ESTATE PLANNING FOR VETERANS THROUGHOUT ORANGE COUNTY
The fact that we’re are living longer than ever before has raised whole new set of concerns for older individuals. These concerns may include things such as how your affairs will be handled in the event of your incapacity or death, who will care for you if you cannot care for yourself or how you will pay for long term care if it is needed. Luckily, the area of elder law has been created to deal specifically with these issues. Elder law focuses on various areas including estate planning, Medi-Cal and long term care planning, asset protection and veteran’s benefits. The attorneys at OC Wills and Trust Attorneys are experienced in the area of elder law and can help address your every concern.
As our proprietor is a VA Accredited Attorney, our firm has a multitude of experience working with veterans to obtain VA benefits. We advise veterans on a wide range of benefits such as Aid and Attendance pension offered by the VA. Aid and Attendance is part of the VA improved pension program. This benefit is provided to those who need the assistance of another person to perform daily tasks, those who need long term care, those who are blind and those who are in a nursing home or assisted living facility.
In order to qualify for this pension, you must meet certain requirements. The individual applying for Aid and Attendance must be a qualified war veteran meaning that they served one day of active duty during a designated period of war and were not dishonorably discharged. Spouses of qualified war veterans are also eligible. Aid and Attendance is a means tested benefit, meaning that you must have under a certain amount of assets and resources to qualify.
If you do not qualify for Aid and Attendance due to your assets and resources at the outset of our representation, we can assist in your eligibility. To assist our clients in eligibility, we regularly create and transfer your assets, sometimes including your home, into a trust. By taking these assets out of your name, they will not be counted against you when you are applying for VA benefits.
If you qualify for Aid and Attendance benefits, you will receive a monthly pension in a specific amount, depending upon whether you are a veteran, a spouse or a veteran with an ill spouse. This money can be used to supplement your long term care expenses. This technique saves you and your family money in a variety of different ways. You are spending less of your money on long term care and not losing any of your assets. If you transfer your home into a trust, your children will pay less in estate taxes. You will also avoid the possibility of a Medi-Cal lien against your estate after your death.
If you are a veteran and would like to discuss your eligibility for Aid and Attendance or you have any other elder law question, contact OC Wills and Trust Attorneys in Orange County, California by calling 949.288.3598