Recently, planners have advertised, promoted, and nearly shouted about a type of planning known as VA planning. VA planning plays an extremely important role in determining benefit eligibility. Typically, these types of VA planners—the ones you hear about through advertisements—work to ensure individuals receive the most benefits available to them in as short a time possible. The type of VA planning they offer may seem very attractive at first, as they offer assistance to individuals in the relatively simple process of rearranging estates or giving away assets to qualify individuals for benefits.
While this type of planning may seem like a smart idea initially—and it may work for many folks—issues tend to arise, usually not too far down the road, when individuals become sick, need to move into a nursing home, or—for some other medical reason—suddenly need those Medicaid benefits. This is what’s known as the Medicaid Bomb: when eligibility for one set of benefits may make these individuals ineligible for other needed benefits.
Poor VA planning can have potentially detrimental consequences to the assets of those individuals diagnosed with Alzheimer’s disease or dementia, as oftentimes, the costs of providing assisted living or other types of aid can swallow-up many of the once-available benefits. If you or someone you know has considered speaking with a planner to see about qualifying for VA benefits (either through rearranging an estate or moving assets), then you should contact an Ohio elder law attorney. An Ohio elder law attorney can provide you with assistance during the planning process by helping you evaluate what’s in you and your loved one’s best interests.
