Individuals who 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 veteran's estate planning attorneys at Altman & Associates are well-versed in the programs offered to veterans and are experienced in incorporating those benefits into an overall estate plan to meet the needs of veterans and their families.
Veterans pension
Career services, home loans, small-business loans, support for post-traumatic stress disorder, and burial benefits. The veteran's pension is an important military benefit. This need-based benefit provides tax-free supplemental income to qualifying veterans with a permanent disability, limited income, or the inability to work. To be eligible for the veterans' pension, the veteran must meet certain criteria regarding time in service, age, financial situation, and other requirements.
Survivor's pension
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 the spouses of qualified, deceased veterans who have not remarried, and to the veteran's children. As with the veteran's pension, to be eligible, the deceased veteran must meet certain criteria regarding the time in active duty and other requirements as stated 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 veterans who served on active duty and were discharged under conditions other than dishonorable.
Veterans' life insurance
The Department of Veterans Affairs (VA) offers Veterans' Group Life Insurance, which allows veterans to continue life insurance coverage after completing military service. The policy offers lifetime coverage providing insurance premiums are met. Proof of good health is not required to continue receiving life insurance benefits.
Other Veterans' benefits
The Department of Veterans Affairs (VA) and other federal and state agencies offer several benefits for qualified veterans, including education.