Are you a veteran? Are you entitled to benefits? Many elderly Veterans are eligible or could become eligible for benefits but are not receiving these benefits. The most common benefit for Veterans is the Pension, often referred to as Aid & Attendance.
Eligibility Requirements for Pension:
1. Service requirements: Served at least 90 days of active duty (2 years for Persian Gulf era vets). Discharge was not dishonorable. And at least one day of active duty was during a wartime period:
- WWII- 12/7/41 to 7/25/47
- Korea- 6/27/50 to 1/31/55
- Vietnam- 8/5/64 to 5/7/75
- Persian Gulf- 8/2/90 to (date to be set by law)
2. Medical requirements: Over the age of 65 or has a disability. Generally, to receive maximum benefit, the veteran or spouse must have a regular medical need for assistance or supervision.
3. Financial requirements: Assets and Income (less out-of-pocket medical expenses) demonstrating a need for pension.
Planning for Benefits:
Applying for VA benefits can be an overwhelming task for many senior veterans. We can guide you through the process. We can also employ legal strategies to help you meet the asset and income limitations, if necessary. Often this is done through a veterans asset protection trust- a trust specially designed to help you qualify for VA benefits without having to spend down all of your assets.
Maximum Annual Pension Amounts (2015):
Surviving Spouse: $13,788
Single Veteran: $21,456
Couple (one Veteran): $25,440
Two Married Veterans: $33,696
Other Benefits for Veterans:
The VA Pension is only one of the benefits available to Veterans. Other benefits include:
- Disability Compensation
- Health Care Benefits
- Dependents Indemnity Compensation (for survivors of veterans who died in active duty or from service-related causes)
- Burial Benefits
- State Veteran Benefits
Contact the Crandall Law Group to discuss the Veterans benefits planning strategies that may be available to you.