Are you or your spouse a veteran?
If so, you may qualify for a Veteran’s Administration (VA) pension to help pay for your living expenses and long-term care needs.
Tony is VA Certified, which means he can assist you with potentially qualifying for a VA pension.
There is a 3-Part Qualification Test in determining whether you may qualify for a VA pension:
- Service Requirement
You or your spouse must be a “veteran”: “A person who served in the active military, naval, or air service, and who was discharged or released there from under conditions, other than dishonorable.” You or your spouse must have had “active duty wartime service.”
- Disability Requirement
To be considered “disabled” under VA guidelines, you must either be (1) 65 years old or older or (2) permanently and totally disabled.
- Means Test
The first part of the Means Test is Income. The VA looks at your gross income and subtracts unreimbursed medical expenses. If this figure is too high according to VA standards, your pension may be reduced or you may not qualify for a pension.
The second part of the Means Test is Net Worth. The VA looks at whether you have sufficient means for the rest of your life by looking at liquidity of your assets, life expectancy, number of dependents, and potential rate of depletion of available assets.
Most of our clients have a problem satisfying the Mean Test; however, this area of qualification is where our office can help. Through a special type of trust called a Veterans Asset Protection Trust, you may be able to qualify for VA pension benefits, yet protect your assets for your loved ones.