With the cost of long-term care being what it is veterans benefits planning is very important for those who have served in the Armed Forces.
How expensive is long-term care? The costs are going up every year, so it is hard to predict exactly how high they will climb over the next few decades, but as of 2012 a year residing in a private room in a nursing home averaged over $90,000 in the United States.
If you’re thinking that Medicare is the answer you are making a common error. In fact this government program does not pay for an extended stay in a nursing home.
People who have served in the Armed Forces during a time of war may be eligible for a very useful veterans benefit that is called the Veterans Aid and Attendance special pension.
This veterans benefit is available to former service members who need help with their activities of daily living who have some degree of financial need.
Most people are aware of the military retirement pension that is afforded to people who have served for at least 20 years. This special veterans benefit is entirely different, and the length of service requirement is considerably less stringent.
A veteran who has served for at least 90 days has met the length of service requirement. You do have to be a wartime veteran, so a minimum of one of these days must have started or ended during wartime.
As of this writing a single veteran who is qualified for this special pension may receive as much as $1,732 per month.
Mr. Kraft assists clients primarily in the areas of estate planning and administration, Medicaid planning, federal and state taxation, real estate and corporate law, bringing the added perspective of an accounting background to his work.