If you have the means to do so, almost everyone - including veterans - might want to consider setting up a formal legal plan to protect your assets. This plan can protect you and your children, while protecting your eligibility for government benefits.
What exactly is Elder Law, anyway? This may have been a question you've asked yourself somewhere along the way. As the country's population ages and baby boomers find themselves facing their golden years, more and more people find themselves asking the questions: "How can I make sure my estate is settled the way I want it to be after I'm gone?" and "How do I plan ahead now so that I'll be taken care of in my old age?"
It's never easy to discuss end of life plans. It's even more difficult when those plans must include determining care for a child or family member with special needs.
We have already covered the Veteran's Aid & Attendance Pension, but as it is such a misunderstood and underutilized program, it's worth taking a second, more in-depth look.
Veterans who qualify for a pension also may be able to access an additional benefit. If you need help with daily living activities, be sure to investigate the requirements for the Aid and Attendance program.
AARP's Public Policy Institute has published an updated report called "Valuing the Invaluable: 2011 Update - The Growing Contributions and Costs of Family Caregiving." The report recognizes the critical support of family to ill loved ones, but details the substantial personal costs to caregivers. It says that costs to U.S. health care and long-term services would increase astronomically if family caregivers were no longer available.
When a veteran needs help, the first person he or she usually turns to is family. A spouse, children, or parents can play such big roles in the lives of veterans when life is difficult because of illness.
Once your estate plan is created, how often are you supposed to review it? According to some estate planning professionals, you should review it annually or bi-annually. Though this is a common safeguard, you should also review your estate plan if you have any significant life changes that impact your estate plan's accuracy.
Expecting parents or even parents of a newborn will need to reconsider their estate. If you already have an estate plan in place, now is the time to amend that plan to meet your current life situation. If you do not have an estate plan, you might want to consider a few of these tips for getting started and ensuring your child's future if protected.
Thinking about mortality is bad enough for most people, but when you meet with an estate planning attorney you will be forced to face questions that might make you squirm.