VA compensation and pension benefits cost of living allowance (COLA) is paid based on the Social Security Administration (SSA) COLA. Compensation COLA by statue may not be more than the SSA COLA and pension COLA is equal to the SSA COLA. This year SSA did not increase COLA. VA will be providing letters to beneficiaries informing them that there will be no COLA for 2011.

YOU can receive up to $1,949.00 monthly from the VA to help pay for home health care, assisted living care, or nursing home care.

IF: You or your spouse served in the military during a War Time Period (WW II, Korea, Vietnam, etc) and meet certain financial & health criteria.

You may qualify for this additional INCOME, even if you did NOT serve in combat or retire from the military!

You do not need to be a Veteran to attend these free educational workshops, but if you are a Veteran or the spouse or widow of a Veteran, you owe it to yourself to come to this informational event.

VA compensation and pension benefits cost of living allowance (COLA) is paid based on the Social Security Administration (SSA) COLA. Compensation COLA by statue may not be more than the SSA COLA and pension COLA is equal to the SSA COLA. This year SSA did not increase COLA. VA will be providing letters to beneficiaries informing them that there will be no COLA for 2010.

http://www.vba.va.gov/bln/21/whatsnew.htm

Most families will need Veteran’s benefits or Medicaid to supplement their costs of care.

In the past, families would disinherit disabled family members and leave assets to someone else who agreed to “take care” of them. If assets are left to a disabled beneficiary, it could disqualify them from the state or federal programs they are receiving. In 1993, Congress enacted new laws that entitled disabled individuals to derive the same estate planning benefits as non-disabled individuals without affecting their eligibility for state or federal benefits. The law created Supplemental Needs Trusts, which enable you to leave any amount of money to a loved one who has special needs without affecting their eligibility for the state or federal benefits they receive.

The law further provides the trust proceeds must be used to provide luxuries for the disabled individual he or she would not otherwise receive under the state and federal programs. Luxuries can include trips, computers, power wheel chairs, prosthetics, or other comforts not generally provided by the government. A Supplemental Needs Trusts can be created by an individual with their own funds or be created by someone other than a disabled individual, typically a parent or relative. There are different rights and restrictions to each of these trusts, but both ensure immediate qualification for federal and state benefits (i.e., Medicaid) and provide luxuries to the disabled beneficiary they, otherwise, most likely, would be unable to have.

Contact Michigan Estate Planning Law Center, pllc at 1-800-990-6030 or RMannor@MichiganEPLC.com today, and let us guide you through the maze of special need planning.