My Korean War vet uncle should qualify for A&A by service dates and LTC needs. He currently lives in AL and is paying out of pocket with his own funds. He is down to about $140K in his name and has $1500/month SS as his only consistent income.
Five years ago, an elder care attorney put the bulk of his assets in an irrevocable trust for Medicaid planning purposes. Since all he needs is AL right now, we hope to apply for A&A and then use the A&A and supplement it with money from the trust (trustee will pay AL directly from trust funds.)
Question: He will dip down below $129K in 2 months. He should qualify then, right? If he qualifies in 2020, will A&A retro back and pay him his full benefit for all care costs incurred in 2020?
https://www.veteransaidbenefit.org/what-is-the-asset-net-worth-limit-for-aid-and-attendance-pension.htm#:~:text=Up%20to%20December%201%2C%202020,(Income%20for%20VA%20Purposes).
Are you in AL as well? If not, is there someone who can help him get to the local VA center, or a state or county VA office so that he can get help? Many of the staffers in these help centers are veterans themselves, and in my experience they often go out of their way to help other veterans in need.
In my area, the VA also provides some level of transit for veterans w/o their own transportation.
"VA regulations graciously provide an unlimited exemption for a veteran’s personal residence, the veteran’s vehicle, and personal belongings."
Well, if his personal belongings are excluded, why couldn't he just buy that Rolex watch that he always wanted? That would also drop his net worth down to the level where he would be able to apply. It seems there are ways to accelerate the asset draw-down to get below the threshold and not violate any rules.