Did you serve your country? Are you receiving benefits as a result? Will you have access to benefits in the future? If you find yourself in this position, you should be proud of your past as well as what the future holds.
It is important to fully understand you veteran’s benefits, including how to protect these as your life moves forward. Furthermore, you want to put an estate plan into effect today that will protect your family once you pass on.
Even though this can be a complex situation, due to all the decisions you need to make, once you are on the right track everything will come together soon enough.
Protecting your veteran’s benefits is all about one thing: planning ahead. You don’t want to automatically assume that you are doing everything right. Instead, you need to learn more about your current benefits and any you will receive in the future. This includes a close examination of how to obtain and protect these assets throughout the rest of your life.
An Irrevocable Trust
Are you familiar with the benefits associated with using an irrevocable trust for veteran’s benefits eligibility? This could go a long way in helping you make decisions that protect your benefits in the future. In many ways, this is the same as Medicaid planning.
The primary benefit of using an irrevocable trust to hold assets is control. For example, many people receive VA Aid & Attendance benefits. Under the current law, with a trust, there is no waiting period before accessing benefits.
You may think that the only way to obtain VA Aid & Attendance benefits is to give away your assets, such as to your children. This is an option to consider, but it’s one of the most dangerous strategy you can use. When you utilize an irrevocable trust, you can gain access to benefits now while doing something that will put your children in a better financial position in the future.
Why is it Important?
Many people look at asset protection planning and think this has nothing to do with their veteran’s benefits. While some consider this only when planning for Medicaid eligibility, others have come to realize it is a must if they want to receive veteran’s benefits without delay.
A Variety of Documents
When it comes to protecting your veteran’s benefits, when it comes to making key decisions, you must have all the appropriate documents in hand. In addition to an irrevocable trust, you may also want to consider:
- Veteran’s asset protection letter.
- Health care documents, such as a living will and health care power of attorney.
- Financial Power of Attorney
You will need some of these documents to protect your veteran’s benefits. Others may not have much to do with receiving benefits, but will also come in handy in regards to your estate plan and future health.
Questions to Answer
There is a lot to think about if you believe you are eligible for veteran’s benefits. Before you make any decisions, it is imperative that you know what you qualify for and if you can adjust your strategy to receive more money in the future.
Here are some of the most important questions to answer:
- What veteran’s benefits do you qualify for at the present time?
- What veteran’s benefits could you qualify for in the future?
- Do you need to make any changes right now to allow you to collect on your benefits without delay?
- Are there any mistakes that could hold you back from collecting veteran’s benefits?
Once you answer these questions, you will have a better idea of where you stand and how to proceed.
It’s never easy to make big decisions regarding veteran’s benefits and your estate plan. Even if you have the best intentions, you could find yourself on the wrong path soon enough.
Are you struggling to understand your options? Are you looking for a way to better protect your veteran’s benefits? If you answered yes to these questions, we want to hear from you. We can review your situation, answer your questions, and help you implement the right type of strategy. Contact us today for more information and advice. From there, you will feel better about the future.