, 2016. (U.S. Navy photo by Mass Communication Specialist 1st Class Sean Spratt)
These new rules drastically affect qualification for VA benefits. Below is a brief summary of the most drastic changes as they will affect our clients. If you have the need to apply or to increase your benefits, do so before 10/18/2018 or you will be under the new rules, which provide for:
- 3 YEAR LOOKBACK PERIOD
- Up to a 5 year penalty period for transfers
- Transfers to annuities presumed to be transferred to qualify for benefits and will be penalized
- Transfers to disabled children will be penalized unless child is rated disabled with VA
- Asset limit raised BUT VA will count annual income as part of those “assets”
- Home will be protected up to 2 acres of land, any other land will count towards assets even if attached/contiguous
- The changes that may bring a penalty will, for certain, have a serious adverse impact on Medicaid qualification
- All transfers must be complete before 10/18
The full text of the new regulations can be found here.
Kyla Kelim, September 27, 2018
