Estate planning is an important financial tool for achieving long-term goals and preparing for the future. Individuals that have served in the United States military may be eligible for medical care, pensions, and other benefits offered by the Department of Veterans Affairs (VA) which are important to consider when devising an estate plan. The estate planning specialists at Altman & Associates are well versed in the programs offered to veterans and are experienced in effectively incorporating those benefits into an overall estate plan to meet the needs of veterans and their families.
The veteran’s pension is an important military benefit. This need-based benefit provides tax-free supplemental income to qualifying veterans who have a permanent disability or limited income and the inability to work. To be eligible for the veterans pension, the veteran must meet certain criteria regarding the length of time in service, veterans age, financial situation, and other requirements.
Children or spouses of a deceased veteran who served the country during wartime may be eligible for the Survivors Pension, also known as a Death Pension. This tax-free pension is paid to those spouses of qualified, deceased veterans who have not remarried, and the children of the veteran. As with the veterans pension, to be eligible, the deceased veteran must meet certain criteria regarding the length of time in active duty and other requirements as set forth in the law.
Veterans health care benefits
The Veterans Health Administration (VHA) offers veterans health care at Department of Veterans Affairs (VA) hospitals and clinics located nationwide. Veterans health care benefits are available to those veterans who had active military duty and were discharged under conditions other than dishonorable.
Veterans life insurance
The Department of Veterans Affairs (VA) offers life insurance for veterans – Veterans’ Group Life Insurance – which allows veterans to continue life insurance after completing military service. The policy offers lifetime coverage providing insurance premiums are met. Proof of good health is not required to continue to receive life insurance benefits.
Other veterans benefits
The Department of Veterans Affairs (VA) and other federal and state agencies offer several other benefits for qualified veterans, including education and career services, home loans, small business loans, support for posttraumatic stress disorder, and burial benefits.
When it comes to estate planning for veterans, we can help.
The estate planning specialists at Altman & Associates help veterans develop estate plans that are designed to meet their long-term financial goals. For more than 40 years, our experienced team has been serving individuals and families in the Maryland, Washington, D.C., and Northern Virginia area. Let us help you develop an estate plan to meet your needs. Contact a member of our team today at 301-468-3220 or contact us online to arrange for a consultation at one of our offices located in Columbia, Rockville, D.C. or Northern Virginia.
Additional Info: What Veterans Benefits Am I Eligible For?