When creating a Colorado estate plan and preparing for the future of an older loved one, there are many angles and aspects to consider. Beyond the regular benefits many aging people can receive from the federal government, additional benefits can be given if the loved one served in the armed forces. Through the Department of Veterans Affairs’ pension benefit programs, qualifying veterans or their surviving spouse can provide additional monthly support.
What Are Veterans Pension Benefits and Who is Eligible to Receive Them?
The pension benefit program is a needs-based program that provides a monthly stipend to the veteran or their surviving spouse. However, benefits are not dependent on any service-related injuries. The pension benefits can also help offset the cost of an in-home aide, a nursing home, or an assisted living facility. Because these services are often quite expensive, receiving these benefits can dramatically improve an older loved one’s quality of life.
To qualify to receive pension benefits, a veteran must have served at least 90 days of active military duty, and at least one of those days must be during wartime. Additionally, the veteran or surviving spouse must be over the age of 65 or be disabled. Finally, to meet the financial eligibility for benefits, a person must have a net worth of under $123,600. A person’s net worth includes their total assets and annual income minus medical expenses. If an individual meets all of these qualifications, they are eligible to receive a veteran’s pension.
The pension is a basic rate, but depending on a veteran’s situation, they may also qualify for supplemental benefits, such as the housebound or aid and attendance benefit. To be eligible to receive these supplemental benefits, a person must show they require the “aid and attendance” of another individual to help with their daily needs and performing basic activities.
What Is the Application Process?
To receive veteran pension benefits, an individual must apply for them. Because there are the eligibility requirements discussed previously, the application seeks to ensure those applying are actually eligible. This can often be a lengthy and complex process, so many people seek assistance in completing the application.
Because veteran pension benefits can help defray the cost of assisted living or home health care, the application must be filled out correctly. Thus, those interested in receiving veterans’ pension benefits should contact a Boulder veterans’ benefits attorney to assist with the process. Estate planning attorneys are often in the best position to help in this situation because they have the knowledge and experience necessary to handle the benefits application process with ease.
Do You Need Help Applying for Veterans Benefits?
If you or a loved one needs help applying for Veterans Pension Benefits, contact the Colorado estate planning attorneys at the Braverman Law Group. With decades of experience handling benefits and other types of estate planning matters, our lawyers will work with you to ensure your needs are being met. The estate planning process is crucial, and often quite overwhelming, so we are here to help you make the important decisions in order to have a stress-free future. To schedule a free consultation and to speak to an attorney, call us today at 303-800-1588.