One of the biggest concerns for aging boomers is the question of how to cover the cost of nursing home care or assisted living. These are high costs that can quickly deplete the value of an estate.
If your goal is to defray the cost of long-term care for yourself or a loved one, it is important to be aware of every estate planning option for achieving that objective.
Veterans are entitled to a variety of benefits, but for defraying the cost of nursing home care, assisted living or in-home medical care, one program may be particularly helpful: the VA Aid & Attendance Pension program.
This program is an underutilized option for veterans and their surviving spouses. Here are some important things to know about it:
- There is no requirement that a veteran have a service-related disability to qualify for this kind of benefit.
- A veteran need not have retired from the military or been in combat to be eligible.
- However, eligibility is based in part on income limits.
An attorney with experience in this area of law can assess your situation and explain your full range of options.
Ensuring Medicaid eligibility can be complicated. The cost of long-term care could potentially drain your estate, even as you remain ineligible for Medicaid benefits. There are ways, however, for using Medicaid benefits to defray costs.
Medicaid planning can involve a range of integrated techniques that allow you to preserve your assets while ensuring that you remain eligible for Medicaid benefits, which can be very helpful in covering the costs of nursing home care or assisted living.
The key to utilizing all of the tools available to you is to speak with an elder law attorney about your specific situation. For more on the various techniques for ensuring Medicaid eligibility, please see our overview of Medicaid planning.
Put an experienced elder law attorney on your side.
At Johnson Hobbs Squires LLP, we have extensive experience in these matters. Our leader in this legal practice area is attorney Mark Hobbs, who is Board-Certified in Estate Planning and Probate Law by the Texas Board of Legal Specialization. He is also a member of the National Academy of Elder Law Attorneys and is an Accredited Attorney with the U.S. Department of Veterans Affairs.
The JHS firm advises and represents clients in Waco and the surrounding areas.