- a Veteran who served at least one day on active duty during a war period?
- a spouse of a deceased Veteran?
- 65 years or older?
- finding that your medical expenses are more than your monthly income?
- Basic: This is the least benefit for those 65 and older with recurring medical and/or assisted living expenses that exceed their income.
- Housebound: This is the second highest benefit for those who cannot leave their homes without assistance.
- Aid and Attendance: This is the highest level of assistance. This level assists Veterans and their surviving spouses who require the attendance of another person to assist with activities of daily living. It helps cover the cost of qualified unreimbursed medical expenses, in-home care, assisted living facility care and even nursing home care.
| Maximum Monthly Benefit | Maximum Annual Benefit | |
|---|---|---|
| Married Veteran | $2019 | $24,238 |
|
Single Veteran |
$1703 | $20,446 |
| Widow of a Veteran | $1094 | $13,136 |
As of December 2011
The VA does not make it clear who qualifies for the Improved Pension. Applicants are often told that it is based on income, but it is actually based on need. Once the applicant deducts from their income their qualified unreimbursed medical expenses and assisted living and/or nursing home costs, many will qualify. Those with higher income and higher net worth are often surprised when we show them how they too can qualify.
The VA Application Is NOT Simple
Applying for pension benefits with the U.S. Department of Veterans Affairs is not simple. It is a long and complicated process upon which the VA Department’s own staff is not well versed.
Who Can Best Assist With VA Pension Planning?
Because the VA Pension Benefit is widely unknown, it has created a business opportunity for many insurance agents and annuity sales representatives. Your first question to those who offer to help should be: “Are you accredited by the VA?” We advise you to be cautious when working with unaccredited individuals and companies. Many times they are not acting in your best interest.
If the answer to the above question is no, they should not be consulted. To check an advisor’s accreditation, go to the VA’s Accreditation Website, then type the name of the advisor with whom you wish to work. (A one-time agent – usually a family member – does not need to be accredited.)
Robert L. Goodin, Jr. is an attorney, accredited by the VA, to advise you on these benefits. VeteranAid.org recommends only accredited Elder Law attorneys be used for VA pension planning for good reasons. Knowing the VA pension process is a big task in itself. Knowing how the VA pension can affect a Veteran's Medicaid and Medicare benefits, income tax, inheritance tax, and other financial factors is critical! A reputable Elder Law attorney, like Bob, can give you sound guidance on how to juggle all the pieces of this financial puzzle.
As an accredited VA planning attorney, Bob takes a comprehensive planning approach ensuring the client, not just their money, is protected. Below are some of the reasons Bob is the best advisor for VA pension planning.
As a VA Planning Attorney, Bob:
- is accredited by the VA Office of the General Counsel;
- is legally obligated to act in the best interest of the client;
- must be knowledgeable of the current types of Trusts and Trust laws, as well as know when and how to move money appropriately;
- must be knowledgeable of the income, estate and gift tax implications for transferring assets;
- can draft the appropriate Trust, when needed, to allow an applicant to meet the asset requirements;
- can prepare real estate documents to allow an applicant to meet the asset qualifications;
- can prepare a Medicaid compliant caregiver agreement to allow an applicant to meet the income requirements;
- is not looking to make a commission but is looking for a long-term relationship with their clients in order to assist them throughout their lives;
- cannot give a finder’s fee for a referral but can give peace of mind and confidence that the Veteran’s needs will be covered; and
- works with the family to annually requalify for continued benefits.
Qualified Attorneys Take a Balanced, Holistic Approach
- Impact on Medicaid and Medicare qualification
- Income tax issues
- Inheritance tax issues
- Gift tax issues
- Powers of Attorney
- Health Care Advance Directives
- Living Wills
- Family dynamics
- Elder abuse
When it comes to the VA pension planning, estate planning and elder care planning, an attorney is the most knowledgeable in managing the complexities associated with qualifying for the VA Improved Pension and protecting the client from financial hardships. A reputable, experienced, knowledgeable financial planner can partner with Bob to provide comprehensive planning for the client.
