One of the most important things about estate planning and other elder law matters to keep in mind is that you must be apprised of all of your options. There are many different ways to transfer assets to your loved ones, and the best one is going to vary depending on the exact nature of your assets and the specifics of your wishes. In many cases the implementation of a combination of asset transferal vehicles will be the optimal course of action.
When it comes to paying for long-term care you must be aware of what the potential expenses are going to be first of all, and the news on that front is rather startling to many people. One in four individuals who reach the age of 85 are in a nursing home at any given time, and the average length of stay is between two and three years. When you consider the fact that the average cost for a single room in a nursing home was into the low six figures last year you can see that we are talking about a considerable possible expense.
One of the benefits that you may be able to tap into to defray these costs is the Veterans Aid and Attendance Pension. Many people who are eligible for this benefit are not aware of it, often times due to the fact that the length of service requirement is so modest you might assume that you couldn’t possibly be entitled to such a generous special pension. If you have served at least 90 days in the military with a minimum of one of them taking place during wartime you meet the requirement.
If you need living assistance and meet the above requirements and are within the asset limits you can receive over $1,600 per month if you are single, and couples may be eligible to receive up to $1,949 a month. To find out all of the details and obtain the necessary application forms, simply visit the United States Veterans Benefits Administration website or give them a call at 1-800-827-1000.