Veterans Benefits and Pension Planning Expertise
Experienced Kansas estate planning firm specializes in veterans planning
There were approximately 20.4 million U.S. veterans in 2016, according to the United States Department of Veterans Affairs. Veterans benefits are available to those who meet certain eligibility requirements set forth by the government. These benefits are an important asset that should be fully utilized when developing an estate plan to achieve the maximum degree of financial stability. Understanding veterans’ pensions, survivor pensions, and other veteran benefits can be complicated and confusing. The estate planning attorneys at Stockton & Stern, LLC specialize in veterans planning, providing advice, consultation, and guidance to estate planners, attorneys, veterans, and their families.
According to the Department of Veterans Affairs (VA), as of March 2016, there were a total of 290,000 veterans receiving a VA pension. Veterans pensions provide tax-free supplemental income to those veterans that qualify. This need-based benefit is available to veterans who have a permanent disability or limited income and are not able to work. Requirements for eligibility include the veteran’s finances, length of time served, and the veteran’s age.
Medical benefits for veterans
The Department of Veterans Affairs (VA) reports that in 2015 – the latest available figures -- 8.97 million veterans were enrolled in the VA health care system. To be eligible for health care benefits through the Veterans Health Administration, veterans must have participated in active military duty and discharged under conditions other than dishonorable. Benefits are offered at VA clinics and hospitals located nationwide. As of March 2016, there were 144 VA hospitals and 1,221 VA outpatient sites located throughout the country.
Veterans life insurance
As of March 2016, there were 6.25 million life insurance policies supervised and administered by the Department of Veterans Affairs. This valuable life benefit is offered through the Veterans’ Group Life Insurance. If the insurance premiums are paid, the life insurance policy provides lifetime coverage, which veterans can continue after they have completed their military service. It is important to note that with this benefit, veterans do not have to provide evidence of good health in order to continue to receive life insurance.
Experienced counsel for veterans benefits and pension planning
Figuring out eligibility for veterans benefits and how to incorporate those benefits in financial planning or estate planning can be challenging for those unfamiliar with the complex veterans benefit system. At Stockton & Stern, LLC, we advise estate planners, elder law attorneys, financial consultants, and veterans and their families regarding how to best incorporate veterans benefits in developing a personalized estate plan. If you have questions regarding veterans benefits, contact our office at 913-856-2828 or online to schedule a free confidential consultation.