A net worth question

Discussion in 'General Discussion' started by Justandi, Jan 6, 2013.

  1. Justandi

    Justandi Newbie

    My aunt will be applying for A&A and she currently lives at home however we are looking for a n assisted living environment for her to move into. we know her home does not count toward assets however if she moves into Assisted Living and then later sells her house will she loose her benefit if the money from the proceeds on the sale of her home exceeds exceeds $80,000. If there is no look back period do they require updates ?
     
  2. vetadmin

    vetadmin Administrator Staff Member

    You would have to report the proceeds from the sale of the home, and more than likely it would kick her out of the program until such time she spends down and is financially compliant again.

    Regardless of the current no lookback, you do have to report any changes that impact eligibility.
     
  3. Justandi

    Justandi Newbie

    Am I correct? Best not to sell house until she spends down the $80,000 cash/liguid assets she has????? Thank you.
     
  4. vetadmin

    vetadmin Administrator Staff Member

    We cannot comment on what would be best given that we are not financial advisors or attorneys, but "if" you sell the house, you will need to report it. You may want to seek advice from a legal authority to best determine her situation.
     
  5. Max

    Max Hero Member

    Hell, I'll comment. If you unload the house, it is best to do it at the beginning of the year. If the net worth was an issue (VA is in the process of increasing the net worth limits), the termination would not be effective until January 1st of the following year. This would mean that she would have a full year to spend down her assets before any termination would go into effect.
     

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