• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Home
  • Who We Are
    • About Our Firm
    • Career Opportunities
    • Meet Our Team
    • News and Events
    • Seniors Rock Radio
  • Estate Planning
    • Elder Law & Medicaid Planning
    • Estate Planning Services
    • Estate and Gift Tax Figures
    • Family Farm Succession Planning
    • Family-Owned Businesses & Farms
    • IRA Planning
      • Planning With An IRA
      • IRA & Retirement Planning
    • Legacy Planning Services
    • LGBTQ Estate Planning
    • Pet Planning
    • SECURE Act
    • Special Needs Planning
    • Trust Administration & Probate
    • Young Families
  • Elder Law
    • Coping With Alzheimer’s
    • Elder Law Resources
      • Elder Law Reports
    • Guardianship & Conservatorship
    • Hospice Care
    • Veteran’s Benefits
  • Resources
    • Definitions
    • FREE Estate Planning Worksheet
    • FREE Webinars
    • Estate Administration Legal Guide
    • Estate Planning Articles
      • Questions for Your Estate Planning Attorney Before Creating Your First Estate Plan
      • How to Create Your First Estate Plan in 2022
      • How to Choose a Guardian for Your Child
      • Address These Three Questions in Your First Estate Plan
    • Estate and Gift Tax Figures
    • Frequently Asked Questions
      • Adult Guardianship
      • Alzheimer’s Care
      • Custodial Accounts for Minors
      • Estate Planning
      • FAQs for Families Without an Estate Plan
      • Elder Law
      • IRA & Retirement Planning
      • Is Your Estate Plan Outdated?
      • Legacy Planning
      • LGBTQ Estate Planning
      • Medicare and Social Security
      • Probate
      • Probate Avoidance
      • Irrevocable Trusts
      • Trust Administration
      • Trusts
      • Veterans’ Benefits
      • Wills
    • Newsletters
    • Reports
      • Advanced Estate Planning
      • Basic Estate Planning
      • Estate Planning for Niches
      • Trust Administration
    • Top Estate Planning Techniques
  • Reviews
    • Our Reviews
    • Review Us
  • Medicaid Planning
    • Medicaid Planning
    • Emergency Medicaid & Nursing Home Planning
    • Medicaid Frequently Asked Questions
    • Medicaid Resources
  • Blog
  • Contact Us

Law Office of Michael Robinson, P.C.

Estate Planning Services in Rochester, New York and the Finger Lakes Area

Connect With Us Today

(585) 374-5210
Law Pay Button
Attend a Free Webinar
Home » Elder Law » Wartime Veteran Pensioners Will Get a Boost

Wartime Veteran Pensioners Will Get a Boost

December 15, 2020Elder Law

Veterans PensionAs elder law attorneys, we have a thorough understanding of government benefits for seniors, and this includes veterans.

Most people have heard of the veterans retirement pension that service members can receive after 20 years of service. The amount that you would receive will increase if you stay in the service for longer periods of time.

This is a great benefit that gives veterans the opportunity to retire in comfort. Retirees will receive a pension and a Social Security benefit, and many military service members contribute into the Thrift Savings Plan. This is the federal government’s version of a 401(k) plan.

In addition to this retirement pension, there is another benefit that is simply called the Veterans Pension. This pension can make a difference in the lives of wartime veterans, and we will explain the details in this post, including the cost of living adjustment for 2021.

Veterans Pension Eligibility Requirements

Most pensions of any kind come as a reward for long years of service, but this Veterans Pension is in a different category. The minimum requirement for veterans that began their stint before September 8, 1980 is 90 days of total service with at least one day of wartime service.

For people that started after this date, the requirement is at least 24 months with a single day of service when the country was at war. This benefit is only available to veterans that did not receive dishonorable discharges.

Veterans that meet the length of service requirement that are at least 65 years old qualify for the benefit, and veterans of any age that are permanently and totally disabled are eligible.

This pension is intended for veterans with some modicum of financial need, so there is an asset limit. Traditionally, decisions were made on a case-by-case basis, and there was no hard dollar amount.

In October of 2018, this changed when a legislative measure was enacted. There is now an asset limit that is tied to the Medicaid Community Spouse Resource Allowance. This is the amount that a healthy spouse can retain when their spouse is using Medicaid to pay for nursing home care.

