Tax Tip of the Week | No. 428 | Veteran or Widow of a Vet? Find Out About Benefits.

Tax Tip of the Week | Oct 11, 2017 | No. 428 | Veteran or Widow of a Vet? Find Out About Benefits.

You may qualify for VA Benefits at home or in assisted living if:•    You served for at least 90 days on active duty•    You require care or assistance with the activities of daily living on a regular basis to maintain your lifestyle•    You are currently living in or thinking about going into an assisted-living facility•    You are spending from your savings to pay for care•    A family member is helping you with your care at homeIf you fit some or all of these criteria, you may qualify for a little-known program known as Aid and Attendance through the Veterans Administration.You May Not KnowIt is not necessary to be impoverished to qualify - what you do need is enough out-of-pocket medical expenses to make you eligible.These benefits are called a “pension”. However, this term tends to be confusing because it has nothing to do with the years of service as we normally think of a pension.You did not have to serve “in theater” in order to qualify. Your disability does not need to be service-related. Benefits can be for you during your lifetime or for your spouse following death.Can I Do It Myself?Yes… but you must be careful. You will ultimately work with a Veterans’ Representative to complete the paperwork for your benefits. However, you should be prepared for this meeting in advance.You must know exactly what program you want – the VA is a large complex organization, so it’s easy to make a costly error.Finally, you must be aware that in the process of qualifying for VA benefits you may disqualify yourself for other government programs or create other tax or estate problems. Coordinating VA benefits with the rest of your estate plan is critical to assure that you receive the maximum government benefits to which you are entitled.You can contact us in Dayton at 937-436-3133 and in Xenia at 937-372-3504. Or visit our website.Rick Prewitt - the guy behind TTW...until next week.