Attorneys Tom and Michele Murphy are accredited claims attorneys with the Department of Veterans Affairs and file claims with the VA as a major part of their practice.
Aid & Attendance Pension:
Aid & Attendance is a powerful VA benefit for leveraging your resources so you can afford home care or assisted living longer (and preserve your lifestyle), and for paying for nursing home care if you need it. If you served during wartime, or if you are the surviving spouse of a veteran who did, and you need assistance with your daily activities, you probably can qualify for up to over $2,100/month for life. The rules are complicated, but the benefits can protect your independence.
VA Asset Protection:
As with Medicaid, you can protect your assets through transfers, Asset Protection Trusts, annuities, and converting exposed assets to exempt assets. Appreciated assets (house, stocks) and tax-deferred assets [IRAs, 401(k)s], require careful planning to minimize capital gains and income taxes along the way. However, the rules regarding transfers of assets, trusts and annuities are different under VA and Medicaid law, so consult with a lawyer who is expert in both areas so you don’t have a problem on a future Medicaid application.
VA Excess Income Protection:
The VA pension equals the maximum benefit allowable minus your countable income. Countable income equals your gross income minus certain expenses. Most clients can qualify through deducting medical and care expenses, even if provided by a family member under a Personal Services Contract. The greater the deductions, the greater the pension benefit amount!