Veterans and Pension is Often an Overlooked Benefit
Estate planning involves much more than simply dividing and distributing assets after you are gone. Ideally, planning your estate should be part of an overall financial plan that you establish, adjust, and adhere to throughout your life. Estate planning is an aspect of elder law, so most estate planning lawyers don’t just focus on the occasion of your death. They also discuss your current situation and many times they can make you aware of avenues that you may be unaware of that have life changing implications. One of these is the Veterans Administration Veterans Aid and Attendance Pension.
Veterans with at least ninety days of active service, with even just one of them taking place during a time of war, may apply for this pension benefit if they meet the medical and financial requirements. This benefit is intended to provide for former service members and qualified surviving spouses who need the help of another person to tend to their routine day-to-day needs. So this benefit can be used to address nursing home or assisted living facility costs or pay for care giving that is taking place in the home. For a single veteran this benefit can result in a monthly payment of over $1,600 using the present scale, and a couple may be eligible for as much as $1,949 each month. Many veterans are eligible for this pension without even knowing it, and that is really a tragedy.
Needless to say, suddenly realizing that you no longer have to come up with the money to address your aid and attendance needs on your own is quite a pleasant surprise. This is a profound example of the immediate benefits people sometimes enjoy when they have the foresight to consult with an estate planning attorney with an eye on devising a comprehensive post-retirement financial plan.