Estate Planning | What are VA Benefits?
Estate Planning | When beginning estate plan, it is helpful to understand what benefits are available. For those who were members of the armed forces and honorably discharged, there are many benefits available through the VA. An attorney can assist in determining eligibility for benefits and how to make the most of them.
Healthcare through the VA can keep out of pocket expenses down for veterans. VA healthcare also meets the requirements for the Affordable Care Act and participants are not required to purchase additional coverage to be in compliance with the law. Service is obtained at VA facilities located throughout the State of Florida as well as the rest of the country.
Various insurance programs are also available for veterans. Having the opportunity to purchase low cost insurance can help provide the coverage necessary to protect family members and assets in case of an accident, illness, or death.
Veterans who have suffered a complete or partial disability related to their service might be eligible for a full or partial exemption from real estate taxes on their Florida homestead property. This benefit could save thousands of dollars per year. The exemption is also passed to the spouse upon the veteran’s death. It is retained by the spouse unless he or she remarries.
Wartime veterans might also be eligible for a tax free payment to help pay for in-home caregivers, assisted living facilities, or nursing homes. This benefit is frequently overlooked but can provide necessary funds to help offset the costs of long term care.
The VA provides a no cost burial for a veteran at a national cemetery. It will also provide a headstone or maker for a veteran’s grave at a private cemetery.
An elder law attorney can help determine eligibility for specific VA benefits and make use of those benefits in estate planning.