I'm on my 93 year old father's bank accounts and have been there for 20 + years. He is now in assisted living and we are applying for VA benefits. If I reduce the account balance will that trigger a look back for the VA?
Sorry..........disregard the link I posted........it looks OLD!! Definitely check with your VA representative or Elder Atty about the rules that are in effect as of 2020.
I wouldn’t do anything without speaking to someone at the VA or an attorney because the VA actually made major changes in 2018 and there will be a lookback of 3 years, very much like the Medicaid lookback.
According to this article, there is no look back in Alabama for Aid & Attendance benefits.
In order for my father to qualify for VA Aid & Attendance benefits, he had to have under a certain amount of money in the bank to BEGIN with. I can't remember what it was though. I want to say $50K but this was 2014, so that number may have changed.
If there is no look back, as there wasn't for my dad, you can transfer out as much money as necessary to get him below the threshold to qualify for A&A benefits.
Good luck..........these benefits have been a GODSEND for my parents; dad passed in 2015 but mom still receives survivor benefits to be used for her Memory Care Assisted Living
https://www.alabamaelderlawyer.com/2013/02/look-back-period-va-aid-attendance/
According to this article, there is no look back in Alabama for Aid & Attendance benefits.
In order for my father to qualify for VA Aid & Attendance benefits, he had to have under a certain amount of money in the bank to BEGIN with. I can't remember what it was though. I want to say $50K but this was 2014, so that number may have changed.
If there is no look back, as there wasn't for my dad, you can transfer out as much money as necessary to get him below the threshold to qualify for A&A benefits.
Good luck..........these benefits have been a GODSEND for my parents; dad passed in 2015 but mom still receives survivor benefits to be used for her Memory Care Assisted Living