• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

The Potter Law Firm

North Carolina and Kentucky Estate Planning Attorneys

phone iconNC (704) 944-3245
KY (606) 324-5516
Attend A Free Seminar - KY Attend A Free Webinar - NC/SC THIS IS AN ADVERTISEMENT

  • Home
  • About Us
    • About Our Firm
    • Attorney and Staff Profiles
  • Practice Areas
    • Asset Protection & Business Planning
    • Elder Law & Medicaid Services
    • Estate and Gift Tax Figures
    • Family-Owned Businesses & Farms
    • Incapacity Planning
    • IRA & Retirement Planning
    • Legacy Planning
    • Pet Planning
    • Probate
    • SECURE Act
    • Special Needs Planning
    • Trust Administration
  • Elder Law
    • Coping With Alzheimer’s
    • Emergency Medicaid & Nursing Home Planning
    • Guardianship & Conservatorship
    • Hospice Care
    • Medicaid Planning
    • Nursing Home Planning
    • Veterans Benefits
  • Communities We Serve
    • Kentucky
      • Boyd County
        • Ashland
        • Florence
      • Kenton County
        • Covington
        • Fort Mitchell
        • Independence
    • North Carolina
      • Mecklenburg County
        • Charlotte
        • Davidson
        • Huntersville
  • Resources
    • Definitions
    • DocuBank
    • Elder Law
      • Elder Law Links
      • Elder Law Reports
      • Local Elder Law Resources
        • Ashland Elder Resources
        • Covington Senior Resources
        • Huntersville Elder Law Resources
        • Independence Senior Resources
    • Elder Law Reports
    • Emergency Legal Documents
    • Free Estate Planning Seminars
    • Free Estate Planning Worksheet
    • Frequently Asked Questions
      • Estate Planning
      • Frequently Asked Questions for Families Without an Estate Plan
      • IRA & Retirement Planning
      • Legacy Wealth Planning
      • LGBTQ Estate Planning
      • Medicaid
      • Pet Planning
      • Trust Administration & Probate
    • Is Your Estate Plan Outdated?
    • Kentucky Probate Resources
      • Ashland, Kentucky Probate Resources
    • Newsletters
    • North Carolina Probate Resources
      • Huntersville, NC Probate Resources
    • Reports
      • Advanced Estate Planning
      • Basic Estate Planning
      • Elder Law Reports
      • Estate Planning for Niches
      • Trust Administration
  • Contact Us
  • BLOG
Home » Estate Planning » Look-Back Added to Veterans Pension Rules

Look-Back Added to Veterans Pension Rules

December 11, 2019 by John Potter

veterans pensionAs elder law attorneys, we educate people about the benefits that may be available to them. With this in mind, there is one way that veterans can get a boost during their senior years in addition to the retirement pension that longtime veterans receive after at least 20 years of service.

Before we look at the benefit in question, we should briefly touch upon the way that the retirement pension can pave the way toward a comfortable period of rest and relaxation.

Clearly, if you join up while you are a young adult, you could simply stay in the service throughout your working career. After 40 years of service, your pension would be equal to your full pay at the time of your retirement.

You could add this to your Social Security benefit and live well as you cross things off your bucket list during your senior years. Another option would be to serve for 20 years, start to receive a partial pension, and embark on a career in the private sector. By the time you retire from that position, you would be in a similarly advantageous position.

Now, we will move on to an explanation of the Veterans Pension that is intended to serve as supplemental income for wartime veterans. This is a benefit that sits completely apart from the retirement pension, and you don’t have to serve for 20 years to meet the eligibility requirement.

If you have served for at least 90 days on active duty, with a minimum of one of these days taking place during a time of war, you would qualify as far as length of service goes. This benefit is available to wartime veterans that fit into at least one of these categories:

  • 65 Years of Age or Older
  • Totally and Permanently Disabled
  • Nursing Home Patients
  • Supplemental Security Income Recipients
  • Social Security Disability Insurance Recipients

This benefit is intended for veterans that have financial need so there are income and asset limits. They used to make determinations on a case-by-case basis, but now, there is a firm net worth limit. At the time of this writing in 2019, it stands at $127,061, but your home (on a lot of up to two acres in size), your vehicle, and your personal belongings are not counted.

Aid and Attendance

Veterans who qualify for the standard Retirement Pension and require assistance with their day-to-day needs can get an additional boost through the Aid and Attendance allowance. People who are housebound may be eligible for more money as well. It should be noted that the surviving spouse of an eligible veteran could potentially take advantage of this benefit.

Look-Back Period

If you are in a position where you cannot qualify because you have too many countable assets, you could consider giving resources to your loved ones before you submit your application. This was easily done until recently, but now, there is a 36 month look back period.

