VA Rule Changes

Over three and a half years ago on January 23, 2015, the Veterans Administration (VA) proposed significant rule changes regarding eligibility requirements for the Aid and Attendance pension. Since that time, we have been waiting (and waiting) for the VA to release its final rules. Well, the wait is finally over. The new VA rules have been released with an effective date of October 18, 2018. Not surprisingly, the new rules will make it more difficult for many veterans and their spouses to qualify for the Aid and Attendance pension. Here are the most notable changes: Three Year Look Back Period for Divestments. Previously a veteran or veteran’s spouse could give away resources without pena

Important - New VA Rules

The Department of Veteran Affairs (VA) recently released new rules regarding eligibility for the VA pension benefit. These new rules will go into effect on October 18, 2018 and will significantly change common strategies used for qualifying for benefits. The new rules include: Three Year Look Back Period for Asset Transfers. Transfers for less than fair market value beginning October 18, will be subject to a three year look back period. Penalty for Asset Transfers. Transfers for less than fair market value made during the look back period will be subject to a penalty period for up to five years. Net Worth Test. The new maximum asset limit is $123,600 which is the same as the maximum resour

No R-E-S-P-E-C-T

Following the death of Aretha Franklin, it was reported that she did not have a will or trust. Although the Queen of Soul’s estate has been estimated to be worth $80 million, she never took the time to plan her estate. Don Wilson, her attorney for nearly three decades had tried to convince her for years to do a trust, but she never followed his advice. Now the financial affairs of the reportedly very private Aretha Franklin will be available for the public to see in probate court. Failing to have an estate plan is not limited to the rich and famous; in fact, it’s a common problem. A recent study by Caring.com determined that nearly 6 out of 10 adult Americans do not have a will or trust.

Featured Posts
Recent Posts
Archive
Search 
Follow Us
  • Facebook Basic Square
  • LinkedIn Social Icon
  • Google Places Social Icon
Call Now: 810-953-3846

The Elder and Estate Planning Law Firm

  • Facebook Social Icon
  • LinkedIn Social Icon
  • Google Places Social Icon