The following article will cover:
- Estate Planning Tools for Veterans.
- Planning for Long Term Care in Texas for Veterans.
- The Role of Attorneys in Navigating Medicaid and VA Benefits for Veterans.
What Estate Planning Tools Do You Use For Veterans?
For veterans, a special benefit called aid and attendance is available to help pay for long-term care, assisted living, and home health care before nursing home care is required. Veterans who served during periods of war can qualify for this benefit. It is essential to plan for both VA and Medicaid benefits, as they have different sets of rules. Irrevocable trusts can be used for both VA and Medicaid planning.
How Should Veterans In Texas Plan For Long Term Care Later In Life?
As they get older, veterans should consider setting up a trust to access benefits. Although some veterans may opt to stay in a VA facility, these facilities can be far away and have waiting lists, making them ultimately unreliable.
To ensure proper planning, veterans should work with an attorney to navigate the complexities of Medicaid and VA benefits. This includes understanding look-back periods, which assets count against eligibility, and the appropriate timing for applying for benefits.
Even in cases where a client has minimal assets and a trust may not be necessary, an attorney can provide guidance on the proper methodology for applying for benefits. Initial consultations can help determine whether minor tweaks to an individual’s plan are sufficient or more extensive planning is necessary.