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Veterans Aid & Attendance
My prior post, Determining the Maximum Allowable Pension Rate: Part I, outlined the maximum monthly benefit amount for a veteran with a spouse, a single veteran, or a single surviving spouse of a veteran; and the rating of the particular claimant. As most VA practitioners know, the VA pension benefit will range from zero dollars up to the category's maximum allowable pension rate ("MAPR"). However, I did not go into detail as to the calculations used to determine the anticipated pe ...
When assisting a VA claimant with a nonservice-connected pension claim, determining the maximum benefit amount the claimant is entitled to can become perplexing.
The Veterans Administration ("VA") offers nine maximum benefit amounts based on whether the award is for a veteran with a spouse, a single veteran, or a single surviving spouse of a veteran; and the rating of the particular claimant. The calculation for the respective category of pension income will provide a VA pension benefit ...
Contrary to a handful of states' Medicaid rules, which consider a Medicaid applicant's and/or the community spouse's Individual Retirement Account ("IRA") strictly as income if he or she is receiving the Required Minimum Distribution ("RMD"), the Veterans Administration ("VA") considers an IRA to be a countable resource and the RMD to be countable income. In order to meet the asset and income limitations of the VA, exchanging the IRA for a tax-qualified immediate annuity will conver ...
My prior post, VA Planning - Transferring Assets after Eligibility has been Established, outlined the consequences a veteran will incur should he or she receive a lump sum of nonrecurring income, such as proceeds from a life insurance policy or an inheritance, after VA eligibility has been established.
However, I did not go into detail as to how the proceeds should be disposed of, and what the eligibility consequences will be thereafter.
Meet Sally Johnson.
If you recall from my prior post, ...
In Florida, Personal Services Contracts ("PSK"), which are also referred to as Caregiver Agreements, are widely used as a spend-down tool for Medicaid and/or VA benefits planning.
The PSK generally serves four purposes:
It reduces an applicant's countable resources to an acceptable level, which entitles the applicant to receive benefits;
It outlines the duties and obligations of the parties;
It establishes the compensation that will be paid to the caregiver; and
It dicta ...
As we all know, Medicaid is the payor of last resort. Therefore, before Medicaid will provide any benefits on behalf of an individual, he or she must exhaust all outside funding sources, including monthly income from the Veteran's Administration ("VA"). With that in mind, how does a veteran qualify for both Medicaid and VA benefits?
Since Krause Financial Services successfully merged Veterans Aid & Attendance benefits planning into its array of complimentary services offered to elder law attorneys, I have received numerous inquiries related to the impact of an uncompensated transfer of an asset by a veteran who is already receiving VA benefits.
As most VA practitioners are aware, the VA Program has no look-back period for pre-eligibility uncompensated transfers. In my quest for an answer, I recently found ...
With more and more attorneys adding VA pension benefit planning into their practices, the buzz word seems to be Aid & Attendance ("A&A"). While the A&A pension provides the largest monetary benefit to a veteran, what about the other millions of veterans who need financial assistance but do not medically qualify for the A&A pension?
According to the Veterans Benefits Administration, three levels of benefits exist depending on the claimant's level of disability. The ...
Whenever a caregiver agreement is utilized in a Florida Medicaid or VA Planning case, there are always questions regarding income taxes. When, and to what extent, does the care recipient get to deduct the payment or payments? When, and to what extent, does the caregiver child have to recognize taxable compensation or income?
Section 61(a) of the Internal Revenue Code ("IRC") defines "gross income" as compensation for services... Thus, it is clear that when a caregiver child ...
The Center for Medicare and Medicaid Services has recently announced that the Community Spouse Resource Allowances and Monthly Maintenance Needs Allowances will not be increasing in 2010. This relates to the fact that the consumer price index upon which the spousal impoverishment standards are based did not increase. As such, for 2010, the Maximum Community Spouse Resource Allowance will remain at $109,560.00, and the Maximum Monthly Maintenance Needs Allowance will remain at $2,739. ...
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