Planning for the future is especially important for veterans, who often face unique challenges when navigating their financial and healthcare needs. Veterans in Massachusetts have access to various benefits through the VA, which can play a key role in their long-term financial security. At Surprenant & Beneski, P.C., we help veterans structure their estate plans to ensure their assets are protected and aligned with their financial goals, including preserving eligibility for VA benefits.
How VA Benefits Intersect with Estate Planning
As a veteran, you may qualify for benefits such as pensions, disability compensation, or Aid and Attendance. These benefits can play a significant role in your financial stability, particularly when thoughtfully incorporated into a comprehensive estate plan. Some VA benefits, like pensions and Aid and Attendance, are means-tested, meaning eligibility depends on your income and asset levels.
We focus on helping veterans create estate plans that align with their financial goals while preserving eligibility for these essential benefits. Although we do not assist directly with VA benefit applications, our strategic approach to estate planning helps you structure your assets to safeguard your financial future and ensure you can make the most of the benefits available to you.
Maximizing Aid and Attendance Benefits
Aid and Attendance is a critical VA benefit designed to provide additional financial support to veterans who require assistance with daily activities or long-term care. Eligibility is determined by specific health, income, and asset criteria. While we do not handle the application process for this benefit, we work with you to craft an estate plan that aligns with your goals and maximizes your eligibility.
For example, we may recommend strategies such as establishing trusts to protect your assets or restructuring your financial resources to ensure they don’t inadvertently disqualify you from receiving Aid and Attendance. By collaborating closely with you, we can develop an estate plan that supports your long-term financial security while complementing the benefits you are entitled to as a veteran.
Protecting Assets for Veterans and Their Families
Qualifying for VA benefits, such as Aid and Attendance, often depends on your income and asset levels. To help protect your assets while still being eligible for these benefits, proper estate planning is essential. Some strategies include:
- Irrevocable Trusts: Placing assets in an irrevocable trust can prevent them from being counted toward your VA asset limits. Once assets are in the trust, they are no longer considered part of your estate for VA purposes.
- Transferring Assets: You may transfer certain assets to family members or other beneficiaries. However, it’s important to be aware of look-back periods that could affect your eligibility.
- Converting Assets: You can convert countable assets into non-countable ones, such as purchasing exempt property like a home or car.
Addressing the Needs of Disabled Veterans
Veterans with service-related disabilities often face additional considerations in their estate planning. Disability compensation, unlike means-tested benefits, is not affected by your income or assets, offering greater flexibility in how you structure your estate.
For disabled veterans, estate planning may include creating special needs trusts to protect benefits while providing for long-term care or dependent support. Our team can help you develop a strategy that ensures your estate plan meets your unique needs and provides security for the future.
How We Can Help
At Surprenant & Beneski, P.C., we focus on helping Massachusetts veterans protect their financial futures through tailored estate planning. While we don’t handle VA benefit applications, we understand how these benefits intersect with your estate. Our attorneys work closely with you to create a plan that preserves your eligibility for VA benefits, safeguards your assets, and provides peace of mind for you and your family.
Whether you’re exploring options for long-term care, looking to protect your estate, or planning for your family’s future, we are here to guide you. Contact us today to schedule a consultation and begin securing your legacy.