You have to complete all gift giving at least three years before you apply for this benefit. This is why careful planning is key, and an attorney from our firm can help you devise the ideal strategy.

Attend an Upcoming Seminar

If you would like to learn more about important estate planning and elder law topics, there are some fantastic opportunities coming up in the near future. Our attorneys frequently hold seminars, and they deliver a great deal of eye-opening information in a concise and understandable manner.

There is no admission charge, but we do ask that you let us know which session you will be attending so that we can reserve your seat. Take a moment to check out our seminar schedule page and click on the date that interests you to get all the details.

Schedule a Consultation!

If you are ready to take direct action, we are here to help. You can set aside any reluctance that you may have, because you can rest assured that we will go the extra mile to make you feel comfortable from the first moment that you walk through our doors. You can send us a message to request a consultation appointment, and we can be reached by phone at 704-944-3245 in North Carolina (Charlotte, NC and Huntersville, NC) and 606-324-5516 in Ashland, Kentucky or (859) 372-6655 in Florence, Kentucky.

  • Author
  • Recent Posts
John Potter
Latest posts by John Potter (see all)
  • What You Need to Know about the Medicaid Look-Back Rule - January 3, 2023
  • How to Pass Down Your Legacy in Your Estate Plan - October 3, 2022
  • Practical Steps to Take after Receiving a Terminal Diagnosis - September 30, 2022

Filed Under: Estate Planning Tagged With: Elder Law, veterans pension

Other Articles You May Find Useful

How to Gift to Your Grandchildren in Your Estate Plan
pour-over will
What Happens If I Leave Property Out of My Living Trust?
estate tax
2022 Estate Tax Exclusion Has Been Set
QTIP trust
How Can You Protect Your Children’s Inheritances If You Get Remarried?
probate
Are There Any Probate Shortcuts in North Carolina?
life estate
What Is the Purpose of a Life Estate?

Free Estate Planning Worksheet

There's a lot that goes into setting up a comprehensive estate plan, but with our FREE worksheet, you'll be one step closer to getting yourself and your family on the path to a secure and happy future.

Texting Permission

Follow Us

  • Facebook
  • Instagram
  • LinkedIn
  • RSS
  • Twitter
  • YouTube

Subscribe to Our Blog

  • This field is for validation purposes and should be left unchanged.

Testimonials

default image

Overall The Potter Firm was very professional. They took what could of been a very complicated process and were able to break it down so it was a lot easier to understand. We are confident we now have made the right decisions in our estate planning. Good firm to work with.

DKS & KMS Client Review August 28, 2020

default image

John Potter has been a real pleasure to work with. He is very knowledgeable and explains things in a very simplistic manner so the average person can understand how/why the laws are written. He is very attentive and asks questions in such a way that not only helps him understand your goals, but also helps you think about what type of goals and expectations you should be considering. Exemplary client service.

David J. Client Review August 28, 2020

default image

My husband and I selected Ms. Potter to assist with our small business. She responsive and attentive every time I have a question or need assistance, and is extremely knowledgeable and able to answer any legal question I have had. I know I can count on Ms. Potter for all of my business legal needs and I would highly recommend her to anyone needing legal assistance with such.

Jillian Client Review August 28, 2020

<< Prev
Next >>

Where We Are

Ashland

ASHLAND
1620 Carter Avenue
Ashland, KY 41101-7631
Phone: (606) 324-5516
Fax: (606) 324-4766

Charlotte

CHARLOTTE
15720 Brixham Hill Avenue
Suite 300,
Charlotte, NC 28277
Phone: (704) 944-3245

Huntersville

HUNTERSVILLE
11330 Vanstory Drive
Huntersville, NC 28078
Phone: (704) 944-3245

Northern Kentucky

NORTHERN KENTUCKY
7310 Turfway Road
Suite 550,
Florence, KY 41042
Phone: (859) 372-6655

Office Hours

Monday8:30 AM - 4:30 PM
Tuesday8:30 AM - 4:30 PM
Wednesday8:30 AM - 4:30 PM
Thursday8:30 AM - 4:30 PM
Friday8:30 AM - 3:00 PM

Map/Location

potter_sidbr_map
potter law logo
  • Facebook
  • Instagram
  • LinkedIn
  • RSS
  • Twitter
  • YouTube

The information on this website is for general information purposes only. Nothing on this or associated pages, documents, comments, answers, emails, or other communications should be taken as legal advice for any individual case or situation. The information on this website is not intended to create, and receipt or viewing of this information does not constitute, an attorney-client relationship.

Privacy Policy | Terms of Service | Disclaimer | Site Map | Powered by American Academy of Estate Planning Attorneys

© 2023 American Academy of Estate Planning Attorneys, Inc. THIS IS AN ADVERTISEMENT