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VA General Counsel Precedent Opinions |
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PREC 15-92 Effect on Pension Eligibility of Property held as a Life Estate
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PREC 15-92 Effect on Pension Eligibility of Property held as a Life Estate Citation: Vet. Aff. Op. Gen. Couns. Prec. 15-92, VAOPGCPREC 15-92, 1992 QUESTIONS PRESENTED: (a) Is the value of three properties in which the surviving spouse of a veteran holds a life estate countable in computing the net worth of the surviving spouse for purposes of determining eligibility for improved-pension benefits?
(b) If so, how should the value of the three properties be determined?
HELD:
(a) Where a claimant transfers an interest in property to someone other than a relative residing in the claimant's household, retaining a life estate in the property, 38 C.F.R. § 3.276(b) requires that the transfer be disregarded in determining the claimant's net worth for improved-pension purposes because
the life tenant retains an ownership interest in the property and retains exclusive possession and control over the property during his or her lifetime.
(b) The value of the property for improved-pension purposes will be computed based on the market value of the property, less mortgages and encumbrances, without regard to the purported transfer.
VETERANS ADMINISTRATION GENERAL COUNSEL
Vet. Aff. Op. Gen. Couns. Prec. 15-92 |
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