|If you or your spouse are a qualified war veteran, one or both of you may qualify for the Aid and Attendance Pension benefit. The purpose of this benefit it to assist to with the cost of long term care including in home care, assisted living and nursing homes.
To qualify for this benefit, the VA will look at the amount of your financial assets and whether or not you own a home. If you own a home but are no longer living there, you may need to transfer your home in to an irrevocable residence trust. This is required even if your home is owned by your revocable living trust. Once the home is transferred to the trust and assuming you qualify financially otherwise, you can start receiving tax free income from the VA in the amount of approximately $1,000.00 – $2,000.00 per month. Your financial assets can be placed in this trust as well and then will not count towards the resource limits.
The other benefits/characteristics of the trust in addition to qualifying for the Aid and Attendance Pension benefit include:
Click on the link below to watch MSNBC’s news clip about this little known benefit available to our veterans.
WHAT IS THE VETERANS ADMINISTRATION AID AND ATTENDANCE PENSION BENEFIT?
WHAT ARE THE BENEFITS OF VETERANS ASSET PROTECTION TRUST?