Elder law and Veterans benefits
Over the course of a lifetime, we all experience personal challenges. This might include serving your country in times of war, or facing the issues of aging with security and dignity. Piercey & Associates, Ltd. is prepared to assist you in both cases.
Whether it’s helping you obtain the monetary compensation you are due as a veteran, or preserving your assets in later years, we stand at your service as your legal advocates.
Elder LawIt is critical to work with an attorney who thoroughly understands Elder Law. Piercey & Associates, Ltd. can review and negotiate the assisted living or skilled nursing facility’s care contract, identify which assets are exempt from Medicaid, place assets into Medicaid exempt strategies, determine which Medicaid and care strategies are best fit for each situation, avoid a complete spend-down of assets, and restructure current assets to obtain the highest level of care at the lowest possible cost of care. It is not uncommon to save at least half (and sometimes all) of a client’s assets from the Medicaid spend-down rules.
Many military veterans are not aware of all the benefits for which they qualify. According to the Department of Veterans Affairs, eligible veterans can receive pensions for having served just months, not years, during a wartime period. Plus, surviving veteran spouses are also eligible for monthly pension benefits. Supplemental incomes like these often become the difference in the level of quality care required later in life. Piercey & Associates, Ltd. helps navigate the necessary qualifications and applications to ensure that veterans receive what they’ve earned for their valuable service to our country.
Effective October 18, 2018 and thereafter, the Veterans Administration has issued new rules which drastically change the eligibility for Veterans and spouses to receive Aid & Attendance pension benefits:
- Net Worth
- Asset limit:$123,600.
- Net worth includes monthly income. Monthly income is multiplied by 12 and added to total assets.
- Look-Back and Penalty Periods
- 3 year (36 month) look-back period.
- Penalty period assessed on asset transfers made during 3 year look-back.
- Applicant can return assets and un-do a penalty period (in whole or in part) within 60 days of a penalty period decision.
- Penalty period cannot exceed 5 years.
- Transfers to a trust for a disabled child will not be penalized.
- Real Property
- Primary residence is excluded from net worth.
- Acreage limit: Primary residence plus 2 acres is excluded. Additional acreage will be counted toward net worth unless it is unmarketable.
- Proceeds from the sale of real property, after benefit entitlement, will not be counted as an asset as long as the proceeds are used to purchase another property within the same calendar year.
- Deductible Medical Expenses
- Payments for meals, lodging, health care, custodial care and other services provided by a facility (assisted living, independent living, etc.) are deductible medical expenses as long as the Veteran:
- Resides in a facility that is staffed 24 hours per day.
- Needs assistance with 2 Activities of Daily Living (ADLs).
- Payment for assistance with Activities of Daily Living by an in-home attendant are medical expenses as long as the attendant provides the Veteran with health care or custodial care.
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Piercey & Associates, Ltd.
1525 S. Grove Avenue, Suite 204
Barrington, IL 60010
Piercey & Associates, LTD.
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