In this Elder Care Law Minute, Wes Coulson discusses the VA’s asset limitation and how the VA defines assets for Aid & Attendance Benefits.
Hi, I’m Wes Coulson from the Elder Care Law Group, proudly serving families from our offices in Missouri and Illinois, and proudly helping people with their elder care needs, and this is your elder care law minute. This is another in our series of videos talking about various aspects of establishing eligibility for VA Aid & Attendance benefits. Today I want to talk about the VA’s asset limitation and how the VA defines assets.
First, if you’ve looked at their rules before October of 2018, you’d of seen that the maximum amount that someone could have consistent with VA benefits eligibility was $80,000 and in many cases it was actually less. Well, they’ve increased that now. As of right now, it is a little over $127,000. I’m recording this in October of 2019. It will change annually; it’s indexed to inflation.
A funny thing about the way the VA defines assets. In doing so, they include not only assets but also count your annual income as part of your assets. If you had, for instance, $100,000 worth of assets that the VA counts, plus another $40,000 a year of income, that’s going to put you over their asset limit, but also listen to our other video and watch it on how they define income, because that’s a whole other story.
The VA is much like Medicaid in having certain assets that they don’t count, that they consider exempt. Your residence is the primary one, a motor vehicle, household goods, furniture, furnishings, and a few other things like that. In a different video we’ll also talk about what happens if you have more assets than what the VA allows because there is planning we can help you with to address that.
- Also looking for information about Medicaid and Asset Preservation? Visit these articles:
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The Elder Care Law Group is dedicated to providing families in the St. Louis area with their Elder Law needs. Our practice areas include Asset Preservation Planning, Veterans Benefits, Medicaid Eligibility, Alzheimer’s Planning, Special Needs Planning, Estate Planning and more. We understand the financial challenges you may face as you and your loved ones grow older. At Elder Care Law Group, our clients’ well-being is our number one priority. For immediate help, call (618) 632-7000 (IL) or (314) 932-5573 (MO), or Contact Us and we will get in touch as soon as possible.