The Veterans Administration was set to enact new rules in February 2016 that will limit the availability of Aid & Attendance resources to thousands of veterans in need of care. The February enactment information came from regulations.gov. However, the most recent insider information suggests that the earliest we will see the final rules announced is “Spring 2016.” Regardless, changes are coming. Changes are expected to include changes to the “reasonable” land exemption as part of one’s home, costs of independent living fees no longer being deductible as medical expenses, and perhaps most importantly, the imposition of a three-year lookback period for all transfers made that could subject the applicant to a penalty period of up to 10 years for such transfers! If you or your loved one is expected to apply for this benefit within the next few years, we strongly encourage you to do your planning prior to the rule change. Although we can make no guarantees, the consensus among most elder law attorneys is that those who conduct their planning prior to the rule change will be grandfathered in under the existing rules. Call us at 919-443-3035 for a brief telephone consultation with a team member to determine whether this benefit may be applicable to you or your loved one.
VA ALERT!!! Rule changes ahead!
Carolina Family Estate Planning provides full-service estate plans to those in and around North Carolina’s Triangle, including Cary, Apex, Holly Springs, Fuquay-Varina, Raleigh, Durham, Wake County, Orange County, Research Triangle Park, Morrisville, Durham County, Garner, Wake Forest, Chapel Hill, Pittsboro, Pinehurst, Southern Pines and Fayetteville.