At Elder Advisors Law, we have the honor of serving many veterans who have bravely fought for our country over the years. Estate planning for veterans is different from estate planning for others because they have special resources available through the Department of Veteran Affairs that others do not. In today’s blog post, we’re looking at four of the top considerations that we have learned veterans need to keep in mind when creating an estate plan.
- Signing Up for Basic Medical Healthcare
We recommend signing up for basic medical healthcare through the Department of Veterans Affairs even if you don’t intend to use it. You can sign up and still use your current plan if you prefer, but it is best to go ahead and get your name in the system.
- Understanding VA Pension
VA Aid and Attendance Pension is financial support intended to help with the high costs of aging and/or non-service-related injuries and disabilities.. The benefits are for wartime Veterans and survivors with limited or no income and meet certain age and disability requirements.There are many myths about a service-length requirement for VA Pension, but in truth it is available to almost all veterans and their surviving spouses.
- Frequent Moves and Access to Benefits Can Complicate Your Taxes
Many military families relocate frequently and end up living in several different states over the years. Since different states have different tax laws, this can make your tax obligations more complicated than average. Accessing your veteran benefits can further muddy the waters. For these reasons, it’s highly recommended for veteran families to get professional help with their taxes and keep these things in mind while estate planning.
- VA Burial Benefits
VA burial benefits can help active service members, Veterans, and their family members plan and get financial assistance for a burial or memorial service. Wartime Veterans may be buried in a National Cemetery and it is best to plan for this before it is needed. We recommend applying for a Pre-Need Eligibility Decision Letter, this always makes the process easier for your family when the time comes. Active service members and Veterans can also get financial assistance for a private funeral in a cemetery of your choice. Memorial items like grave markers, headstones, Presidential Memorial Certificates and even a full Military Funeral Honor is available for most Veterans
Who can help me with my unique situation?
At the end of the day, every situation is unique, and you need to sit down with an estate planning attorney. Our goal is to always plan for the unknown “What If’s” in life and then manage for the best outcome. Attorney Douglas P. Ley, a Vietnam Era Veteran, and the rest of the Elder Advisors Law team is here to help. Veterans or others who want to protect their assets for their loved ones while dealing with the high costs of aging should contact us today. We can’t wait to hear from you!
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