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Veteran’s Benefits for Seniors: Special Monthly Pension Benefits

On Behalf of | Mar 4, 2018 | Elder Law, Estate Planning

For most people, Veteran’s Benefits seem almost mythical. You may have heard of a relative of a friend who was able to receive some assistance to cover medical expenses, but are unsure if you qualify and where to even begin.

The Special Monthly Pension benefits provide an excellent benefit to veterans and their qualifying surviving dependents. These benefits may be enough to move an elderly family member from a small apartment into a full-service assisted living facility. The qualification is straight-forward for most. The veteran must meet active duty service requirements (including at least one day during a war-time), certain disability requirements (which may be as simple as being over 65 years old), and income and asset requirements.

The Special Monthly Pension Benefits is a needs-based program, so the VA does impose an income and asset limit. However, we understand that without these benefits, veterans and their families may be too uncomfortable with spending a lifetime of savings to move into a facility or obtain medical treatment that would better meet their needs. In cases like those, where the veteran or spouse may not automatically qualify, we can assist the family with moving assets into a special VA-Asset Protection Trust.

A VA-Asset Protect Trust provides two tremendous advantages. The immediate advantage is that the individual is able to qualify for Veteran’s Benefits. The long-term advantage is that the assets within the Trust can be safeguarded for Medicaid planning and Probate avoidance. In fact, the Grantor (the person who creates the Trust) will have much more control over his assets during his life and even after death!

Veteran’s Special Monthly Pension benefits are available, and can be a lifeline to those who need them. Benefits are frequently used to help pay co-pays, health insurance costs, recurring prescriptions, home health, nursing home payments, and even assisted living facilities. Veterans and qualifying dependents should never hesitate to claim these benefits – they were earned through wartime service.

We offer FREE VA Special Monthly Pension Application assistance in our office. Call us today to see how we can help.