INCOME AND NET WORTH UNDER VA AID & ATTENDANCE
Nov. 9, 2015
If you apply for the USA military's pension program under the Veterans Aid and Attendance program, be aware that your income will be considered. This program is additional to the basic pension program. It is paid to wartime vets with limited or no income and other age and disability qualifications.
Income in the Veterans Administration's (VA) viewpoint covers funds received from most sources. It includes not only money received by the veteran, but also income received by his or her dependents. The VA presumes that all income received by a child is available for the veteran's needs. Exceptions may be granted if there is a hardship.
The wide range of sources includes earnings, of course, but also payments from disability and retirement, interest and dividends, unemployment insurance, and any net income from business, farming, or rental properties.
YOU ARE ENCOURAGED TO APPLY REGARDLESS
A veteran's net worth includes financial assets. These are funds held in bank accounts. Other related sources are some annuities and trust funds, stocks and bonds, or mutual funds. It also includes any property other than the Veteran's home and a lot area if reasonable. While there is no pre-determined limit on the amount of net worth counted by a Veteran and that of his or her dependents, it must not be excessive.
Consideration of unreimbursed medical expenses can help with eligibility. There are exclusions, so you are encouraged to apply for benefits regardless. Talk to an experienced VA-accredited attorney to get an idea of if this planning is right for you.
The Elder & Disability Law Firm helps veterans in Chino and surrounding cities with Elder Law issues. Let us know if you have questions.