Over $80,000 in assets

Discussion in 'Countable Income' started by TNCAT1, Jun 21, 2017.

  1. TNCAT1

    TNCAT1 Newbie

    My parents had below $80,000 in total assets but received an inheritance of $50,000 which takes them over the minimum $80,000 threshold under the aid and Attendance program. What options do they have to spend down this amount? Can they give it away. We want to apply for assistance under the A&A program...but need to do something with their assets. thank you.
     
    Kaylin likes this.
  2. Kaylin

    Kaylin Hero Member Staff Member

    Hello! The $80,000 asset level is a rule of thumb. It really depends on how much your parents are spending on care costs each month vs. how much income they receive each month. It sorta looks like this:
    Total monthly income - total monthly care expenses = X

    And if that "X" is a deficit then they start having to spend down their asset level. How much the deficit is determines how fast they will spend down their assets and therefore give you an idea of how soon you could apply for the A&A benefit for them. Technically they could give the money away because as of this moment there is no look back period required by the VA in order to apply for the A&A benefit. It really depends on what you and your parents want to do with that extra $50,000. I hope that helps?
     

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