A&A awarded!!! What to do with old home now that dad in assisted living?

Discussion in 'General Discussion' started by tiburonmorningstar, Nov 29, 2011.

  1. Hi there,
    My dad's A&A was approved and payments will start in December. As I posted previously, I am so utterly thankful to this website: because of the help here, my dad's claim was swiftly and successfully approved.
    I crossed all my "t"'s and dotted all my "i"'s, and it was a lot of work, but only because of this website did I know what to do. I am still shocked it took only 6 weeks to get approved and I am impressed that the VA worked so quickly, and that the letter I received from them was factual, clear and detailed. It is obvious that the data input, the review of the material and the decision was performed with thought and attention on their part and I take my hat off to them.

    My question: my dad has a run-down, delapidated, neglected condo that he lived in for 20+ years prior to moving into assisted living (which he finally did kicking and screaming, although it was absolutely necessary for his health and safety). I won't go into all the issues, but needless to say, his inability to care for himself extended to his living situation and house. It hasn't been maintained or significantly cleaned for years. It's worth is $60-80K on paper (but not in its current condition) and he has no other assets at all, only debts. It will take at least $35K to restore the condo into something that can be viable and either sold or rented. At this point my dad wants to "gift" the condo to me because he is not capable of basic maintenance (such as covering the pipes when it freezes, etc), even though he lives only a few miles away in the assisted living facility. My husband and I are willing to take this on and restore the condo (again, a huge expense) but really, don't know what else to do with it at this point. If we just sell it now without restoring it to some workable condition, it will get absolutely nothing.

    My question is how this would affect the A&A status? Is it OK for him to "gift" this condo to me (again, a dubious distinction given its condition)? I can't imagine this would affect his A&A status, since even the sale of the condo by him at its property tax value ($60-80K, his only asset) would not cancel his eligibility for A&A benefits (from an asset ceiling standoint).
    Thanks for any suggestions!
     
  2. vetadmin

    vetadmin Administrator Staff Member

    You would need to speak with an Elder Law Attorney regarding the "gifting". If the house sells, it does count as cash and he will have to report the proceeds. Depending on how much he gets for it, it could affect his eligibility until the monies are spent down making he eligible again, so yes you do need to be mindful of how this impacts him financially.
     

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