Countable income Question?

[rapper]

A couple of questions: My father is a World War II Vet who has lived in an assited living facility for the past year and a half with my mother at home. My parents combined monthly income is $5,500.00 per month and his unreimbursed medical expenses are $6,500.00 per month ($6,200.00 being the daily charge for care). His Doctor has already rated him and I have the statement from the nursing home stating he is a resident and the costs associated with the stay($210.00 per day). My Father and Mother own their home and on the lot adjacent to the home they own a garage Apartment (Value $30,000.00) which my parents store personal property in the floor level of the garage apartment along with their car. They receive rent from renters of the apartment of $275.00 a month which I have already included in the monthly income of $5,500.00. The only other assets are bank accounts and some stock which has a total value of $22,500.00. Both of my parents are 89 years old. Have I positioned their assets and income levels correctly to receive the full benefit for aid and assistance? Will the VA include the home and garage apartment as  exempt or will I have to sell the garage apartment off?

[vetadmin]

We cannot advise you on how to position assets, but can say that your Mom is entitle to be in their home, and only the rent from the garage should count as income the way you have reported it.

The home does not count as an asset.

Good luck with the process.

[rapper]

Will the garage apartment be an exempt asset since it is adjacent to the home and my parents use some of its space or will the VA put a value on it and treat it as an asset under $80,000.00.? Thanks for taking the time to answer me. Your site is informative.

[vetadmin]

Can't really say with certainty how they will view the additional property.  You may want to just list it as ajacent to the residence is the land where the garage is located and show the income from the rental income.