No "Look Back" by the VA

[fhm0303]

My dad is 90 and I'm considering working with an agent to apply for the aid and attendance benefits.  The agent says that Dad can't have more than $50,000 in assets (not including home or car which he doesn't have) to qualify.  But we can put his assets above $50,000 into an annuity and thereby meet the requirements.  Is such transfer of money to accepted by the VA?  Is there a better way (than an annuity at 90) to transfer his assets above $50,000?

Frank

[vetadmin]

Frank,

This is a common ploy used by financial groups throwing out the figure of  $40 -$50K.  They want the commission on what they transfer over or move around.

I caution you to be leary!

Your dad's age is going to go against him as his anticipated lifespan would be short for VA purposes.  You need to see the Resources and Tips tab on these forums and determine what your dad's "countable" income is.

We cannot recommend repositioning assests to qualify for this pension, and would suggest that you speak with an Elder Law Attorney rather than an annuity salesperson to make certain that you make the best decision for your dad.

[fhm0303]

Thanks Debbie for that response and wise advice.    

[vetadmin]

You're welcome.

[Fit2009]

good catch, we had a 93 year old who had been told she could only have $10,000 because of her advanced age - she got the award with her full $47,000 - not even a blink - it's criminal what annuity salesmen will say to "monitize the senior".

[VSR]

I strongly recommend meeting with your county veterans service officer or actually going to the VA regional office in your area instead.  Speaking with someone who has nothing to gain or lose from speaking to you is a much more reliable way of getting it done right.

[lawrencet]

Hi Debbie,
My mother is also 90 and I just found out about Aid in Attendance.  Can you explain what you said about the age of a 90 year old going against hi/her?  That concerns me as I was hoping to apply to help cover her expenses.   

[vetadmin]

The VA factors in the age of the applicant, and their anticipated  life expectancy.  Higher odds of her having enough assets to last her, but depending on what she has, it may be ok.

Please look at the tab under Tips and Resources, and look at "countable" income to help you better understand how the VA will look at it.