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VBR/CSO Quarterly Training June 2013

VBR/CSO Quarterly Training June 2013. Thomas Meadows TDVA Training Officer 615-441-3384 or tom.meadows@tn.gov. NET WORTH. WHY IS NET WORTH IMPORTANT ? Presented By: Tom Meadows. Net worth is not always a factor. Old Law Pension Parents DIC. Net Worth is a Factor. Improved Pension

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VBR/CSO Quarterly Training June 2013

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  1. VBR/CSO Quarterly Training June 2013 Thomas Meadows TDVA Training Officer 615-441-3384 or tom.meadows@tn.gov

  2. NET WORTH WHY IS NET WORTH IMPORTANT ? Presented By: Tom Meadows

  3. Net worth is not always a factor • Old Law Pension • Parents DIC

  4. Net Worth is a Factor • Improved Pension • Live and Death Pension • Means testing for hospital care

  5. Improved Pension • Basic issue is whether the claimants financial resources are sufficient to meet the claimants basic needs without assistance. • Pension programs are not intended to build up assets • No set amount to make net worth a bar to benefits. • Formal decision must be made if net worth exceed $80,000

  6. Net Worth Continued • Things included • Personal property example Motor Home • Antique Autos and Coin Collections • Real estate other than home and small area with home • Savings accounts, CD’s, IRA’s Stocks, Bonds • If net worth is over 50,000 submit 21 8049

  7. Things considered • Childs Net worth considered separately • If child net worth is excessive don’t add child • Can assets be converted without substantial sacrifice • Income from other sources • Life expectancy actuarial tables • Immaterial that property was worth more previously or may be worth more in the future

  8. Things Considered (Cont.) • Issue is how much money the claimant could receive if it were sold now • Use tax assessments in establishing value • Denials based on net worth are for one year • Vet has right to appeal

  9. Changes to net worth • If veteran is in receipt of pension experiences significant changes in net worth may cause benefits to be terminated • Example vet or wife wins lottery • Benefits terminated end of calendar year • May reapply after being off rolls for one calendar year • Applications to reopen received after I year

  10. VA Forms 5655 & 21-8049(Double Click Form to View)

  11. Questions ?

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