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How will you pay for long-term care?

Genworth just released its latest analysis of long-term care costs. Nationally, the current median cost for a semi-private... more »

WASP veterans win another war

The Women Airforce Service Pilots helped the United States win World War II. More than half a century later, they have w... more »

Sumner Redstone's competency trial dismissed, but the saga continues

Who do your sympathies rest with in the legal brouhaha swirling around ailing media tycoon Sumner Redstone? Are you in... more »

Insurance companies doing business in Florida: Ignorance is no longer bliss

Life insurance can play useful role in many people's estate plans. It can provide replacement dollars for pension and Soci... more »

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Aid & Attendance lookback under consideration

6-10-2012 - The General Accounting Office has released a report suggesting that the Veterans Administration adopt an asset "look-back" period to determine eligibility for Aid and Attendance benefits. Aid and Attendance benefits provide elderly and disabled veterans financial assistance to cover the cost of long-term nursing home care, home care or assisted living.

Under current law, a veteran may have no more than $80,000 in allowable assets to qualify for Aid and Attendance. However, transfers of assets that occur before the application date are not examined or penalized. This is in contrast to the Florida Medicaid system, which currently imposes a  five-year look-back period on asset transfers.

No changes have been instituted as yet. U.S. Senators Richard Burr (R - N.C.) and Ron Wyden (D- OR) have indicated that they will introduce legislation in Congress  that gives the Veterans Administration look-back authority.  At this point, it is too early to know how such legislation would impact on clients' estate plans.

Click here for the current eligibility requirements for V.A. Aid and Attendance benefits. 

 

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