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Many Wartime Veterans Are Returning to Los Angeles

August 10, 2017Incapacity Planning

wartime veteransMany people from Los Angeles have served our country in the military. There are no words to describe the debt of gratitude that we owe to these brave men and women. Wartime veterans go through a lot, and many people who have served in the military are returning back home to Los Angeles.

Though there is no way to fully repay the former service members for their sacrifices, there are some benefits that can be of great assistance.

Most people are aware of the military retirement pension. If you serve for at least 20 years, you can retire with a pension. The longer that you remain in the service, the greater your benefit will be.

A significant percentage of people in the military join up when they are quite young. It would be possible to serve for 20 years, retire when you are around 40 years old, and embark on a career in the private sector. You would be receiving a retirement pension while you are earning income on your job, and you could potentially build a retirement nest egg by saving the pension payouts.

On the other hand, you could remain in the military for your entire working life. If you retire after 40 years of service, your pension benefit would be equal to 100 percent of your pay at the time of retirement.

Veterans Aid and Attendance Special Pension

As an estate planning and elder law firm, we are deeply committed to the needs of senior citizens and those who are planning ahead for their retirement years. One of the major elder law issues of our day is the matter of long-term care.

When you have always been perfectly capable of handling all of your own day-to-day needs, it can be hard to wrap your head around a time when you may need assistance with your activities of daily living. However, when you look at the facts, you see that most people will eventually need some form of help.

The United States Department of Health and Human Services maintains a very useful website called longtermcare.gov. You can obtain a lot of great information about the subject if you visit the site. According to research that has been conducted by these folks, seven out of every 10 people who are turning 65 at any given time will eventually require living assistance.

When you hear about this, you may assume that you won’t have to worry about paying for long-term care, because you will be qualified for Medicare when you reach the age of 65. In fact, the Medicare program does not pay for living assistance. It will pay for up to 100 days of convalescent care after an injury or illness, but it will not pay for custodial care.

Long-term care is not something that can be easily paid for out-of-pocket, even if you can get the care that you need in your own home. According to a survey that has been conducted by Genworth Financial, the average annual cost for an in-home health aide was almost $50,000 last year.

If you are a wartime veteran who is in need of living assistance, there is a valuable benefit that you may qualify for that will help defray the costs. The benefit that we are referring to is the Veterans Aid and Attendance Special Pension.

To qualify for this pension, you must have a minimum of 90 days of service, with at least one of these days taking place during a time of war. This benefit is intended for veterans who have some level of financial need, so there is an asset limit of $80,000, but your home is not counted, and you can retain ownership of one vehicle.

Of course, you also have to provide medical proof that you are in fact incapable of handling all of your own activities of daily living.

A single veteran who is eligible for this special pension could receive as much as $1788 per month. For a married couple, the maximum monthly benefit is $2120. A surviving spouse of a qualified veteran could qualify for an $1149 monthly benefit.

Plus, a healthy veteran who has a spouse who requires living assistance can qualify for $1406 each month.

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For more information, please join us for one of our upcoming free seminars. If you have additional questions or concerns about conservatorship in the State of California, contact the Collins Law Firm by calling (310) 677-9787 0r Click Here reserve for a Free Estate Planning Workshop.

 

 

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Caprice Collins

Caprice Collins

Attorney Caprice L. Collins is a top rated Harvard Law School graduate. She has 34 years of legal experience with a successful law practice devoted exclusively to Estate/Business Planning and Trust Administration. Attorney Collins is a well-respected keynote speaker on Wills, Living Trusts, Estate Planning, Business Planning and Trust Administration. She has appeared on California’s Real Estate Radio Station KTLK AM 1150 as a legal expert on Estate Planning and Living Trusts among many other notable media appearances.
Caprice Collins

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Ms. Collins and her team has earned my trusts and respect. They showed professionalism, attention to details and made me feel like I am family. It is truly reassuring to know that my family and I won’t he on our own after the documents are executed.

Saida H.–
My overall experience with Collins Law Firm has been great. The process of estate planning was thoroughly explained with personal care and concern. The entire staff is very personable and eliminate any intimidation. I feel very relieved to have completed this process and I am very comfortable in knowing that Collins Law Group is available to us for any needed help.

Mattie S.–
We received excellent and clearly explained directions with respect to the creation of our living trust and the required follow up actions. Caprice is easy to work with and she inspires full confidence in her abilities. We continue to work with her as we review changes in our lives and the adjustments required to insure that our trust does what we want it to do.

John C.–
Attorney Collins was referred to us by a friend who had a living trust prepared for his family. We attended one of her very informative seminars on living trusts. Shortly there after we had out trust done.  She is very thorough, precise and follows up to ensure we’re satisfied with our estate plan. The staff was wonderful as well.

Tony B.–
We’ve had Living Trusts done by two different attorneys over the last 12 years. After retaining the Collins Law Group, it became clear that the others weren’t up to the same standard. Attorney Collins and her staff have an eye for detail that was absent from the other firms we used. It was the difference between dining at a gourmet restaurant, and a fast food drive-thru. The Collins Law Group is terrific at putting you at ease, and makes the process relatable and easy-to-understand. After watching other family members go through the ugly, hot mess of Probate, we definitely feel safe and in control of our estate and the legacy we’ll leave behind for our children.

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