Where does it state that you can only have $80,000 or less in assets?

Discussion in 'General Discussion' started by TonyR, Oct 4, 2007.

  1. TonyR

    TonyR Newbie

    I have been looking, reading, and researching this and I can find no where where it is written that a person, or family can have up to $80,000 in assets. I have even read Chapter 3 of Title 38 which is the actual legislation that outlines the Aide and Attendance Pension. In fact the wording spells out that the claimant can have the difference between the cost of care and their income for 12 months or $10,000 which ever is the lowest amount. Can anyone shed light on this? I have seen this amount written several times on this and other websites that are not affiliated wth the VA and I am finding that this is just not true. Even the VSO's that I have spoken with agree that this number is very misleading. Who can help me with this?
     
  2. veteranadvocate

    veteranadvocate Full Member

    TonyR,

    One reason that Deb Burak established this website is to help address concerns and questions like yours. I have no connection to her or this website except to assist where I can to answer some of the questions that are posted. Deb does her best to make sure that information is correct before it is posted on her website. Just beacause you were not able to locate the information or the VSO you contacted did not know where to look for the informaton does not justify your comment that this info is just not true.

    Deb has the same standard that I have, 'If we cannot back our comments up with documentation then we don't post it.' Please keep in mind that the VA works with the 38 CFR; 38 USC and many internal policy manuals. The following info is in their 'adjudication manual' that they refer to as M21-1.


    No specific dollar amount can be designated as excessive net worth. What constitutes excessive net worth is a question of fact for resolution after considering the facts and circumstances in each case. A number of variables must be taken into consideration when making a net worth determination.

    Factors to consider include
    · income from other sources
    · family expenses
    · claimant's life expectancy, and
    · convertibility into cash of the assets involved.


    b. When a Net Worth Decision Is Required

    A formal administrative net worth decision is required if

    · the beneficiary has net worth of $80,000 or more, whether or not net worth bars entitlement, or
    · net worth (of any amount) bars entitlement.

    c. Preparing Administrative Decisions

    When required, prepare a formal administrative decision for approval by an SVSR.

    Always consider the claimant's net worth even though it might be below $80,000. Net worth of substantially less than $80,000 could be a bar to benefits in a particular case.e: In general, the older an individual is, the smaller estate the individual requires to meet his/her financial needs. The VA pension program is not intended to protect substantial assets or build up a beneficiary's estate for the benefit of heirs.



    We hope this addresses your question.
     

Share This Page