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P. Simmons
P. Simmons, Military Lawyer
Category: Military Law
Satisfied Customers: 14125
Experience:  Retired Marine Corps lawyer and Veterans Services Officer (VSO) with 12+ yrs. of experience.
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My uncle is NY State veteran who needs assisted living. He

Customer Question

My uncle is NY State veteran who needs assisted living. He currently has funds in a revocable trust in excess of the $ 80,000 that would allow him to qualify for the Aid and Attendence VA benefit. What financial arrangement can be done to transfer his assets and allow him to qualify for the Aid and Attendance benefit. Is there a look back on the transfer?
Submitted: 5 months ago.
Category: Military Law
Expert:  P. Simmons replied 5 months ago.

Hi, My name is***** am an attorney with over 16 years experience. Hopefully I can help you with your legal question.

Expert:  P. Simmons replied 5 months ago.

There is NOT currently a "lookback" for VA...but this begs the question...who is the current beneficiary of the revocable trust?

Customer: replied 5 months ago.
My uncle is trustee with mysel and brother as trustees.
Expert:  P. Simmons replied 5 months ago.

Thank you
But is he also a beneficiary (is he the primary beneficiary of the revocable trust)?

Customer: replied 5 months ago.
My brother and I are beneficiaries but it's revocable donut will be counted as assets.
Customer: replied 5 months ago.
It will
Expert:  P. Simmons replied 5 months ago.

Thanks
Finally, two more questions
1. what is his goal? Is it to transfer the funds to you and your brother (so your uncle is going to gift this and not maintain an interest in the property)?

2. Has he applied yet for A&A?

Customer: replied 5 months ago.
The goal is to allow him to qualify for A and A benefit . He has not applied yet. Any way he can maintain control i.e. Irrevocable trust?
Expert:  P. Simmons replied 5 months ago.

He can...but that is the key question...in other words, now it is revocable (so he could revoke and recoup the money). Is he willing to make the trust irrevocable and name you and your brother as beneficiaries (in essence, give up his right to the money)?

Customer: replied 5 months ago.
In his state don't know.
Expert:  P. Simmons replied 5 months ago.

Thanks
What does that mean? Is is no longer "competent" (able to understand the nature of his actions or what is going on around him)?

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