COULD YOU USE AS MUCH AS $23,396 PER YEAR
TAX FREE? !!!!
Welcome Veterans, family and friends of our Veterans! It is our Firm’s hope that our site will assist in educating our Veterans and their families on the pension benefit and improved pension benefit available to qualified Veterans.
If you have recently visited your local Department of Veterans’ Affairs in the hopes of qualifying, but were told that you did not, it might have been because they thought you had too much income, but did not tell you that your income needed to be reduced by the amount of your unreimbursed medical expenses first before making the determination that you were unqualified. You may also not have been approved because you had too many assets in your name.
Sabrina Winters, Attorney at Law, PLLC assists Veterans in making the preliminary determination as to whether the Veteran meets the initial qualifications and ultimately can assist in rearranging assets if required to qualify. We will even help you file the application!
What is the Veterans Pension?
The Veteran Administration’s Pension Benefit assists Veterans and their spouses in paying for medical expenses. It is not a disability pension for injury during service; the Veteran did not have to be injured during service to qualify. For many families, the Improve Pension Benefit, also called Aid and Attendance, can be the determining factor on the quality of care and place of residence for the Veteran. It could greatly increase their quality of life.
What are the very basic qualifications?
1. Veteran must be at least 65 years old (there are some exceptions); and
2. A Wartime Veteran having served 90 consecutive days of active duty; and
3. Served at least one day during a war period (WWI, WWII, Korea, Vietnam);
4. All income of the Veteran and spouse are counted. Total income after reductions for unreimbursed medical expenses must be less than the maximum pension for their classification.
5. Surviving spouse must have been married to the Veteran at the time of the Veteran’s death, must not have remarried and must have been married at least a year unless they had a child.
How much can the Veteran receive?
Provided all other qualifications are met, the amount that the Veteran is entitled to is determined by whether the Veteran is married to a non-veteran, married to a veteran, single without dependents or widowed.
It is further broken down by whether the Veteran can drive, needs assistance with activities of daily living (also known as ADLs) and if the Veteran is living in his home, nursing home or assisted living facility.
For Example…A Veteran who needs assistance with ADLs, and lives in a nursing home or assisted living facility and is married to a non-veteran spouse is entitled to a maximum of $1,949.97 per month (upto $23,396 per year)!!
Is the Pension taxable?
No, the pension is tax free to the Veteran. He will receive the benefit as long as he continues to qualify and is alive. There is, however, a re-evaluation every year to determine continued qualification.
What documentation is needed when you apply? (not a complete list)
♦ House Deed
♦ Military Discharge
♦ Marriage Certificate
♦ Birth Certificate of Veteran
♦ Birth Certificate of Spouse
♦ Social Security Wage Statement
♦ Account Statements
♦ Medical Reports
♦ Financial and Medical Powers of Attorney
What Income/Assets are to be reported? (not a complete list)
♦ Social Security for each spouse (gross amount not amount paid)
♦ Pension for each spouse (gross amount not amount paid)
♦ CDs
♦ Annuities
♦ Checking and Savings Accounts
♦ Value of Home (this is excluded if it is Veteran’s home and not rental property)
♦ Vehicles (one is excluded)
♦ IRAs
♦ Retirement accounts
There are many factors that must be considered in making a determination of qualification and we are here to help you through the process. It is important as well to consider the effect any VA planning will have on qualifications for Medicaid in the future.
We welcome you to contact our office or call (704) 843-1446 with your questions.
