One of the biggest fears many people have today is having their life savings wiped out if they have to pay for substantial medical and health care expenses, or God forbid, assisted living or nursing home care.  Whether you or a family member is in crisis or not, it is important that you understand what you can do to protect your hard-earned assets!

Most veterans and their surviving spouses are not aware of a certain veterans pension benefit known as Aid and Attendance.  A veteran who is over 65 and now disabled may qualify for much-needed money to pay medical bills!

In a free guide titled “Nuts and Bolts guide to Veteran Pension Benefits”, you will:

• Learn the TRUTH about the veteran pension.
• Learn how these “secret benefits” are available to certain veterans over age 65.
• Learn how these benefits can be used to pay for home health care and assisted living.
• Learn how a veteran with a spouse can receive up to  $1,949 per month in assistance.
• Learn how surviving widows can qualify for $1,056 or more per month in assistance.
• Learn why certain ways of qualifying for this benefit can become a “Medicaid Time Bomb”.

The veteran pension is a monthly check mailed directly to the veteran.  It can mean the difference between moving to a nursing home and staying at home.

BUT THAT’S NOT ALL.  Once the VA has approved the veteran for a pension, they also get:

• Free Veterans Affairs medical treatment (no co-pay).
• Free prescriptions through VA pharmacies for fomulary drugs.

There are certain criteria that every veteran must meet:

• At least 65 years old.
• Served at least 90 days in active military service (24 months if entered service after 9/1/1980).
• Served at least 1 day during a period of war, although do not have to have served in combat.
• Discharged for any reason except “dishonorable”.

A wartime injury or disability is NOT a prerequisite for qualifying for the veteran pension.

Veterans’ service organizations (VFW, American Legion) can assist in filing a claim for the pension.  What they can’t do is advise on Medicaid qualification in conjunction with veteran pension planning.  For example, even if you are in a nursing home and receiving Medicaid, receiving this pension can reduce the amount your estate (and therefore your family) would be required to pay back to the state.

The rules for Medicaid and Veteran Pension are different.  For example, the VA doesn’t care if you give your assets away to qualify.  But that’s a huge trap for someone who is unaware of Medicaid rules.  Giving assets away can make you ineligible for Medicaid benefits for as many as 5 years.

You need a comprehensive senior life plan that includes estate planning and planning for the possibility of applying for the veteran pension and/or Medicaid.  Call us at 508-281-7900 to receive your FREE: “Nuts and Bolts Guide to Veteran Pension Benefits”. No pressure and no obligation.

Southborough based attorney, Tracey Ingle, a Stow resident, was honored with the coveted “Personal Family Laywer” (PFL) designation in a ceremony held last week in Atlanta, Georgia.  The PFL designation is awarded to estate planning lawyers who have demonstrated an unwavering commitment to their communities by providing sound legal advice that helps individuals and families make the best decisions in their personal, business, legal and financial affairs throughout their lifetimes.

Members of the PFL network focus on the needs of growing families to ensure life-long enjoyment of prosperity and financial security, without the traditional hourly billing associated with working with an attorney.  They provide their clients with the guidance of a trusted advisor throughout, and at the end of life to guarantee all assets are secured for the future of their clients’ families.

Currently, less than 100 other lawyers in the country have received this designation.

“I’m thrilled to be included in this elite group of lawyers.  I love helping people, being their trusted advisor, and helping them make the best financial decisions for their family for a lifetime.  It has been my life’s ambition to be this type of lawyer and not just prepare form documents, but develop a real personal relationship with my clients.  I’m very fortunate and honored,” said Ingle.

I’m periodically reminded that not everyone knows everything about what we do here at Ingle Law. A great client might say, “Oh, I didn’t know you did that.” Someone else might say, “Well, I thought you only worked with young couples with children. I didn’t know you could help my Mom and Dad too.”  With that in mind, I wrote this article. Rest assured we can help; these are just some of the puzzles Ingle Law solves.

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If you are one of the 31% of parents who has named guardians for your kids, you’ve probably made one of these 6 common mistakes:

1.  You may have named a couple to act as guardians and you have not indicated what should happen if the couple broke up or one of the partners in the couple died.  This means your kids could end up in the care of someone you wouldn’t really want.

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Most people know that in order to be approved for Medicaid coverage for nursing home care an applicant must meet strict asset tests.  In Massachusetts a single applicant may not have more than $2,000 in assets, not including a primary residence, car needed for transportation, personal belongings, prepaid burial and funeral contracts, and a $1,500 burial account.  The spouse of a married applicant may also keep $109,560, although this figure changes annually for inflation.  All the Massachusetts Medicaid rules and regulations are located on the Office of Medicaid’s website.

What most people don’t realize is that once approved for Medicaid, Massachusetts has an automatic lien on the recipient’s probate estate.  Read the rest of this entry »