The Veterans Aid & Attendance special pension is in place to help former service members cover their assisted living and home caregiver costs. Unlike the retirement pension the length of service requirement is minimal. One must have served for at least 90 days with a minimum of one of these days taking place while the United States was at war.
As the story of the tortoise and the hare demonstrates, if you are consistent over a long period of time as you aim toward reaching your desired destination you should have success. This is something to keep in mind when it comes to retirement planning.
Family members can come in all shapes and sizes and have different needs. As a result, when you are planning your estate there is more to it than simply looking at a pie and slicing it up into pieces of various sizes.
If you are in possession of wealth that will logically remain intact across multiple generations even as family members benefit from these resources you are going to have to seek avenues that provide tax efficiency.
Some people are under the impression that things just take care of themselves when you achieve senior citizen status. Social Security will surely be enough to satisfy all of your financial needs and Medicare will cover your health care expenses.
While it is indeed important to look ahead toward the future, the fact is that as a young adult you may not be that interested in the details of tax laws that are applicable to the field of estate planning. However, we all care a great deal about the well-being of our loved ones, and this tax can have an extraordinarily negative impact on succeeding generations of your family.
Inheritance planning is often reduced to a somewhat overly simplistic analogy. You inventory your assets to determine the size of the "pie" as it were. You then decide who will be receiving slices of the pie. The last step is to arrange for slices of various sizes to be transferred to these heirs after you pass away.
Your family is unique from every other, and this is something to keep in mind when you are considering the future. There are websites out there that will sell you generic legal documents. They say that anyone can plan his or her own estate by following the directions and filling in blank fields on a one-size-fits-all piece of paper that you download off the Internet (for a hefty fee).
You will often hear retirement and estate planning attorneys emphasizing the fact that everything is connected. This is why holistic planning is recommended. What you would like to be able to do in the future is going to impact what you do in the present, so it is useful to look at things from an overview and act within an intelligently conceived long-term financial plan.
It is good to remain positive and avoid fear-based thinking when you are planning ahead for the latter stages of your life. But at the same time, being aware of the various perils that exist is important if you want to steer clear of certain unsavory situations.