Thank you to our Veterans for your bravery and sacrifice for this country. We appreciate your efforts to maintain America’s freedom. Happy Veteran’s Day!
In honor of Veterans Day, we would like to dedicate this post to spreading awareness about the resources and special circumstances that go with Estate Planning for military members.
For members of the military, it is a great idea to consider setting up an estate plan as soon as possible. Overseas deployment and frequent moves due to military service can make estate planning more complicated. It is important to outline health care decisions, family care plans, and any other necessary arrangements in your estate plan.
Military members and military families may qualify for special benefits and resources that can help with estate planning.
This includes:
- Life Insurance– Active-duty members can receive access to low-cost life insurance for themselves and their families through the department of VA.
- Survivor Benefit Plans– A pension-based plan in the form of an annuity that will be paid monthly to your surviving spouse and your children after your death.
- VA funding– Can be paid if you have a service-related disability.
- Pension benefits- You may be eligible for tax-free monthly payments as a wartime veteran, surviving spouse, or child.
- Burial Benefits and memorial items- Get help planning a burial, order a headstone or other memorial item, and apply for survivor and dependent benefits.
The https://www.va.gov/ page provides many helpful links and information about different options, eligibility, and access links to manage your policy or update your beneficiaries.
Estate plans can provide your family with financial security and give you peace of mind about managing your assets.
If you are in the military and interested in setting up your estate plan, please give us a call. We would be happy to schedule a complimentary consultation!
