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?
  3. TNCAT1

    TNCAT1 Newbie

    thank you so much for your response. Since I posted that comment, my parents are receiving in home help of about $400/month. Their monthly income is $1300...which takes them down to just $900/month to live on Which does cause a deficit and we have been using their savings toward that deficit. We (children) will be increasing their in home care soon and that will quickly spend down their assets...so will figure that out....
  4. Caring4two

    Caring4two Newbie

  5. TNCAT1

    TNCAT1 Newbie

    Thank you that was real helpful. I have since submitted the A&A application for my parents. Since the VA raised the asset limit to $123,00 and the fact that we've doubled their in home care really helped them to qualify. We have not or rather they have not given away any assets. We have had to spend some of their money on home repairs such as a new roof but are careful to pay everything out of their checking account and checks made out to the contractors doing the work. Children handling their parents financials should be careful not to write themselves checks and then pay contractors, etc. I did this a few times, paid for work done at my parents home and then reimburse myself out of my parents account...that is a no no...because it looks like they were giving me money....

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