One Big Reason to Plan before Selling

PLEASE ask your client whether he or she is selling his or her home in order to use the proceeds to pay the high cost of extended, long-term, assisted, or nursing home care.  If your client answers “yes” then ask whether he or she is a military Veteran or married to a Veteran.

Agent Handing Over Keys as Buyer is Handing Over Cash for House with Home and For Sale Real Estate Sign Behind.

Agent Handing Over Keys as Buyer is Handing Over Cash for House with Home and For Sale Real Estate Sign Behind.

You have an opportunity to help people stretch their savings so that they can afford to pay for a higher quality of care for a longer period of time.  Veterans and their spouses may qualify for a non-service connected pension if they have low-income, high unreimbursed medical expenses, and their assets are not excessive. There are three levels of the non-service connected pension: (1) base pension, (2) home bound, and (3) aid and attendance. http://www.marquardtlawfirm.com/medicaid-aid-attendance/veteran-benefits.html

It is important to ask how the proceeds are going to be spent and whether the seller or his or her spouse is a Veteran, because Veterans and Veterans spouses can qualify for a VA pension to pay the high cost of extended, long-term, assisted, and nursing care AND protect and preserve the assets.  The most important part of the application for benefits is the planning done before the application is filed.

Regulations of the Veteran’s Pension program might allow a Veteran to own a principal residence without it being considered to be an excessive asset. Once the home is sold, however, the proceeds from the sale might be deemed to be excessive assets that disqualify the applicant. Wouldn’t it be great if you could sell the house and protect and preserve the proceeds following the sale of the house?

Realtors can be heroes to their clients by informing clients of the Veteran’s Pension and save the day by referring their clients to the most appropriate resources. Now that you know this pension is a possibility, make sure you refer your clients to an attorney practicing elder law, estate planning, asset protection, and wealth preservation.

One comment on “One Big Reason to Plan before Selling

  1. Faye Thompson
    September 21, 2015 at 1:13 am #

    Congratulations on your team of professionals!

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