Sometimes, it is what you do not know that can hurt you, or what people who know, don’t tell you. This is true with estate planning for our older veterans who served during war time. In 1952, in order to protect the assets of veterans, Congress passed a law agreeing to help returning WWII veterans, and maybe to help recruiting for the Korean conflict. They did not foresee our other conflicts, and any veteran may qualify including Vietnam veterans, and up to the present.
It basically states that,
1) If a veteran served at least one day during a time when our country was at war
2) Received an honorable discharge.
3) Is at least 65 years of age
4) Is having a problem with at least two issues concerning activities of daily living, or suffering from
blindness or dementia.
5) Can meet the income qualifications when compared to the cost of care.
6) Can meet the asset qualifications used by the VA for their age.
Then, a veteran and/or spouse can be eligible for tax free income that is to be used for paying for that
care. There are many horror stories about people who apply taking months to get approved, or they receive a declination letter, or a requirement letter they do not understand so they stop seeking the benefit. This is a preventable outcome. In many situations, there is a problem when you go direct to the VA for your application. The officers you may place in charge of your application, cannot give you the financial or legal advice you may need to qualify. If your assets are over $80,000 in most instances , you will probably be declined. When the proper advice is followed, many people with assets way over this amount qualify. They must do the proper financial and estate planning to get this done. An elder care attorney, and a good financial advisor with the correct knowledge is the best starting point. Albert Stout is a good place to start. He can help you decide if you are ready to present yourself to the Veteran’s Administration, and to get approved on the first attempt. He can advise you on the income and asset issues that get a lot of people declined .He can also refer you to proper legal advisors.
If your parents or spouse are having issues with daily activities, and need help at home, in an independent or assisted living community, or long term care you should consider a free consultation with Albert. You can reach him by calling 865-525- 2323. If he is unavailable leave a good time in which he may contact you.
His advice may be that you can go direct to present you or your loved one to the VA, or seek proper council ahead of time. You may need advice from a properly trained Registered Investment Advisor and or Insurance Agent working in conjunction with a properly trained attorney to get through the maze. Albert has helped many veterans and their families get over $24,000 per year in supplements for care. Allowing many children to care for their elderly parents at home. The consultation is FREE! Just call 865-525-2323. Ask for Albert. Or email: Support@randallbaxter.com.
