How the does the VA look at an asset in a trust?

If the claimant is an owner or retains any control over an asset, the VA will typically count it as an asset.

If the claimant is the grantor (owner) of the trust, the VA will typically count it as an asset. However, if it can be shown that the asset is used for a third (non-dependent) party with no possible way that the claimant can benefit from it, then the asset may be non-countable.

If the claimant is receiving income from the trust, the VA may also count the trust assets as an asset. However, if the VA does not count it as an asset, the income is countable and the VA will perform an Income Verification Match with the IRS on 1099s. Beware that undeclared income can cause a demand for overpayment that can go back for years.

To increase your monthly income, please contact us about a FREE HANDBOOK about VA Benefits, 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 Senior LCP's Website.

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