look back period

Discussion in 'General Discussion' started by daughter#2, Aug 3, 2013.

  1. daughter#2

    daughter#2 Newbie

    Can veteran gift money in accordance with IRS regulations in order to reduce net worth prior to application for aid and attendance?
     
  2. vetadmin

    vetadmin Administrator Staff Member

    Currently there is no look-back period with the VA. Assets are counted from the date of application.
     
  3. Max

    Max Hero Member

    However assets gifted to a family member do not reduce net worth for VA purposes per 38 CFR 3.276. Transferring assets to qualify for the program is an abuse of the intention of the program.
     
  4. vetadmin

    vetadmin Administrator Staff Member

    Yes it is, and we do not support re-positioning assets to qualify for this pension. It is intended for those who without these funds would be unable to afford care or have to settle for sub-standard care.
     
  5. ChildWWIIVet

    ChildWWIIVet Newbie

    Thank you VSR and VetAdmin. Speaking from someone who watched my elderly veteran dad and my mom go without the basics, including adequate heat in winter because my dad was too proud and stubborn to let any agency or anyone help them financially. The Veterans Service Officers had to literally coax my dad (at my request) several times over the phone that this VA program was for his service during WW II. Talk about going above and beyond, I will be forever grateful for VA's sensitivity, compassion, and wisdom in coaxing my very stubborn dad into this program. They were able to accomplish what I had been trying unsuccessfully for years to do. This meant heat in winter, and more dignity in the last years of my dads life, and now helps my mom. There are no words to express my gratitude, and I would hope that the integrity and intention of this program be protected.
     
  6. daughter#2

    daughter#2 Newbie

    I understand that this is "aid" and positioning assets not endorsed. My question is why and what do all of these consultants/attorneys do to facilitate qualification?
     
  7. vetadmin

    vetadmin Administrator Staff Member

    It's all about filling beds and making commissions for the ALF and the financial groups.

    80% of individuals in facilities are either a veteran or their widow. They partner together to "troll" for those who have too much money to sell a financial product, and the facility gets to fill an empty bed.

    Grateful children who did not know about this pension are quick to be so appreciative and are given the sales pitch how there is no look back on the VA, and this protects the senior and their assets.

    What they don't tell you is when you move all that money around and leave Mom or Dad with only 20-30K and they blow through that and you now need to file for Medicaid, who does have a 5-year look back, those annuities are going to count as an "asset" and be the cause of being turned down.

    They don't look long-term - only how to fill the bed and make a hefty commission while exploiting the true intent of this pension, which for lack of a better way of putting it, is a Veteran's welfare program. It was and is only intended to ensure that the vet or the widow did not do without care and services.

    This pension has been on the VA's books for 62 years. At the time it was written, there were no ALF's or retirement homes, and most folks looked forward to living to somewhere in their 70's.
    People still lived in the same town and took care of one another. Not so much anymore, and taking care of the elderly in this country has become a multi-billion dollar industry.
     
  8. daughter#2

    daughter#2 Newbie

    Finally this has given me perspective. Thank you
     
  9. vetadmin

    vetadmin Administrator Staff Member

    You're welcome.
     
  10. Max

    Max Hero Member

    If you want to know how/why these attorneys are skirting the rules and financially abusing the elderly, check out this Frontline documentary:

    http://www.pbs.org/wgbh/pages/frontline/life-and-death-in-assisted-living/

    The assisted living industry is just that: an industry. They are trying to make as much money as possible.
     
  11. vetadmin

    vetadmin Administrator Staff Member

    Everyone should watch this PBS segment with AC Thompson. It was well done, and caused quite the stir within the industry the day after it aired.
     
  12. ledzepfan

    ledzepfan Newbie

    Yes, I agree that it was well done but I think the title of this Frontline presentation was misleading. I expected to get an overview of life and death in ASL in general, but what was presented focused soley on Emeritus. It should have been entitled "Life and Death in an Emeritus ASL" instead.
     
  13. vetadmin

    vetadmin Administrator Staff Member

    I have no doubt that they reason the focused on Emeritus is (a) they are the largest (b) due to the 23M award.

    The truth is these issues happen every day in the majority of ALFs. Being aware of that is best so that family members show up unannounced at varying times, and not to dismiss if your loved is saying people are being mean to them. There is a lot behind the scenes people need to be informed about.
     
  14. Max

    Max Hero Member

    Couldn't agree with this more. My only other piece of advice is don't sugar coat the level of need. If someone needs to be in a nursing home, don't be afraid to put them there. They might not like the idea or the stigma of the name, but getting the care they need is far more important than letting them live in a potentially dangerous environment.
     
  15. vetwife

    vetwife Full Member

    That documentary was so informative and very sad. I always thought assisted living was for those who don't require too much "assistance". Patients with advanced dementia certainly do not fall in that category. Such a tragedy for the families to have to live with.
     
  16. Max

    Max Hero Member

    That's the problem when we have a system set up in which corporations can profit off of the disabilities of the elderly...
     

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