A veteran has a $10,000 CD. The veteran adds an adult (non-helpless) child who lives in the same household as joint owner of the CD. The legal effect of this transaction is to give each joint owner an undivided one-half interest in the CD. The value of the CD is still $10,000 for net worth purposes and all of the interest earned by the CD is counted as income in determining the veteran’s IVAP. Note: This is the case regardless of who reports the income from the CD for IRS purposes.
If the veteran transfers a partial interest in property to a person who is outside the veteran’s household, the veteran’s net worth and income is reduced in proportion to the percentage of the asset transferred. A veteran has a $10,000 certificate of deposit (CD). The veteran adds a nephew who does not live in the veteran’s household as joint owner. The legal effect of this transaction is to give each joint owner an undivided one-half interest in the CD. The value of the CD is reduced to $5,000 for net worth purposes.
Spouse is the widow of a, killed in action, WWII veteran. She is currently married to a Korean War veteran. If she remarried, after the age of 57 and after December 16, 2003, she should be able to retain the DIC from her first husband. However, if she did not, and she becomes single again, she will obtain first husband’s DIC and CHAMPVA. Otherwise, her current husband may qualify for his own veteran’s benefits. Nevertheless, she personally does not qualify for any veterans benefits, at this moment in time.
No. However, a special “aid and attendance” called Special Monthly Compensation, can be added to 100% rated service connected veterans, but is not a non-service connected pension.
Like most questions, they are fact specific. Typically, the VA frowns upon transfers from a veteran to anyone residing in the household, unless demonstrated that the full ownership and all rights were rescinded AND it was performed prior to the date of entitlement. Although, there can be many unexpected issues.
Depends. The VA may seek an explanation how a veteran with limited means is paying their high UME. Include form 21-8049. Therefore, the adjudicator can verify the incurred non-medical expenses; otherwise, the adjudicator may decide that the son is paying for veteran's UME. With the declaration of non-medical expenses, the adjudicator can verify the son’s money is spent on family maintenance in lieu of the UME. M21-1MR, Part V, Subpart iii, Chapter 1 b. Maintenance Do not count the value of maintenance. In other words, if someone furnishes a claimant free room and board, or pays the claimant’s bills, the…
The requirement for a veteran to qualify for NSC pension is that he/she be either 65 years of age or older OR 100% disabled as defined as the following: 38 CFR §3.3 (3) (vi) (B) Is permanently and totally disabled from nonservice-connected disability not due to the veteran's own willfull misconduct. For purposes of this paragraph, a veteran is considered permanently and totally disabled if the veteran is any of the following: ( 1 ) A patient in a nursing home for long-term care because of disability; or ( 2 ) Disabled, as determined by the Commissioner of Social Security…
Report to the VA with an assisted living facility letter and a revised medical expense report (form 21-8416). But, if the pension amount is not affected, you may wait until the next EVR to report the change. However, if the pension amount is improved or decreased due to the relocation of the surviving spouse, report it immediately. To increase your monthly income, please contact us about a FREE VA benefits HANDBOOK, written by David Wingate, an accredited VA Attorney, of Senior Life Care Planning, LLC, go to info@seniorlcp.com or if you require additional information about VA Benefits, visit our Maryland…
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