May is National Military Appreciation Month, a time to honor the men and women who have served in our armed forces.
While we often show our appreciation through parades, ceremonies, and other forms of recognition, one of the most important ways we can support our veterans is by helping them plan for the future.
Estate planning is particularly crucial for military families, who may face unique challenges and considerations when protecting their assets and providing for their loved ones.
In this article, we will discuss the importance of estate planning for veterans and their families, some unique considerations to keep in mind, and the five components of a well-rounded estate plan for veterans. If you are an active or retired military member or spouse and need help with your estate plan, contact a Santa Barbara estate planning attorney to book your planning session.
Estate planning is crucial for military families, as they face unique challenges due to their service to our country.
From protecting assets to ensuring a smooth transfer of wealth, estate planning can provide much-needed peace of mind for military families.
Here are some reasons estate planning for veterans is so important:
Estate planning is vital for veterans and their families to ensure their wishes are respected, and their assets are protected.
By working with an experienced estate planning attorney, veterans can create a comprehensive plan that provides peace of mind and honors their service to the country.
As a veteran, it’s important to understand how veterans benefits impact your estate planning. From pensions to disability compensation, veterans benefits can significantly shape your financial future and ensure your loved ones are provided for after you’re gone.
Service-connected disability compensation is available to veterans injured or ill due to their military service. This compensation can be a significant source of income for disabled veterans, but it can also impact eligibility for other benefits such as Medicaid or SSI.
Pension benefits are available to veterans who meet certain criteria, such as having served during wartime and having limited income and assets. Veterans eligible for pension benefits may also be eligible for additional benefits such as Aid and Attendance, which provides financial assistance for long-term care.
Creating a comprehensive estate plan requires carefully considering your circumstances and goals.
Here are five key components of an estate plan for military families:
Working with an experienced estate planning attorney can help ensure your plan is tailored to your needs and considers any unique considerations related to your military service.
Honoring our veterans means more than just thanking them for their service – it means supporting them in practical ways, such as through estate planning.
As we honor our military this month, our Santa Barbara Estate Planning & Elder Law team wants to give back by offering $500 off an updated or new estate plan to active duty and veteran military families.
If you’re a veteran or a member of a military family, now is the time to start planning for the future.
Contact us at Santa Barbara Estate Planning & Elder Law today to take advantage of this promotion and take the first step toward securing your legacy.