December 24, 2021
What are the Qualifications for a VA Benefit? | Veteran Administration Benefit
What are the Qualifications for a VA Benefit? | Veteran Administration Benefit
In this episode, Chris Berry answers: What are the qualifications for the veteran who already is in long-term care?
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Episode Transcript
What are the qualifications for the veteran who already is in long-term care? Welcome to Berry’s Bites! please join our host attorney and financial advisor Chris Berry.
So let’s say we have a veteran who is in home care assisted living qualify for the va benefit and these rules changed in 2018 so now the rules are accountable assets basically have to be less than 120 000 accountable assets are everything other than a home personal property automobile prepaid funeral so 401ks IRAs spouses assets it has to be less than 120 000 90 days active duty one of those has to be during a period of conflict cannot be dishonorably discharged and then need to have long-term care costs that are greater than your income.
So if you’re paying three thousand dollars a month for long-term care and you have social security of two thousand dollars a month then you would qualify and surviving spouses would also qualify as well. So depending on the situation you meet all these requirements it could be one to two thousand dollars per month via the va now there is one other requirement this is a big change that happened in 2018 there’s a look-back period now there’s a three-year look-back period for this va benefit so if we have someone that has five hundred thousand dollars we can move the assets into a veterans asset protection trust but now they would have to wait three years before they could qualify for that va benefit because of this change where the three-year look-back period happened in 2018. Thank you.