VA BENEFITS TO THE RESCUE

Shirley was recently admitted to an assisted living facility and her daughter Beth was concerned because Shirley’s income was insufficient to pay the monthly costs. She knew, it would only be a matter of time before mom depleted all of her assets. Beth was not worried about inheriting the assets, she was more concerned with ensuring mom remained independent and maximized the options she had for her care. Shirley and Beth visited a local MPS attorney to help them.

Shirley was not independently wealthy. She had about $150,000.00 in brokerage and savings her husband left her. It represented their lifetime of savings and she was dependent upon the income for her needs. However, with her recent admission to the assisted living facility, her monthly income was short by $1,100.00. At the initial meeting, the MPS attorney did a thorough analysis of Shirley’s financial condition and her personal family goals. He discovered Shirley’s husband was a Veteran of World War II and served two years. As such, it became evident Shirley could become entitled to a Veterans’ Aid and Attendance Benefit to help her pay for her assisted living care.

While not eligible immediately, the attorney was able to provide an estate planning option to have Shirley create a trust to put a bulk of her assets in so it could be protected for the family to use for her. At the same time, by doing so, she would become eligible for a Veterans’ Aid and Attendance Benefit which is available to Veterans of World War II, Korea, Vietnam, and the Gulf War. This benefit is also available to the surviving spouses. As a surviving spouse of a World War II Vet, Shirley was able to become eligible to receive $1,056.00 a month. She was thrilled. She was able to protect her family, protect her lifetime of assets, and be able to afford her care. She was also thrilled to learn this benefit would pay for care in her home, should she decide to go back home. Beth was relieved.

Contact MPS to find out how you can protect your clients so they can walk out of your office feeling just like Beth did.