by Thomas Keister
If you have military vets in your family or circle of friends, it could behoove you or them to check out the Veterans Aid & Attendance Pension Benefit, a little-known benefit which provides tax-free money that can be used for in-home care, board and care, an assisted living community or a private-pay nursing home.
The Veterans Aid & Attendance Pension Benefit, sometimes referred to as the A&A benefit, is basically a private nursing care insurance policy provided to veterans and their surviving spouses by the U.S. government. The benefit provides up to $1,794 a month for a veteran, $1,153 for a surviving spouse, or $2,127 to a couple. The tax-free money can be used for private-pay nursing homes, assisted living communities, in-home care, or board and care.
To qualify, a veteran or spouse must meet requirements including wartime service (at least 90 days of active duty with at least one day during one of the specified wars, and he or she must have had an honorary discharge), financial need (assets under $80,000 excluding a home and a car), and medical need (the veteran or spouse must need assistance with eating, bathing, or dressing).
It can take between six to eight months on average to get approved, however some applicants can wait more than a year. But once the application is approved, it is applied retroactively to the date of application.
Read about the Veterans Aid & Attendance Pensions Benefit, at the Veterans Administration website, and check out a brief questionnaire at VeteranAid.org, to help determine if you or a family member can benefit from this program
With much ballyhoo, and a ton of questionable analysis and sales pitching being done on the Trump Administration's tax proposal, here are some valuable resources to help you gauge the impact of this tax plan on you, your family, and the nation at large.
We're pretty sure we didn't have to tell you the tax plan being floated by the Trump administration was going to be bad for most all of America, even Trump University grads, but this article from Forbes points out how just two of the proposed changes will impact the elderly, younger disabled people, and their families. Read more here.
Even better, read the Institute on Taxation and Economic Policy report on the Tax Cuts and Jobs Act, recently released by the House of Representatives. Unless you are part of the richest 1%, you will want to read this.
Renu Zaretsky of the Tax Policy Center has a great piece pointing out even more flaws (if you thought any more could possibly exist) in the Tax Cuts and Jobs Act. This is your must read material of the week, right here.
Regardless of your political bend, the math is pure and simple: this tax plan is a giveaway to the corporations, and does no favors to the middle class and beyond. Knowing how this plan, especially if it manages to pass, will impact you is vital. Do your homework.
Tax, business, and consumer news and opinion. Curated and/or written by the HFG staff.
(c) 2017-18 Hoosier Financial Group, LLC
by way of mention...
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