Many US Wartime Veterans and their widowed spouses
that are over the age of 65 can currently qualify for a pension called Aid and
Attendance pension that can help pay for cost of long term care. In many
cases, we help qualify needy veterans (widowed spouses) for this pension even
though they have gifted away assets greater than the limits imposed by the
VA. But we have been notified, this may be changed and gifting will not
be allowed for VA benefits qualifications.
Congress is in deep discussions
about the increase in veterans applying for VA benefits and the dishonest
practices of certain financial investment or insurance companies trying to sell
annuities to naive seniors in order to qualify them for VA benefits and in some
cases they do not qualify or are then disqualified for Medicaid (Medi-CAL in California). This sells
practice is rapidly growing and causing seniors may financial problems and
false promises. United State Senate is reviewing legislation to impose a look
back and a penalty period, similar to what the Medicaid program has in place
with no gifting.
This legislation must
go through many reviews and steps before it can be voted on by both houses of
Congress and then presented to the President for his approval, it does call for
a 3 year look back and a penalty that would equate to a number of months of
ineligibility for benefits based on the amount of money transferred. It is
geared to be very similar to the way the Medicaid rules worked before Congress
changed them in February, 2006 under legislation known as the DRA (Deficit
Reduction Act).
We in
California are lucky at the moment that we do not have the DRA adopted in our
state (in regards to Medi-CAL or VA Benefits, so for the time being, it is important to look at your estate and if you
think VA or Medi-CAL planning is an important to you or your family, you should
talk to an elder law attorney ASAP. We
anticipate that any changes to both programs will not effective until 2013 or
later. Now is the time is now to closely consider you options for long
term care plans. As an elder law firm, we can help you with many options
that we can take now so that you won’t be hurt by any legislative changes in
the future.
Please call us for a free
phone consultation or appointment consultation to review your individual
situation and determine if you would benefit from our experience and legal
services.
What you do not know
CAN hurt You!
For more information
go to www.la-lawcenter.com or call
us at:
Local Phone: (818)
241-4238 or
Toll Free Phone: (877) 537-8283
