Change in Assets

Discussion in 'Tips and Resources' started by dahueter, May 29, 2014.

  1. dahueter

    dahueter Newbie

    I'm really hoping that you can help me as you have been so wonderful in the past. My Mom applied for A&A about 4 years ago. It was a rocky start but now she and Dad receive about $200 a month, get their scrips from the VA etc. When they applied their assets were about $50,000. They sold their primary residence at the end of 2012. Their assets now are around $100,000. Dad is in a nursing home and will either be transferred to an ALF or come home with at least 12 hours of care. He has Alzheimer's. When Mom went to the local VA office to ask about help with that the person she spoke to scared her to death by telling her that if she has assets over $80,000 they will lose all of their benefits, including prescriptions, etc, and have to pay back all of the money. Is that true??? Going into an ALF or having home care will cost them between $4,000-$6,000 a month. And while they may have over $80,000 now that will diminish quickly. She's 85 years old and never thought about this effecting them. She asked me if she should transfer money into an account in my name so that she has less than $80,000.
    I'd appreciate any guidance that you can give.
     
  2. VA Legal Team

    VA Legal Team Full Member

    1) The $80,000 number is a figure thrown around by people who either a) want to scare you, b) want to sell you something, or c) don't know what their talking about. Excessive net worth is a question of fact. I.E. there is no one number the VA uses to say someone does or doesn't have too much money.

    2) Did your parents notify the VA when your folks sold the house? They were obligated to do so. The VA is going to want how much their net worth was after the sale of the house. If they deem that amount excessive, they will terminate benefits from that date and then issue an over payment letter.

    3) Did your mom tell the local VA person about the sale of the house? If so, there's a good chance that the VA will send out a letter asking about it.
     
  3. dahueter

    dahueter Newbie

    Thank you for the quick response. No, she didn't notify anyone at the time of the sale. She's 85 and didn't even think about it. She did not tell the man at the VA office that she sold her home. She was so scared when he kept talking about the $80,000. If the VA does come back and deem that their assets are too much will the also stop them from getting dad's prescriptions at the VA? And seeing his VA physician?
    How should we proceed?
     

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