PALM BEACH, Fla., June 20, 2014 /PRNewswire/ -- VA benefits are one of the most misunderstood programs for seniors. Wartime veterans and their spouses (even widows) may be entitled to subsidize expenses for home health care, independent living and nursing home, potentially in excess of $24,000 annually. Little is known about this program and how to appropriately receive benefits.
Ideally, elder law planning should start when decisions can be made and options are available. These include how you want to deal with aging, lifestyle choices, and a sound financial strategy. The starting point should be long term care insurance but when such insurance is no longer an option or insufficient, VA benefits become the next best choice.
According to attorney Evan W. Turk, VA benefits are typically misunderstood - even by attorneys. The primary reason is that the VA's rules are stringent about not being able to charge to apply for the benefit and it takes a lot of time and effort to get someone properly through the process.
Even though VA benefits is burdened by complications, elder law planning must include VA benefits as an option because of this tremendous benefit which could delay or avoid the need to leave one's house or other wishes. A sound well-rounded elder law strategy should include all reasonable and available options. Often times, the VA benefit becomes the most important component.
The VA lists attorneys and other professionals who are accredited by the VA who are authorized to assist the veteran and family. Many accredited attorneys provide assistance at no cost as part of their overall legal strategy (within VA rules and regulations).
Evan W. Turk is the Managing Member of Principle Counsel, PL, based out of Delray Beach, Florida. Practice areas include Elder Law, Estate Planning, Family Law, Wealth Management, Asset Protection, Business Transactions, and Probate Law.
According to Mr. Turk of Principle Counsel in Delray Beach, Florida, an elder law practice, the 10 biggest reasons that seniors miss out on this important benefit are:
10. Not knowing about the program. A majority of eligible applicants do not receive benefits for no other reason than not knowing it exists.
9. Confusion to who is eligible. Spouses and widows are also eligible (even if they were not married to the veteran at the time of war).
8. Lack of understanding. It is a reimbursement of age related expenses thus expenses must exist prior to the VA providing reimbursement.
7. In many situations, eligibility is a catch-22. Since it is a reimbursement of existing expenses, those desperately in need and without means to pay are denied because they do not have a means to pay.
6. Confusing application. Benefits fit within the VA pension although one can receive a pension with 90 days of service or by having married an eligible veteran; checking the wrong box on that application could result in a denial.
5. Lack of professional advice. It is unlawful to charge for the application minimizing incentives to see benefits to fruition.
4. Complex rules. One with less than $100,000 in assets can be denied for having too much assets while one with $1,000,000 in assets can be approved by sheltering assets.
3. Length of process. If not handled properly, the time for seeing benefits to fruition can exceed a year, leaving many to give up.
2. Incomplete applications. Many VA organizations can assist with the application but are overwhelmed and often misinformed about the program and its complex rules.
1. Failure to seek appropriate advice. Many participate in the unauthorized practice of law by providing advice on sheltering assets with financial products for eligibility purposes, typically receiving financial commissions (often with no discussion about how this may be inappropriate or disqualify the applicant for Medicaid).
Evan W. Turk is an accredited attorney with the Department of Veteran Affairs licensed to practice law in the States of Florida and New Jersey and based in Delray Beach, Florida (between West Palm Beach and Fort Lauderdale, just north of Boca Raton). The VA lists attorneys and other professionals who are accredited by the VA who are authorized to assist the veteran and family. Many accredited attorneys provide assistance at no cost as part of their overall legal strategy (within VA rules and regulations).