Will my inheritance affect my husband's VA medical benefits?
Karen hoerdel asked...
- Does my inheritance count as an asset that affects my husbands VA medical benefits?
- Does the medical deduction that is allowed for out of pocket expenses apply to us as one or is it allowed for each of us?
Barbara Steinberg is the CEO and founder of BLS Eldercare Financial Solutions, which specializes in helping families pay for long-term care for their loved ones. A registered financial gerontologist, she speaks regularly on the topic of paying for long-term care and is a financial expert for Caring.com.
- Your inheritance does count as an asset that affects your husband's VA medical benefits. There is a limit of $80,000 on assets. If your inheritance brings your joint assets over that threshhold, he could lose his entitlement to VA medical beenfits. For VA purposes, married veterans must count their joint income and joint assets.
- The medical expense deduction covers both of you. It is based on the veteran having one dependent. If the veteran were not married, the medical expense deduction would be less. For 2011, the medical expense deduction is $592 for a single veteran and $775 for a married veteran with one dependent, his/her spouse.
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