Helpful miscellaneous articles
regarding our retirement plan and planning.
Like you, I review my retirement nestegg and plan from time to
time. Recently, I went though some continued
education for some credentials I maintain and it occurred to me that we all
could use a review about these issues.
So with your help, we will share and post articles and info that may be
helpful and of interest to many of you in this section.
VA Aid & Attendance Pension:
This will be
re-published from time to time since it is worth investigating for yourself, parent, or a surviving spouse of a Vet.
ELIGIBILITY FOR THE AID & ATTENDANCE PENSION!
Any War-Time
Veteran with 90 days of active duty, 1 day beginning or ending during a period
of War, is eligible to apply for the Aid & Attendance Improved Pension. A surviving spouse (marriage must
have ended due to death of veteran) of a War-Time Veteran may also apply. The
individual applying must qualify both medically and financially. To see the
periods of war that have been qualified by Congress, Click Here.
money part:
Follow on. Here is
the money available for HOMECARE or ASSISTED LIVING. It may be well worth a look. Award amounts:
Husband and spouse with no rating allowances -- $0 to
$1,381 per month
Husband and spouse with housebound allowance -- $0 to
$1,615 per month
Husband and spouse with aid and attendance allowance --
$0 to $2,120 per month
Single veteran with no rating allowances -- $0 to $1,054
per month
Single veteran with housebound allowance -- $0 to $1,615
per month
Single veteran with aid and attendance allowance -- $0 to
$1,788 per month
Surviving single spouse of a veteran with no rating
allowances -- $0 to $707 per month
Surviving single spouse of a veteran with housebound
allowance -- $0 to $864 per month
Surviving single spouse of a veteran with aid and
attendance allowance -- $0 to $1,149/m
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VA A & A
Pension Program Intro:
PCN, I am moving my folks into assisted living and am
working through the application process for a program that some do not know
about. These benefits are available to
the Vet OR his surviving spouse. You may
know someone who could use this information.
If so, I hope the following helps:
INTRODUCTION TO THE VETERANS' AID AND ATTENDANCE IMPROVED PENSION
The Veterans Administration offers Aid and Attendance as
part of an "Improved Pension" Benefit that is largely unknown. This
Improved Pension allows for Veterans and surviving spouses who require the
regular attendance of another person to assist in eating, bathing, dressing,
undressing, medication dosing, or taking care of the needs of nature to receive
additional monetary benefits. It also includes individuals who are blind or a
patient in a nursing home because of mental or physical incapacity. Assisted
care in an Assisted Living facility also qualifies.
This most important benefit is overlooked by many families with Veterans or surviving spouses who need additional monies to help care for ailing parents or loved ones. This is a "Pension Benefit" and IS NOT dependent upon service-related injuries for compensation. Aid and Attendance can help pay for care in the home, Nursing Home or Assisted Living facility. A Veteran is eligible for up to $1,758 per month, while a surviving spouse is eligible for up to $1,130 per month. A Veteran with a Spouse is eligible for up to $2,085 per month and a Veteran with a Sick Spouse is eligible for up to $1,380 per month*.
Many families overlook the A&A Pension as it pertains to veterans who are still independent, but have an ill spouse. Keep in mind that in this situation, if the spouse's medical expenses completely depletes their combined monthly income, the Veteran can file as a Veteran with a sick spouse………………
Click here for more: http://www.veteranaid.org/
For any veteran who has served in a combat theatre, they are eligible for a pension from the VA
totaling up to $2085/mo. for a vet and spouse when living in assisted or
skilled nursing home. As I previously
mentioned, I applied for this benefit for my 93 year old WWII Nightfighter
pilot father, and we got the award!
We are very grateful for this extra money as we just moved my mom and
dad into an assisted living facility. If
you are interested in more information about this little know about benefit for
yourself, a friend or relative, please see these couple of sites for starters: (Feel free to contact me about the
application process since it is a little taxing but again worth it in the
end).
+++++++++++++++++++++++++++++++++++++++++++++++++++++
The possible new Tax Bill that could be law this week will have
an impact upon all of us. Mostly in a
good way but knowledge is valuable to plan and adjust. The NRLN does a pretty nice job of
summarizing the changes that are proposed.
Date: 12/16/2017 12:44:59 PM
Subject: NRLN President's Forum: Tax Bill Advances from
Conference Committee
NRLN President’s Forum
Tax Bill Advances from Conference Committee
Tax Bill Advances from Conference Committee
The majority of members on the House and Senate tax reform conference committee signed the final version of the Tax Cuts and Jobs Act on Friday, Dec. 15, and sent the bill to the House and Senate for final votes, probably next week.
Here is information from the bill the NRLN believes will be of the greatest interest to most retirees:
-- Increases the standard deduction from $6,500 and $13,000 under current law to $12,000 for individuals and $24,000 for married couples.
-- Sets the tax rates at 0%, 10%, 12%, 22%, 24%, 32%, 35%, and 37%. The tax rates for individuals expire in 2025. (Click on the attachment to view taxable income tax rates).
-- Provides relief for Americans with expensive medical bills by expanding the medical expense deduction for 2017 and 2018 for medical expenses exceeding 7.5 percent of adjusted gross income, and rising to 10 percent beginning in 2019.
-- Continues to allow people to write off the cost of state and local taxes (property taxes and income or sales taxes) up to $10,000.
-- For homeowners with new mortgages on a first or second home, the home mortgage interest deduction will be available up to $750,000.
-- Continues and expands the deduction for charitable contributions.
-- Retains retirement savings options such as 401(k)s and Individual Retirement Accounts (IRAs).
-- Improves savings vehicles for education by allowing families to use 529 accounts to save for elementary, secondary and higher education.
-- Currently estates passed on to heirs now face a top tax rate of 40 percent, with exemptions this year of up to $5.49 million for individuals and $10.98 million for married couples. The bill temporarily doubles those thresholds. However, in 2026, the status quo estate tax goes back into effect.
-- Lowers the corporate tax rate to 21% (beginning Jan. 1, 2018) – down from 35%.
-- Provides the first-ever 20% tax deduction that applies to the first $315,000 of joint income earned by all businesses organized as S corporations, partnerships, LLCs, and sole proprietorships.
As you know we have been lobbying to retain medical expense deductions, exemptions, the deductibility of state and local taxes, making sure prospective retirees can maximize 401(k) and IRA savings and to protect against provisions that would threaten Medicare and Social Security after tax reform. While we cannot verify the data, President Trump claims that the typical family of four with $75,000 income will see a $2,000 tax cut.
~~~~~~~~~
(As
with any of these informative articles, anyone who needs someone to talk to
about
this
very subject contact me and I can direct you to a knowledgeable advisor).
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Full post disclaimer in left column. PCN Home Page is located at: http://pcn.homestead.com/home01.html
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