• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Nirenstein, Horowitz & Associates P.C.

Estate Planning | Making a Difference One Family at a Time

An Estate Planning Law Firm
Making a Difference One Family at a Time

Call Now: (860) 548-1000

Attend a Complimentary Seminar
  • Facebook
  • Instagram
  • LinkedIn
  • Pinterest
  • RSS
  • Twitter
  • YouTube
  • Home
  • Our Firm
    • About Our Firm
    • Careers
    • Client Testimonials
    • Meet Our Team
  • Services
    • Asset Protection & Business Planning
    • Estate And Gift Tax Figures
    • Estate Planning
    • LGBTQ Estate Planning
    • Loss of a Loved One
    • Pet Planning
    • Powers of Attorney
    • SECURE Act
    • Special Needs Planning
    • Trust Administration and Probate
  • Elder Law
    • Alzheimer’s Disease
    • Caregiver Information
    • Emergency Medicaid & Nursing Home Planning
    • Guardianship & Conservatorship
    • Hospice Care
    • Medicaid Planning
  • Resources
    • Complimentary Estate Planning Worksheet
    • Complimentary Medicaid/Long-Term Care Calculator
    • DocuBank
    • Elder Law Resources
      • Glastonbury Elder Law Resources
    • Estate Planning Articles
    • Estate Planning Checkup
    • Estate Planning Definitions
    • Estate Planning Presentations
    • Estate Planning Seminars
    • Estate Planning Techniques
    • Frequently Asked Questions
      • Asset Protection and Business Planning
      • Elder Law & Medicaid
      • Estate Administration
      • Estate and Gift Tax
      • Estate Planning
      • Frequently Asked Questions for Families Without an Estate Plan
      • Incapacity Planning
      • In-Home Elder Care
      • Irrevocable Trusts
      • LGBTQ Estate Planning
      • Living Trust
      • Medicaid Planning
      • Nursing Home Asset Protection FAQs
      • Probate
      • Probate Avoidance
      • SECURE Act 2.0
      • Trust Administration
      • Wills
    • Newsletters
    • Probate Resources
      • Probate Resources
    • Published Books
    • Reports
      • Advanced Estate Planning
      • Basic Estate Planning
      • Estate Planning for Niches
      • Trust Administration
  • Seminars
  • Communities We Serve
    • Fairfield County
      • Darien
      • Fairfield
      • Stamford
    • Hartford County
      • Avon
      • Hartford
      • Simsbury
      • West Hartford
    • Litchfield County
      • Watertown
    • Middlesex County
      • Middletown
      • Old Saybrook
    • New Haven County
      • Middlebury
      • New Haven
    • New London County
      • Groton
      • Old Lyme
      • Stonington
    • Tolland County
      • Mansfield
    • Windham County
      • Woodstock
  • REVIEW US
  • Blog
  • Contact Us
Home » Elder Law » Veteran Special Pension Is Often Overlooked

Veteran Special Pension Is Often Overlooked

May 26, 2020 by Jeffrey A. Nirenstein, Estate Planning Attorney

veterans special pensionThe veterans benefits attorneys here at our firm can help you understand how to cope with long-term care costs if you are a former military service member. There are various different ways to proceed, and the ideal approach will depend upon the circumstances.

This is why personalized attention is so very important, and this is exactly what you receive when you engage our firm to provide you with assistance.

Special Pension

Many people are not aware of the existence of a certain type of pension that can be very useful for veterans who need help with their day-to-day needs. The benefit that we are referring to is the Supplemental Income for Wartime Veterans special pension.

Most people, and all veterans, know that there is a military retirement pension that former service members qualify for after 20 years of active duty. This special pension is something that is entirely different.

Unlike the retirement pension, you do not have to spend a significant portion of your career in the military to gain eligibility. To qualify for this veterans pension, you need a minimum of 90 days on active duty with at least one of these days being during a time of war. There is also a discharge status requirement. Dishonorably discharged veterans are not eligible for this benefit.

In order to qualify, you have to provide medical proof that you need help with our day-to-day needs, or you have to be at least 65 years old.

The benefit is only available to people with a certain level of financial need. Your home and your motor vehicle are not considered to be countable assets, but when you submit your application, the analysts will look at all of your other resources to determine whether or not you need the extra financial assistance. There is a hard limit on countable assets in 2020 that stands at $128,640.

You used to be able to give assets to loved ones in an effort to stay under the limit, but there is now a three-year look back provision. If you give away assets within three years of the submission of your application, your eligibility will be denied, and a penalty will be imposed.

Don’t Be Overconfident

Whether you are a veteran or not, you should definitely brace yourself for potential future long-term care costs. According to the United States Department of Health and Human Services, seven out of every 10 people who are attaining senior citizen status will someday need living assistance.