The net worth limit for the Veterans Pension in 2020 has been $129,094, which is close to the Community Spouse Resource Allowance. It will presumably go up in 2021, but the Veterans Administration has not published that information at the time of this writing.

One motor vehicle is not counted, and a home is not considered to be a countable asset. The evaluators will not take personal effects and household belongings into consideration.

Another change that was included in the legislation that set a hard net worth limit was a three-year look back. Veterans can potentially divest themselves of assets in an effort to qualify for this benefit, but the divestitures must be completed at least three years before the application is submitted.

Potential Monthly Benefits

In addition to the standard Veterans Pension, there is also an Aid and Attendance designation for veterans that need help with their activities of daily living, and there is a Housebound benefit.

For the rest of this year, the maximum monthly benefit for a single veteran that qualifies for the standard pension is $13,752. This figure, and the rest of the 2020 numbers that we will share, will be increased by 1.3 percent in 2021.

A veteran that qualifies for the Aid and Attendance version can receive as much as $22,939 in 2020, and maximum Housebound benefit is $16,805.

It should be noted that the 1.3 percent increase is derived from the Social Security cost-of-living Adjustment (COLA).

Attend a Free Webinar!

Since you found your way to this website, you must be interested in learning more about estate planning and elder law topics. You are in the right place, because we have many written materials that you can tap into free of charge.

In addition to these web-based resources, we provide learning opportunities through the live webinars that we offer on an ongoing basis. There is no charge to join us, so this is a great way to invest a little bit of spare time wisely.

You can see the dates if you visit our webinar page, and when you identify the session that works for you, follow the simple instructions to register so we can reserve your spot.

 

 

  • Author
  • Recent Posts
Michael Robinson, Estate Planning Attorney
Michael Robinson, Estate Planning Attorney
Clients notice Michael Robinson’s unique approach to his estate planning practice the minute they walk through his office doors.
Michael Robinson, Estate Planning Attorney
Latest posts by Michael Robinson, Estate Planning Attorney (see all)
  • How Estate Planning for a Family May Trap the Unwary Practitioner - August 31, 2022
  • State Income Taxation of Social Security Benefits - August 24, 2022
  • Understanding Tax Apportionment Clauses - August 17, 2022

Other Articles You May Find Useful

elder law lawyer
How Can You Avoid Unwanted Medical Care?
Alzheimer's incapacity planning
Alzheimer’s Disease: The Inconvenient Truth
living trust
Original Infrastructure Plan Would Boost In-Home Care for Seniors
Medicaid planning
Medicaid Planning: What Happens to the Beneficiary’s Income?
Medicaid_Medi-Cal
What Is the 2021 New York Medicaid Asset Limit?
Medicaid planning 9
Four Key Facts About Medicaid Planning

Primary Sidebar

Law Office of Michael Robinson, P.C.

Blog Subscription

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

Follow Us

  • Facebook
  • Twitter
  • Linkdin
  • Youtube

TESTIMONIALS

News & Events

Seniors Rock Radio Show Recording 5-1-21

https://drive.google.com/file/d/1U7UkQbEGy-xY7XFAXvX9Qz7pKSVDVV3D/view?usp=drive_web   Author Recent Posts Michael Robinson, Estate Planning AttorneyClients notice Michael Robinson’s unique approach to his estate planning practice the minute they walk through his office doors. Latest posts by Michael Robinson, Estate Planning Attorney (see all) How Estate Planning for a Family May Trap the Unwary Practitioner -... Read more →

Pittsford Office

1163 Pittsford-Victor Road, Suite 120 (Powder Mill Office Park)
Pittsford, NY 14534-3817
Phone: (585) 374-5210
Fax: (585) 485-0394

See Larger Map Get Directions

Map

mrobinson_sidbr_map

Footer

  • Advantages of Working With Our Firm
  • About The American Academy
  • Disclaimer
  • Privacy Policy
  • Sitemap
  • Contact Us

Connect with Us

  • Facebook
  • Twitter
  • Linkdin
  • Youtube
robinson law logo

The Law Office of Michael Robinson, P.C.

Attorney Advertisement


© 2023 American Academy of Estate Planning Attorneys, Inc.