Individuals who spend time in the armed services often undergo hardships, especially when they serve during times of war. Without question, serving your country involves sacrifices, but you do get certain rewards as a show of gratitude. Some of these are relevant to the elder law community.
In addition to the retirement pension that veterans receive after 20 years of service, there is another pension that many people are unaware of that can really come in handy. This veterans benefit is called the Veterans Aid and Attendance special pension.
This pension is designed to provide financial help to veterans who have the need for living assistance. To qualify you must prove that you need help with your day-to-day needs and you must meet the financial and length of service requirements.
Because this benefit is intended for veterans who have some financial need there is an upper resource limit that varies depending on the circumstances of the individual. However, your personal possessions such as your home and your car don’t count toward this figure.
The length of service requirements are somewhat modest. To qualify for this special pension you must have served for at least 90 days in total with a minimum of one of these days taking place during a time of war.
If you are a veteran who is interested in devising a long-term plan for the future, professional guidance is key. The intelligent first step is to pick up the phone to arrange for a consultation with a licensed and experienced estate planning and elder law attorney.