Question about assets

[ronkr]

Hi,
  I recently found out about this benefit. My Dad was a Vet and my Mom is now a widow in an assisted care facility. I understand that the maximum assets can not exceed $80,000. My Mother currently has about $6,000 left in her bank account. However, there is a pending sale on their home from which she will receive $100,000. My question is does that count as an asset now or is it still excluded because she still owns the home? Also if it is excluded and I apply now and should be accepted, how might that effect her eligibility when she receives those funds?
  Thank you in advance for any advice or help.

Ron

[vetadmin]

Ron,

Your best bet is to find a really good Elder Law Attorney to best address this for you.  The VA has no "look back" period, so the finances are what they are at the time of the application.  Obviously if the house sells her circumstances would dramatically change and depending on expenses backed out of the $100,000 to reduce her "countable income" would be what you would be dealing with.

After the pension has been awarded the VA sends out an annual EVR (Eligibility Verification Report) for an update on the finances to confirm the applicant is still eligible.  These forms have to be sent in on the time frame allocated otherwise benefits will be suspended.

Again, you need the counsel of someone who is an expert for the finances to best determine the proper course to proceed.

[ronkr]

Thank you so much for the response. And on down a very long twisting road I go.