Net worth limit to be approved  for VA survivor pension benefits (V3T-TALK)
Channel: V3T(VET)-TALK
Date: 18/06/2023

Understanding VA Survivor's Pension Benefits

Losing a loved one who served in the military is never easy. However, as a surviving spouse or dependent child, you may be eligible for VA Survivor's Pension benefits. These benefits are designed to provide financial assistance to help you cover your living expenses. In this blog post, we’ll explain how VA Survivor's Pension benefits work and what you need to know to apply.

What are VA Survivor's Pension benefits?

VA Survivor's Pension benefits are tax-free monetary benefits paid to eligible surviving spouses and dependent children of deceased veterans. The payment amount is based on the difference between your countable income and a limit set by Congress called the Maximum Annual Pension Rate (MAPR). Your countable income is how much you earn, including your salary, investment and retirement payments, and any income you may have from your dependents.

How is the MAPR calculated?

Your MAPR amount is the maximum amount of pension payable to a Veteran, surviving spouse, or child. Your MAPR is based on how many dependents you have and whether you qualify for Housebound or Aid and Attendance benefits. MAPRs are adjusted each year for cost-of-living increases. You can find your current MAPR amount using the tables provided by the VA.

Let’s take an example to understand this better. Suppose you’re a qualified surviving spouse with one dependent child and you also qualify for Aid and Attendance benefits. Your yearly income is $10,000. Your MAPR amount would be $20,509, and your yearly income would be $10,000. Therefore, your VA pension would be $10,509 for the year (or $875 paid each month).

What’s the net worth limit to be eligible for Survivors' Pension benefits?

From December 1, 2022, to November 30, 2023, the net worth limit to be eligible for Survivors' Pension benefits is $150,538. When you apply for Survivors' Pension benefits, you’ll need to report all of your assets and income. Assets include the fair market value of all your real and personal property, minus the amount of any mortgages you may have. Annual income is the money earned in a year from a job or from retirement or annuity payments.

What’s the 3-year look-back period for asset transfers?

When we receive a pension claim, we review the terms and conditions of any assets the survivor may have transferred in the 3 years before filing the claim. If you transfer assets for less than the fair market value during the look-back period, and those assets would've pushed your net worth above the limit for a VA Survivors Pension, you may be subject to a penalty period of up to 5 years. You won’t be eligible for pension benefits during this time.

What’s a penalty period?

A penalty period is a length of time when a survivor isn’t eligible for pension benefits because they transferred assets for less than the fair market value during the look-back period. However, not every asset transfer is subject to this penalty. If we determine you're subject to a pension penalty, we wouldn't pay pension benefits during the penalty period.

Conclusion

If you’re a surviving spouse or dependent child of a deceased veteran, VA Survivors Pension benefits can provide much-needed financial assistance to help cover your living expenses. To apply for these benefits, you’ll need to meet certain eligibility criteria and report all your assets and income. We hope this blog post has helped you understand how VA Survivor's Pension benefits work and what you need to know to apply. If you have any questions or need further assistance, please contact the VA.




https://www.va.gov/pension/survivors-pension-rates/


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