On September 18, the Veterans Administration (VA) published new rules that make it more difficult to qualify for this important benefit. The new rule states that any gifts made in the
past 36 months
, either to a family member or to an irrevocable trust, are penalized. This means you could be prohibited from qualifying for VA pension benefits when you need it most. Prior to the declaration of this new rule, gifts could be made immediately prior to the filing of an application for VA pension benefits.
The good news is, you can still attain eligibility under the old rules where there is no penalty for making gifts or transferring funds to an individual or to an irrevocable trust. But you have to act quickly. The new rules go into effect on
October 18, 2018
, and we must have all planning, including asset transfers, done by that date.
If you have any questions or we can assist you in any way, please feel free to contact me.