Net Worth of Claimant to Receive Pension

Discussion in 'General Discussion' started by Ebtaxbiz, Dec 7, 2008.

  1. Ebtaxbiz

    Ebtaxbiz To Protect & Preserve

    This is a statement from the VA website, the section that discusses eligibility for the A&A Pension:

    Note the lack of reference to $80,000 in assets:

    "What about net worth?
    Net worth means the net value of the assets of the veteran and his or her dependents. It includes such assets as bank accounts, stocks, bonds, mutual funds and any property other than the veteran's residence and a reasonable lot area. There is no set limit on how much net worth a veteran and his dependents can have, but net worth cannot be excessive. The decision as to whether a claimant's net worth is excessive depends on the facts of each individual case. All net worth should be reported and VA will determine if a claimant's assets are sufficiently large that the claimant could live off these assets for a reasonable period of time. VA's needs-based programs are not intended to protect substantial assets or build up an estate for the benefit of heirs."
  2. Ebtaxbiz

    Ebtaxbiz To Protect & Preserve

    Discussion on Net Worth from VA General Counsel Opinion on Irrevocable Trusts:

    4. Pursuant to 38 C.F.R. § 3.3(b)(4)(iii), a surviving spouse of a veteran may qualify for improved death pension if, among other criteria, the surviving spouse “meets the net worth requirements of Section 3.274(c) of title 38, Code of Federal Regulations, the VA regulation addressing evaluation of net worth for purposes of pension awards to surviving spouses, provides that pension payable to a surviving spouse shall be denied or discontinued when “the corpus of the estate of the surviving spouse is such that under all the circums-tances . . . it is reasonable that some part of the corpus of the surviving spouse's estate be consumed for the surviving spouse's maintenance.”

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