Question re: assets

Discussion in 'General Discussion' started by lawwad817, Nov 23, 2015.

  1. lawwad817

    lawwad817 Newbie

    I have read through all the documentation for applying for Aid and Attendance and have a quick question re: determination of assets. My mother moved to an assisted living facility on 11/1 because she can no longer care for herself at home. She owns a townhouse but is still paying on the mortgage. The VA application is clear that the residence is not counted as as asset but I would have to assume that since she has moved to assisted living her townhouse would now be considered an asset since she is not living there. Is that correct? She has not yet sold her home but we will have to do that in the coming months. How do I handle this on the application re: assets? Do I list it as an asset with what I think the approximate value is, less the remaining amount owed on the mortgage?

    Thanks for your time.
    Laurie
     
  2. vetadmin

    vetadmin Administrator Staff Member

    Laurie,

    You do not listed it, and you do not reference it on the application.

    If the townhouse sells, then you will have to notify the VA of the proceeds she receives from it, and it may very well kick her out of the program until she spends down.

    If it sells prior to the VA make a ruling on her application, we suggest waiting until the process is complete to notify them. Updates mid-stream of application processing can result in the application, getting pulled, and going to the bottom of the pile.

    Hope this helps.
     
  3. lawwad817

    lawwad817 Newbie

    Yes, that is helpful. I appreciate your guidance in how the handle this. Many thanks!
     
  4. vetadmin

    vetadmin Administrator Staff Member

    You're welcome!
     
  5. C_Vink

    C_Vink Newbie


    I have a question regarding form 21-527EZ. Where is ask for net worth of IRA account, do we put the whole total amount that is currently in the IRA or do we only put the distribution amount my father receives at the end of each year?
     
  6. Kaylin

    Kaylin Hero Member Staff Member

    C_Vink,

    On the 21-527EZ form, the VA is looking for the net worth, so you would have to either put the entire amount of the IRA account or specify that he gets "X" amount each year and the total is "X". You can also explain that on the cover letter if you like.
     

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