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LawyerLisa, LLC focuses on Real Estate Closings, Estate Planning, Probate Litigation, and Elder Law.  Our firm is here to provide clients with comprehensive solutions in a comfortable environment.  Let our experience lead you to the solutions you seek.

Filtering by Tag: Long term care planning

Changes to VA pension benefits are coming.

The Department of Veterans Affairs has been working for over two years to make changes to the eligibility standards for VA pension benefits.

Changes are coming to VA pension benefits LawyerLisa

Some of the proposed changes would include setting a concrete net worth for veterans applying for pension benefits and importantly, creating a 3 year look back period for asset transfers.

There is currently a 5 year look back period in place for persons applying for Medicaid benefits, such as long-term skilled nursing care.  Putting a 3 year look back on applications for VA pension benefits would align with the policy of ensuring applicants don't intentionally divest their assets in order to have the government provide them with benefits.

The proposed changes to the final rule are still pending and an effective date has not been announced yet.

Thanks to Krause Financial Services for publishing on this topic.  Click here for a link to their article.

Special Needs Trust: Do you need one?

Are you caring for someone with special needs?  If you pass away before that person, what will happen to them?  Who will provide for their care?  How will they be taken care of?  Is your loved one on Medicaid?  Are you leaving them an inheritance?  If a person receiving Medicaid benefits is left assets that push them over the Medicaid threshold, they will be "kicked off" Medicaid.  This can cause serious issues for someone who needs the benefits provided by Medicaid.  These unintended consequences can be avoided by setting up a Supplemental Needs Trust, also commonly referred to as a Special Needs Trust, for your loved one.  By leaving an inheritance to someone in this statutory trust, your loved one can still qualify for important government benefits.  Medicaid planning is a complicated subject.  Be sure to visit an attorney who is experienced in this particular type of planning when you update your estate planning documents.

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