If you, your parent, your spouse, or other loved one served during an active period of War and may have need of the VA Aid & Attendance benefits in the future, the clock is running. Until now, veterans or their spouses who met medical qualifications could make transfers to lower their assets and allow them to qualify for such benefits. However, under the new regulations promulgated by the VA and just made final, the VA will be implementing, among other changes, a three year lookback period on transfers made of "covered assets" to an individual or a trust or an annuity if the inclusion of such assets would have caused the applicant's net worth to be over the limit permitted under the new regulations. The penalty period for such transfers can be long as long as five years.
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