Veteran has a vacation property, in addition to their home, is it countable?

The fair market value of the rental property is an asset.  Additionally, if the vacation property is rented, then the net income would also be countable for pension purposes.   However, if the vacation property cannot be sold or it cannot be sold except for a loss, it may be exempt, depending the facts and circumstances:

3 8 C.F.R. § 3.275 Criteria for evaluating net worth.

(d) Evaluation. In determining whether some part of the claimant's estate (or combined estates under §3.274 (a) and (e)) should be consumed for the claimant's maintenance, consideration will be given to the amount of the claimant's income together with the following: Whether the property can be readily converted into cash at no substantial sacrifice; life expectancy; number of dependents who meet the definition of member of the family (the definition contained in §3.250(b)(2) is applicable to the improved pension program); potential rate of depletion, including unusual medical expenses under the principles outlined in §3.272(g).

For more in 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 Maryland Veterans Benefits

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