*The Department of Veterans Affairs (VA) offers a Veterans Pension program which provides monthly payments to eligible wartime Veterans who meet disability or age requirements, and who have income within certain limits. There is also a Veterans Pension benefit available to eligible surviving spouses. The other qualifications mandate that the Veteran served on active duty and was not dishonorably discharged. The Veteran must have served at least 90 days on active duty with at least one during wartime. The Veteran must be at least 65 years old, have a permanent disability, or be a patient in a nursing home.
The net worth limit to receive the Veterans Pension benefit is $127,061.00 as of 12-1-2018. The VA looks back for a period of 36 months to see if the eligible Veteran has made any transfers of assets for less than Fair Market Value (FMV). If this occurs, the Veteran is not eligible for the Veterans Pension program for a period of 5 years. The Veterans Pension benefit ranges from $17,724.000 to a high of $35,813.00 depending on whether there are more than one Veteran married to each other.
The Veterans Pension can be used to pay for living expenses and medical expenses. The Veterans Pension can also be used to pay for an estate plan which includes either a will or trust. A will or trust is important to make sure the Veteran’s end of life and estate planning needs are known. Wood and Associates PLLC thanks all of our Veterans for Serving.