Continuing with our Veterans Pension Series, Wes Coulson discusses the importance of protecting your residence prior to establishing VA benefits eligibility.
Protecting your residence while establishing VA pension benefits eligibility
Hello, I’m Wes Coulson and this is your Elder Law Minute. Continuing our series on VA Pension Benefits, I’d like to talk today about protecting your residence in the context of establishing VA benefits eligibility. This is a real fooler for a lot of people because the VA says that you can still own a residence and establish eligibility. The problem is in a lot of cases after somebody moves into assisted living and gets on the benefits, the home gets sold and then you no longer have an exempt residence, but rather the non-exempt money from the sale of the residence, and you lose eligibility. So, it’s important to protect the residence before you apply for benefits. There are very specific ways of doing that, that are tax friendly. For now, what you need to know is that don’t assume that the asset is exempt. You need to do something before application to protect it. Thanks.
For more from the Veterans Pension Benefits series, visit these articles:
- Levels of Benefits
- Difference between Service Connected Disability and Pension Benefits
- Military Service Requirements for Establishing Eligibility
- Will the VA approve a Look-Back rule?
Coulson Elder Law is dedicated to providing families in the St. Louis area with their Elder Law needs. Our practice areas include Asset Preservation Planning, Veterans Benefits, Medicaid Eligibility, Alzheimer’s Planning, Special Needs Planning, Estate Planning and more. We understand the financial challenges you may face as you and your loved ones grow older. At Coulson Elder Law, our clients’ well-being is our number one priority. For immediate help, call (877)995-6876 or Contact Us and we will get in touch as soon as possible.