Question: Last year, I gave about $13,000 to each of my three children. I spoke with my financial planner about paying for long-term care, and she advised me that since I gave away about $39,000, I would have to wait a full five years before I can qualify for any government assistance to pay for my long-term care. Is this true?
Question: My neighbor informed me that when her mother got on the Arizona Long Term Care System program, ALTCS garnished her Social Security income. My dad now needs long-term care, but my mom relies on his Social Security income to pay her mortgage. Will ALTCS garnish my dad’s Social Security if he applies for benefits?
Question: In a previous article, you indicated that in determining Veterans Administration Pension eligibility the VA does not set forth any penalties for the uncompensated transfer of assets. You also indicated that this might be changing. Have any changes to this law occurred?