There are some overall net worth rules that have changed in recent years. The rules that impact most people are the Residential Real Estate Rule, and the Net Worth Limit. Often, if your situation is running afoul in these two areas, this is the reason that the VA rep told you that you do not qualify. All that means is that you need help in order to gain eligibility.
The VA Net Worth limit is currently $129,094 (2020). If you own assets totally more than $129,094, once again, you do not qualify. But there is help. With our assistance in planning, we can get you to the point where you will qualify. Net Worth can be reallocated in order to exclude and protect assets and access the VA benefits. Each situation is different, and we exercise great care in determining the best way to accomplish this for you. There are solutions to your problems with the VA.
The home, when used as a residence, is excluded up to $595,000 in value in equity so long as the land size is two acres or less. This is a change introduced in October 2018. It can be tricky getting the assessed value of the land beyond the two acres. Once that excess value is determined it does count toward net worth. And there may be other options as to how to get this value excluded.
These two areas of the net worth limit and exclusion of the residence limited only to two acres are the most common areas of concern. Along with the changes in VA rules in 2018 there were a few new features to VA planning with which we can help you.
VA also implemented a Look-Back Period much like Medicaid, a Penalty Calculation, and Means of Providing Penalty Cures. We can guide you through all of these on your way to getting this Wartime Pension Benefit. Call us to schedule a consultation, or begin an asset evaluation, or go to our EVENTS Page to register for our next VA Pension Benefits Webinar.
One More Thing: From one veteran to another, thank you for your life of distinction and service. Service to Country and to the rest of your fellow citizens is a very honorable action! You have my respect and appreciation for putting our nation and our lives ahead of your own when you swore your oath.
If you would like our help, please call us at (859) 544-6012 to schedule a free initial consultation. If you’d prefer to speak with us via email, please contact us online. We are here to help and serve you the best way we can. We will travel to your home or meet at a location that is most convenient to you.