Value of OGl to qualify for Va aid for nursing home.
Producing well an asset . Is OGL an asset? Thank you for your help
You had better ask that question to an elder care attorney. Someone asked a similar question on the forum recently. I know when I did a probate recently, the minerals with a lease had a value as did the minerals without a lease, although less. But for VA, whole different lens.
The minerals are a countable asset for determination of whether a veteran or surviving spouse qualifies for “aid and attendance” or other VA medical needs related pension. The VA now has a 3 year lookback for transfers. So do not give the property away.
If applying for SoonerCare/Medicaid benefits, DHS values minerals at 3X the most current year’s payments for producing wells. They have other valuations for leased but not producing and for unleased interests. However, if the minerals produce $2000 in royalties or less per year they will not be counted as an asset.
Thank you for your help!
My father and i are working to Get Medicaid for my mother, sound like this what we have been looking for. Only have 1 producing well at this time and has dropped off quickly.
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