“Should I transfer my assets out of my name to qualify for VA Pension?”

So you have too many assets to qualify for the VA Pension (aid and attendance) right now — what do you do?

Do you transfer the assets out of your name and give them to your kids?  Put them in a trust?

Here are some questions you need to answer — or get the answers after meeting with a VA accredited elder law attorney in your state:

  • What is the value of the assets I need to give away?
  • How much will I have left in assets after giving some away?
  • What other options do I have to pay for long term care besides giving away my assets?
  • What do I expect the monthly pension amount to be from the VA Pension?
  • Have I explored all of my other options?
  • What will this do to my eligibility for Alabama Medicaid if I ever need a nursing home?
  • Can I still afford to pay for a nursing home if I need it?
  • What are the income tax consequences to giving away assets as opposed to letting them be inherited or putting them in a special type of irrevocable trust?
  • Do I have someone I trust without reservation that I can give the assets to?
  • Is the person I want to give my assets to — a child for example — is this person married?  Is a divorce possible?  A lawsuit against them?  What dangers would this pose to give them these assets?

There are other questions that need to be answered but hopefully this gets the wheels turning in your mind as you consider this important decision.  Make sure you get good advice — not what your barber tells you or the neighbor tells you over the fence.

Get good advice — be prepared to pay for it — and make sure you end up with a detailed roadmap of where you are right now, where you want to go, and you have the right path to get there.

If we can help you to prepare this detailed roadmap, give us a call at 205-879-2447 or contact us online.  We can set up a meeting or send you a free information package about this benefit.

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