One aspect of estate planning involves planning for long-term health care needs. As part of your estate plan, you should always consider the following:
- How am I going to pay for long-term health care?
- If I need long-term health care, where am I going to receive care?
VA pension benefits can be a solution to #1, and your destination under #2 could be your home.
VA pension planning usually comes into play when a disabled or elderly veteran, or the veteran’s surviving spouse, needs to pay for nursing home or a home caregiver and the cost eats away at this person’s savings. The VA offers the benefit called ”Aid and Attendance.” When long-term care becomes inevitable, a family is faced with getting financial assistance now by actively planning or waiting until the costs of long-term care eats away at their retirement savings (or family inheritance) until they have low amounts of income and assets that qualify them for government benefits.
VA pension benefits gives a qualified veteran or surviving spouse of a veteran cash benefits directly payable to them of long term healthcare. Through a Florida elder law attorney, you or your loved one may be able to qualify for aid and attendance even if there are too much assets or income.
Learn more about veteran’s pension benefits, and the qualifications for these benefits at my Florida VA pension benefits blog.
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