The Veterans Administration (VA) just released new rules that impact eligibility for certain Veteran’s Benefits. The new rules go into effect on Oct. 18, 2018 and may make it more difficult for some individuals to qualify for Pension Benefits.
Primarily, these new rules will penalize any individuals who made certain financial gifts or transfers after Oct. 18, 2018, and prior to applying for VA benefits. The penalty could delay receipt of pension benefits for up to five years if an individual fit one of the following categories:
- Certain financial gifts or transfers that are made after Oct. 18, 2018 and within the 36 months prior to a VA benefits application;
- Investments in certain annuities made after Oct. 18, 2018.
This means you could be prohibited from qualifying for VA pension benefits for up to 5 years, depending on the amount of these transactions.
There is still time to transfer and protect certain assets before Oct. 18, 2018. Talk to an elder law attorney who is well-versed and accredited in VA special pension benefits today to find out how the rules may impact you and learn how you can act now to avoid being negatively affected by these new rules which take effect Oct. 18.
This presentation provides more information.
