Houston Estate Planning and Elder Law Attorney Blog
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What is the VA Pension Benefit?
The Veterans Administration pension program provides monthly tax-free benefit payments to certain wartime Veterans or their surviving spouses who meet the financial and medical requirements. Claimants who are eligible for VA pension may also qualify for supplemental monetary payments, such as housebound or aid & attendance, if they meet additional medical requirements.
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What are the new guidelines to applying and receiving VA Pension Benefits?
The recent regulation changes regarding eligibility requirements for needs-based benefits include:
* A thirty-six month look-back period in which certain transfers or gifts could be penalized.
* A new formula for calculating a claimant's net worth and a bright-line net worth limit.
* Restrictions on the amount of acreage of a claimant's primary residence which can be excluded in net worth calculations.
* Clarification on certain medical definitions and allowable medical deductions.
The new regulations go in to effect on October 18, 2018 and may drastically change a claimant's eligibility as well as their planning options. If you have questions about your current VA pension benefits or about obtaining VA pension benefits, please contact a VA accredited attorney today.
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Veterans Planning Workshops
Discover how Veterans Benefits and long term-care planning can impact and lead to a better quality of life for you and your loved ones. We delve into the new VA regulations and changes to how Veterans and surviving spouses will receive pension benefits.
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This blog will be updated frequently as we process the full regulations and changes to the VA Pension. Please plan to check back regularly.
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