On September 18, the VA has published new rules in the Federal Register. The effective date is October 18. NOTE: It is not retroactive. Any transfers prior to October 18 will not be penalized, even if the application is submitted after that date.
ElderCounsel has created four tools to help you get the word out quickly about the change in the VA pension rules, and the need to act now.“The Use of Irrevocable Trusts in VA Pension Planning” was originally written in 2011 and has been updated to reflect the new rules.
This whitepaper was released to members on September 19 and was written for you to help you better understand the new rules. It is a technical explanation of the new rules.
The PowerPoint presentation is meant to be given immediately to help clients, potential clients and others listening that there is a need to act now. We suggest recording this as a video if you have the means, and distributing it to your contact list, adding it to your website, and adding it to a blog. Another option is to print the slides only in PDF format and distribute those to appropriate recipients.
If you have speaking engagements already lined up or have time to set them up, this would be an excellent topic to address. It is designed to be less than 30 minutes, and only hits the high points of the law changes while emphasizing the need to act now.
You will see notes for each slide that provide some explanation about the point of the slide.
Client Letter and Referral Source Letter
The letters, like the PowerPoint, are designed to hit the main points of impact in the new rules, and to encourage the reader to act immediately. We included a letter to referral sources, which could be modified slightly to be appropriate for facility administrators by referring to “residents” and reminding them that VA pension benefits can help offset the cost of care for their residents, allowing them to stay longer in their facility.
Watch the Final Friday Update
We discussed the new rules on Final Friday Update on Friday, September 21. Watch the recording now.