The Veterans Administration (VA) published new rules that will make it more difficult to qualify for benefits like Aid and Attendance, a benefit that provides a cash benefit to help defray costs of care for eligible veterans. The new rules, which go into effect October 18th, 2018, will penalize uncompensated transfers made in the 36 months prior to application. For example, any gifts made in the past 36 months, either to a family member or to an irrevocable trust, would be penalized. Likewise, an investment in an annuity would also be penalized.
There are other requirements to the new rules, but the above are the most impactful.
The good news is, you can still get under the old rules where there is no penalty for making gifts or transferring funds to an irrevocable trust but it would have to be done quickly, before the new rules go into effect.