If you’ve served in the military, we at Deliberato Law Center salute you. You’ve decorated your country with honor, and we’re here to help you secure your legacy. When it comes to estate planning for veterans, there are certain unique considerations that you’ll want to take into account. Whether you’re in active service or are retired, military members are entitled to certain special benefits that you’ll want to take advantage of.
Estate Planning for Veterans: The Basics
In many ways, estate planning for veterans is similar to estate planning for civilians. Establishing wills or trusts and ensuring all your assets go to your loved ones after you pass on is still a very important part of the process. Similarly, filling out your healthcare documents is an essential aspect of estate planning. If anything, this is even more important for veterans, as people who’ve served our country are more likely to suffer from physical or psychological ailments. Filling out a durable power of attorney and drafting a living will are the best ways to ensure that, should anything happen to you, your healthcare decisions will be made according to your wishes.
In addition to the important question of wills, powers of attorney, and other essential documents, there are other considerations when it comes to estate planning for veterans. For example, if you receive benefits from the Veterans Administration (VA) such as disability compensation or a pension, these can affect your estate plan. VA disability is non-taxable, so it needs to be approached differently than your taxable assets during the planning process. If you have or are applying for a VA pension, you’ll need to be aware of the very strict eligibility requirements for the program and take note of any transfers or gifts you might make.
In addition, certain benefits are available to veterans to help them with their estate plans. There are numerous programs designed to aid veterans, each of which has its own implications for estate planning. Programs such as Aid and Attendance (A&A), an increase in monthly pension for certain elderly veterans, can have unexpected consequences when it comes to transferring your assets after you’ve passed on. Estate planning for veterans can be a complicated process, but speaking with an experienced estate planning lawyer can make it easy to sort out all the moving parts.
Contact Deliberato Law Center
If you have any questions about estate planning for veterans, the helpful and compassionate attorneys at the Deliberato Law Center are here to help. Give us a call today at (216) 341-3413 and start protecting your legacy.
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