Military service can be very challenging and it requires certain sacrifices. Perhaps the biggest benefit that goes along with spending some time in the armed forces is the fact that you are giving of yourself to protect your country. But at the same time, there are some monetary benefits that can be of great use as well.

If you want to be able to retire and do so in relative comfort you have to make plans in advance. A comfortable retirement is not just going to drop into your lap. Social Security is a basic safety net but it is not going to be enough to finance the type of retirement that you have probably always dreamed about.

With the above in mind, spending at least 20 years in the military can set you up for a very comfortable retirement because you get a pension after 20 years. You could choose to embark on a career in the public sector after these 20 years or spend your entire career in the military. If you stay in the military beyond 20 years your pension will be greater when you do in fact retire.

There is also a military benefit called the Veterans Aid & Attendance special pension that provides qualified veterans with a monthly payment that can be utilized to defray living assistance costs and this benefit is available to veterans who have served for as few as 90 days as long as one of those days was during a time of war.

If you are interested in devising a plan for the future as a veteran or someone who is currently serving, the intelligent first step is to sit down and discuss your situation with a licensed, experienced Sarasota retirement planning lawyer.

Co-Executor, PLLC is a member of the American Academy of Estate Planning Attorneys.

Long-term planning is important if you want to be prepared for all the eventualities of aging. However, as a layperson it can be difficult to have a comprehensive understanding of what to expect with regard to future expenses. In addition, you may not be aware of all the resources that are available to you, and this is especially true of veterans.

Americans who have served in the Armed Forces earn certain benefits that can really come in handy as they reach the latter portion of their lives. Of course there is the retirement pension that people who have served for at least 20 years are entitled to receive. This can be part of a strong foundational income stream when added to Social Security benefits.

In addition, individuals who have served for at least 90 days with even just one of them taking place during a war may be entitled to the benefit called the Veterans Aid & Attendance special pension. This provides a monthly check to qualified veterans who need assistance with their day-to-day needs.

Many veterans are also eligible for medical benefits, educational benefits and mortgage loan guarantees.

The best way to put it all together is to sit down and discuss your unique situation with an expert who has a comprehensive understanding of VA benefits planning. If you are interested in doing so, right now would be a good time to pick up the phone to set up an appointment to speak with a licensed and experienced Sarasota financial planning lawyer.

Co-Executor, PLLC is a member of the American Academy of Estate Planning Attorneys.

One of the issues that is of interest to seniors that is a pressing one within the elder law community is that of long-term care expenses. People who have not looked into the subject are often very surprised to find out just how expensive long-term care has become here in the United States. In 2010 the average cost for a year residing in a private room in a nursing home was over $83,500, and it would cost you nearly $40,000 on average to spend a year in an assisted-living community.

With these potential expenses in mind you have to be aware of all the resources that may be available to you. If you are a veteran in need of assistance with your day-to-day living needs who has served on active duty during a time of war, you may be eligible to receive a monthly pension called the Veterans Aid and Attendance special pension.

This is different from the retirement pension that veterans are entitled to after serving for 20 years or more. And in fact, many people never think about the possibility that they may qualify for this special pension because the length of service requirements are so very modest. To meet them you must have served at least one day during a time of war and at least 90 days in total.

Single veterans who qualify for the Veterans Aid and Attendance special pension can receive as much as $1632 per month. Couples who meet the eligibility requirements may qualify for a maximum of $1949 each month. And the surviving spouse of an eligible veteran may receive up to $1055 per month. These benefits can go a long way toward defraying long-term care costs, especially if you could get by with in-home care.

If you think you may qualify and would like to learn more and obtain the necessary forms for application, simply visit the website of the United States Veterans Benefits Administration.

Co-Executor, PLLC is a member of the American Academy of Estate Planning Attorneys.

Those who have served our country are entitled to veteran’s benefits.  These benefits vary depending on your circumstances, and we have discovered that many veterans and their families aren’t receiving all of the benefits to which they are entitled.  This may surprise and intrigue you.

If the veteran has died, there may be survivorship benefits available.  If the veteran is still living there may be aid and attendance benefits available.  We encourage you to schedule a consultation with our veterans’ administration certified estate planning attorney to explore your veteran’s benefits.

If the veteran has died, there may be the following veteran’s benefits:

• Death pension
• Dependency and indemnity compensation benefits
• Burial benefits

The death pension is available to low income surviving spouse and minor children.

The dependency and indemnity compensation benefits are available to a veteran’s family who either died while serving or died of a service related injury.

The veteran’s burial benefits are available to your family if any one of the following three factors is true:

• The veteran was entitled to receive the veteran’s pension or compensation
• The veteran’s death was caused by a service related disability or injury
• The veteran died in a VA hospital or nursing home

If the veteran has died, there may be the following veteran’s benefits:

• The veteran’s pension
• Additional veteran’s compensation
• Assistance with activities of daily living

The veteran’s pension is available if the veteran served during any time the United States was at war.

Additional veteran’s compensation may be available if you are disabled due to an injury sustained while serving.

Additional financial assistance may be available if the veteran and/or the veteran’s spouse needs assistance with the activities of daily living.  The compensation is given to pay for additional care.

If you are a loved one is a veteran who served this country, you may be entitled to veteran’s benefits.  Call our office for a consultation.  We look forward to chatting with you.

Co-Executor, PLLC is a member of the American Academy of Estate Planning Attorneys.