Yesterday, the U.S. Department of Veterans Affairs announced big changes to the VA Aid and Attendance Benefit. In its final rule published on September 18, 2018, the VA added a look-back period for asset transfers, established net worth limits, and added new medical expense deduction limitations.

Here are the highlights of the new rules:

  • There will be a 36-month look-back period that penalizes a veteran (or a surviving spouse) for every $2,169 that is given away or transferred into a trust or annuity.
  • Net worth will now include all assets plus annual gross income (minus unreimbursed, recurring medical expenses) and will be capped at the current CRSA, or community spousal resource allowance, (which is $123,600 for 2018).

Our October newsletter will offer more details on the VA’s Aid and Attendance Benefit and these new rules. If you are not currently receiving our newsletter, you can sign up by emailing us at info@rothkofflaw.com.

These new rules will make accessing needed benefits even more difficult for our veterans and their families. The changes go into effect on October 18, 2018, so families still have a chance to act to protect their assets.  If you have questions about these new rules or need to set up an appointment with one of Rothkoff Law Groups’s Elder Care Law Attorneys, please call us at (856) 616-2923 or (215) 546-5800.

 

About Jerry

Jerold E. Rothkoff, a practicing New Jersey and Pennsylvania attorney, is the Principal of the Rothkoff Law Group, an elder care law firm. Jerry dedicates his practice to serving clients in the areas of life care planning, long-term care planning, Medicaid & VA benefits, and advocacy for the elderly and disabled. He is past President of the NJ Chapter of the National Academy of Elder Law Attorneys, former chair of the elder law section of the NJ State Bar Association, and past President of the Life Care Planning Law Firm Association. Jerry continues to be an outspoken advocate for the rights of the elderly and disabled. He writes for and gives presentations regularly to attorneys and other professionals about legal issues related to seniors and those with disabilities. Jerry’s community activities include the Twilight Wish Foundation, the Delaware Valley Stroke Council, the Alzheimer’s Association, as well as numerous other advocacy groups. When not in the office, Jerry spends time with his wife, Erica, and their five children, eighteen-year old identical twin girls, Liza and Julia, fifteen-year old fraternal twin boys, Evan and Gregory, and six-year old Aitan.

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