New rules go into effect on October 18 that represent a significant change in the qualification requirements of those who are eligible for VA pension benefits. This will make it more difficult to qualify for this important benefit that can help defray the cost of care.
On this podcast of Life Happens Radio, attorneys Louis Pierro and Frank Hemming explain the rules change and the potential financial impact to your benefits.
Currently, any transfers or gifts made to qualify for VA pension benefits are not subject to a lookback period. The new rules, however, provide that gifts or transfers made after October 18, 2018 will be subject to a lookback period of 36 months and therefore, subject to a penalty period where you will potentially be ineligible for these benefits. The addition of the lookback and penalty period means that you will need to plan 36 months in advance to qualify for VA pension benefits.