NOVA - On September 18, 2018, VA published its final rules addressing Net Worth, Asset Transfers, and Income Exclusions for Needs-Based Benefits. 83 FR 47246. The proposed regulations were issued back in January 2015 and VA received over 850 comments in response. NOVA filed comments in support of this proposal in March 2015.
The final regulations establish new requirements for determining net worth and asset transfers for pensions. The regulations also address deductible medical expenses.
In addition, VA is establishing a 36-month "look-back" period for certain asset transfers, with a penalty period of five years. VA stated it is making the changes "to protect the integrity of the pension program and to counteract the hundreds of organizations targeting elderly veterans and spouses with financial schemes that wrest away these individuals' own assets for the promise of qualifying for VA pension." 83 FR 47255.
The regulations become effective on October 18, 2018 and can be found HERE.