Posted on Apr 5, 2016
Can I pass along any VA benefits to a younger promising family member to help them get a business loan, a home loan or anything?
101K
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Family
Benefits
Department of Veterans Affairs (VA)
Loans
VA Loan
Posted 8 y ago
Responses: 10
PO3 Ellsworth Allen Westgate I admire what you are trying to do. I have searched the VA Benefits website and can not find anything that fits your situation. Below is the VA Benefits Website. I recommend that you call them to make sure that there is not a program available to you. There might also be someone on RallyPoint with an answer that can help you. Best wishes!
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I don't think you can do this officially. But you could always get a business loan and 'start' the company with them and help them grow it from there. It's a gray area sometimes but I think you could make it work okay being totally transparent and above board on it.
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SGT(P) (Join to see)
Frank,
Thanks for your service. It is not possible to transfer that benefit. However, you can start the business and you must own 51% if partnering or a majority if additional shareholders. You can secure financing for the business but it will be tied to you unless you incorporate and get an EIN, but that merits an actual subject matter expert to smooth out the details you need. You will also need to put time in the business because of said financing (If using veteran funding). Keep it ethical and have direct conversations so your lenders won't find fault and deny the loan. Keep us updated on the endeavors.
Thanks for your service. It is not possible to transfer that benefit. However, you can start the business and you must own 51% if partnering or a majority if additional shareholders. You can secure financing for the business but it will be tied to you unless you incorporate and get an EIN, but that merits an actual subject matter expert to smooth out the details you need. You will also need to put time in the business because of said financing (If using veteran funding). Keep it ethical and have direct conversations so your lenders won't find fault and deny the loan. Keep us updated on the endeavors.
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If you're looking to just gift them money than you can do that up to the annual federal tax exclusionary amount, which is if memory serves me at $14,000. VA benefits once paid are yours to spend how you see fit, with the exception that you can't give them away to try and qualify for hardship benefits I'd imagine.
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PO3 Ellsworth Allen Westgate
I looking to try and get a low rate business loan or home loan for a niece
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SPC Paul Jennings, J.D.
PO3 Ellsworth Allen Westgate - You could always co-sign or invest in the business. How much you contribute is up to you, just don't lie about it and you should be fine.
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