Having a portion of my practice on Colorado Springs, Colorado means that I meet some wonderful military families.
Many people in the military are able to retire based on the length of years served, which means that they are younger when they take retirement. This ‘early’ retirement means that funds they have accumulated during their service years must last that much longer.
For a veteran who receives a military pension there is the possibility of some extra help. Some veterans may be eligible for Aid and Attendance, an allowance that could increase their pension.
The circumstances are very specific for claiming the additional monetary payment. According to the VA website: “ Veterans and survivors who are eligible for a VA pension and require the aid and attendance of another person, or are housebound, may be eligible for additional monetary payment. These benefits are paid in addition to monthly pension, and they are not paid without eligibility to Pension.”
For more information about the Aid and Attendance and the Housebound payments, military retirees should contact the office of Veterans Affairs in their state and submit a claim form. You might also use the following link to find out more about eligibility:
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As I have previously mentioned in this blog, my practice includes the area of Colorado Springs, Colorado – home to a significant population of military families. I like to keep abreast of Estate Planning issues that specifically impact our families serving in the military. Here is something that military families can celebrate. The National Defense Authorization Act (2015) and the Disabled Military Child Protection Act
Recent legislation (The National Defense Authorization Act 2015) will allow military members to name a special needs trust as beneficiary. (A special needs trust is a very specific type of trust that is best crafted by an experienced attorney)
Why is this good news? Because, previously, survivor benefits (for military) went directly to the children and in the case of special needs children (children with disabilities) this frequently would mean that a disabled military child would have the financial support of their SSI/Medicaid benefits negatively impacted.
To read more about this topic, go to http://www.specialneedsanswers.com titled: “Finally, Military Members Can Name Special Needs Trusts as Beneficiaries of Survivor Benefit Plans”
If you have questions about Colorado Trusts law, contact me.
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