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Author Topic: Question about eligibility--now and after sale of house  (Read 453 times)
Bluebonnet
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« on: July 18, 2010, 07:21:57 PM »

My mom recently moved to an ALF because of moderate to severely  moderate stage Alzheimer's.  She has an attendant who dispenses her meds, but she is still (mostly) continent and can feed herself.

Right now, she has about $15000 in the bank, but owes $8500 on a home equity loan, for a cash net worth of $6500. 

Her income is about $2500 per month.  That's it, except for her house and car.  The car is in both of our names, and I'm the primary driver.  Her house has a tax appraisal of $118,000, but realistically I expect to sell it for about $80,000 as it needs some work (a fixer-upper, so to speak).

Her ALF expense is about $2300 at the present time, though it may go up if they move her to the next care level (it would go up about $500).

Can anyone tell me what A & A benefit I might expect for her? 

And once the house sells, would the benefit amount change?  Would it be beneficial to sell it for under $80,000 to keep her asset total below the threshhold?  As long as the total assets are below the threshhold, does the monthly benefit amount change?


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VSR
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« Reply #1 on: July 19, 2010, 12:09:03 PM »

The home is now considered net worth since she does not live there.  Her net worth would be calculated to be $86500.00.  This does not necessarily mean that anything would change with her VA benefit, it just needs to be reported so that way they have it on record for the move/change in net worth.  They may request a breakdown of all of her expenses, but I would think that depending on her cost and age, she would still probably be fine.
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