Military Veterans often don’t know that there are many possible benefits
available to them.And it’s not just veterans that are disabled. The
U.S. Veterans Administration offers a wide range of free benefits and
discounts. Even families of veterans can benefit. It’s important for any
Military Veteran to check with the Veterans Administration or go to their
local Veterans organization and consult with them to maximize the benefits
that they have earned through service in the U.S. Military.
Read more: Veterans “Hidden” Benefits
Elder Law is a complex and difficult subject for families to deal with.
Especially so if there are ex-wives, step children and children involved.
As an elderly person, you might also need to consider that you might loose
control of the ability to specify your wishes or manage your assets.
It’s important to take into consideration not only how to divide assets to heirs, but how to lock them down so they are guaranteed to go to the persons decided upon. Simply specifying a heir or heirs in a will won’t necessarily make it happen. Using trusts,specialized annuities can help. It’s best to consult a lawyer to help sort out what will work, based on your assets and circumstance.
Read more: Elder Care: Estate planning for previously married couples – Carlisle Sentinel
Estate planning checklist: 1) Is your will and trust agreement up to date and in order? Is your plan tax efficient? 2) Is your executor or trustee still up for the task that you have appointed? 3) Is your beneficiaries designation up to date? 4) Is your power of attorney up to date? 5) Review existing insurance policies. Do you need to increase the value of your policies? 6) Is your investment advisor doing what is best for your money? 7) Do you need to retitle any of your policies from ex-wife to current wife? 8) Fund your trust. It will avoid lengthy probate processes. Do you have the proper estate tax plan? 9) If you have more than one residence, how much time do you spend at each place? 10) Stay educated about all of the above.
Read more: Your Mid-Year Estate Planning Checklist: 10 Things You Should be Doing Now – The National Law Review
Individuals with special needs are permitted to set up an Achieving a Better Life Experience, or ABLE account which is tax-free. These accounts are offered in most states, but people can still enroll if their home state does not offer the program Although, when compared to special needs trusts (SNTs) these accounts can have limitations, family members can contribute on behalf of their family member. The two different types of special needs trusts are first party and third party SNT’s. A first-party SNT involves the assets of individual with special needs and upon death state programs received must be repaid, while third-party SNT’s involve a person other than the beneficiary who can maintain their accounts for them and upon death funds are paid to family members.
Read more: Article on ABLE Account Information for Estate Planning Lawyers
Pets are an essential part of your family, so it is a good idea to plan for events in which they outlive your ability to care for them. These plannings include financial considerations and shelter for your pet. Some of the steps that pet owners make are to file veterinary directives, assign someone the rights of being the beneficiary of the pet, or creating a trust for your pet. It is a good idea to plan this ahead of time and sometime legal help is needed.
Read more: Planning for Pets