Q. Can I give away my assets and obtain Veterans benefits (such as Aid & Attendance) if I have too much assets for eligibility (assuming all other qualifications are met)?

A. Yes. There is no look-back period or transfer penalty if you transfer assets prior to applying for such benefits. However, there are several ways of making transfers (use of annuities, trusts, etc. besides just making a transfer), and sometimes it makes more sense to simply add names to an account. Tax issues and potential need in the future for Medicaid (since often more is saved for long-term care though the use of Medicaid especially if the applicant is likely to be in a nursing home within 5 years) should also be considered. Furthermore, there are some exceptions to the rule (i.e., gift can’t be to a member of same household, all rights in property must be relinquished, etc.).

Q. Is the surviving spouse of a wartime Veteran (not dishonorably discharged) sometimes eligible for such Veterans benefits?

A. Yes, assuming the surviving spouse was not divorced from the Veteran at the time of the Veteran’s death.

Q. Will the Veterans Administration try to recover against excluded assets such as a home or car after death if benefits are received?

A. No. This different than the Medicaid rules as explained above.

Q. Can I always keep $80,000 of assets and get VA pension benefits?

A. No. There is a determination whether or not the claimant’s financial resources are sufficient to meet his or her basic needs. Pension is based on need. Contrary to what most people have heard, there is no specific amount of money used to determine the level of assets that will disqualify them. Generally, the older the claimant, the less that will be needed to cover need for their lifespan (and thus less assets can be protected).

Q. What is the maximum monthly benefit for the improved pension program?

A. Single Veteran – $1703 (as of 1/1/12); married Veteran with one dependent – $2019 (as of 1/1/12); and surviving spouse of Veteran – $1094 (as of 1/1/12).