I know that we need to contact an accredited attorney in this area, but I was seeing if anyone would know or have information on the following:
If an IRA is cashed out and taxed, is that amount included in the income calculation for this VA benefit? The IRA would be cashed out in order to get the money into an Irrevocable Trust in order to help qualify asset test wise for the VA benefit. We do not want an Irrevocable Trust to own and IRA (can it?), correct?
Thank you.