If you are thinking that Medicare will pick up the tab, we have some bad news to deliver. The Medicare program will pay for convalescent care after an injury or illness, but it will not pay for custodial care. This is the type of care that you would receive if you were permanently unable to take care of all of your own daily living activities.

There are strategies that can be implemented to address these costs. If you are a veteran, the special retirement pension can be part of the plan. For others, and for some veterans, Medicaid will be the solution. This jointly administered federal/state government health insurance program does pay for long-term care.

Since it is only available to people with limited resources, there is a look-back for Medicaid as well, and it is longer than the veterans pension period. You have to divest yourself of assets at least five years before you apply to gain eligibility. Because of this five-year look back period, it takes careful advance planning to gain eligibility at the right time without losing anything in the process.

Schedule a Remote Consultation Today!

If you would like to discuss a plan for aging with a knowledgeable member of our firm, we would be more than glad to connect with you in a remote manner. Feel free to give us a call right now at 860-548-1000 to set up a consultation, and you also have the option of sending us a message through the contact page on this website.

 

 

 

 

  • Author
  • Recent Posts
Jeffrey A. Nirenstein, Estate Planning Attorney
Jeffrey A. Nirenstein, Estate Planning Attorney
Founding Partner and Vice President at Nirenstein, Horowitz & Associates PC
Jeffrey A. Nirenstein is a founding partner and vice president of the law firm of Nirenstein, Horowitz & Associates, P.C. He received his bachelor of arts degree in government from Clark University and his law degree from New York Law School.

Mr. Nirenstein is licensed to practice before the courts of the State of Connecticut and the United States District Court. He is a member of the Connecticut and Hartford County Bar Associations, and the Estate and Probate, Elder Law, Business Law and Real Estate Sections of the Connecticut Bar Association.
Jeffrey A. Nirenstein, Estate Planning Attorney
Latest posts by Jeffrey A. Nirenstein, Estate Planning Attorney (see all)
  • Exploring the Tax Benefits of Charitable Trusts - September 14, 2023
  • The Ripple Effect of Dying Without a Will or Trust - August 29, 2023
  • Will an Unwitnessed Handwritten Will Hold Up in Court? - August 10, 2023
Share our Content:

Filed Under: Elder Law Tagged With: Elder Law, long-term care costs, veterans special pension

Other Articles You May Find Useful

legacy protection
Take Precautions to Protect Your Legacy
Medicaid child caregiver exemption
Be Aware of the Medicaid Caregiver Child Exemption
Medicaid planning, Medicaid estate recovery mandate
Medicaid Estate Recovery Mandate Is Under Siege
elder financial abuse
Understanding and Combating Elder Financial Abuse
Medicaid planning
Medicaid Planning: What About the Healthy Spouse?
Medicaid planning
Does Medicare Cover Nursing Home Care?

Primary Sidebar

Nirenstein, Horowitz & Associates

Upcoming Seminars

Estate Planning Seminar

Date: October 17

Venue: Canton Community Center, 40 Dyer Avenue, Collinsville, CT, 06019, United States

Estate Planning Seminar

Date: October 18

Venue: Cheshire Public Library, 104 Main Street, Cheshire, CT, 06410, United States

See all Seminars

Follow Us

  • Facebook
  • Instagram
  • LinkedIn
  • RSS
  • Twitter
  • YouTube

TESTIMONIALS

Blog Subscription

Our blog gives you the most up-to-date estate planning news. Sign up today to receive our regular updates!

  • This field is for validation purposes and should be left unchanged.

WESTPORT OFFICE

8 Wright Street, Suite 107
Westport, CT 06880
Phone: (860) 548-1000
Fax: (860) 761-1070
preserveyourestate_sidbr_map

Somerset Square

200 Glastonbury Boulevard, Suite 202
Glastonbury, CT 06033-4418
Phone: (860) 548-1000
Fax: (860) 761-1070
preserveyourestate_sidbr1_map

Office Hours

Monday8:30 AM - 5:00 PM
Tuesday8:30 AM - 5:00 PM
Wednesday8:30 AM - 5:00 PM
Thursday8:30 AM - 5:00 PM
Friday8:30 AM - 5:00 PM

Footer

footer-logo
  • Facebook
  • Instagram
  • LinkedIn
  • RSS
  • Twitter
  • YouTube

The information on this website is for general information purposes only. Nothing on this or associated pages, documents, comments, answers, emails, or other communications should be taken as legal advice for any individual case or situation. The information on this website is not intended to create, and receipt or viewing of this information does not constitute, an attorney-client relationship.

Privacy Policy | Contact Us | Disclaimer | Site Map | Powered by American Academy of Estate Planning Attorneys

© 2023 American Academy of Estate Planning Attorneys, Inc.