TN 14 (02-98)

GN 02250.125 Assets - Waiver

A. Policy

Assets are a financial resource which may be liquidated to repay an overpayment. Assets resulting from pending inheritance proceedings are considered part of a person’s assets if the person anticipates receipt within 6 months of requesting waiver.

B. Procedure

1. Not an Asset

  1. a. 

    Do not include the value of household furnishings, wearing apparel, burial plot or prepaid burial contract, family automobile or family home.

  2. b. 

    Do not include a vehicle needed for the support of a handicapped family member. In order for a vehicle to meet this exclusion, it must provide support that the family vehicle cannot provide. It must have been purchased for and be used for the transportation of the handicapped person.

  3. c. 

    Do not include any asset which is generating income needed to meet ordinary and necessary living expenses.

  4. d. 

    IRA’s and Keough Plan funds are not assets when the fund is income producing (i.e., the person is receiving income from it). Otherwise, they should be considered an asset.

2. Assets Not Available

  1. a. 

    If the person is the beneficiary of a trust fund, ascertain if he/she has access to the funds. Consider the trust fund as an asset unless the funds are not available to the person (e.g., the person cannot use the principal until he/she attains age 25 or the trust fund is comprised solely of the proceeds of VA funds). If the availability would preclude waiver, refer the matter to the Regional Attorney with a full explanation of the facts to determine if the trust fund is liquid.

  2. b. 

    If the person has joint ownership of real property, do not include the value of his/her share of the asset if the other parties will not agree to liquidate the asset.

To Link to this section - Use this URL:
GN 02250.125 - Assets - Waiver - 02/17/1998
Batch run: 10/03/2005