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    Kinghorn Heritage Law Group, PLC

    Tucson Estate Planning Attorneys

    Connect with us today(520) 529-4000

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    Home / Tucson Elder Law / Veterans Benefits

    Veterans Benefits

    We offer comprehensive assistance to clients that are looking ahead toward their retirement years, and we are proud to work with military veterans that are planning for the future. Without question, these brave men and women put it all on the line to keep our country safe, and they make a lot of sacrifices. There is no way that they can be fully repaid for their service, but they do receive certain veterans benefits that can help to pave the way for a comfortable retirement.

    Retirement Pension

    Pensions are becoming more and more rare in the American workplace, but you can take advantage of a great opportunity in this regard if you are in the armed forces. Service members who have served for at least 20 years are eligible for a military retirement pension. The longer that you serve before you announce your retirement, the larger your retirement benefit will be. If you retire after 40 years of service, you would receive 100 percent of your base pay for the rest of your life. This is a retirement benefit that is pretty hard to match.

    There is another retirement strategy that can be utilized in light of the military pension that veterans can receive after 20 years of service. To provide an example, let’s say that you join the Army right after high school when you are 18 years of age. You sign up to become an Information Technology Specialist. After basic training, you attend a school to learn what you need to know, and you move on to a duty station.

    You work in this capacity for 20 years, and you advance along the way due to your fine performance. At this point, you are an authentic expert in your field, and you have a fantastic resume for someone that is just 38 years of age. While it would be possible to remain in the military, you could decide to retire and accept a higher paying job in the private sector.

    As you utilize your salary to maintain your standard of living, your monthly pension benefits can accumulate in the bank, or in an investment account. You also paid into a 401(k) that was offered by your employer throughout your civilian career. Between the two, your savings are considerable.

    When you reach the age of 67, you will qualify your full Social Security benefit. You would receive a monthly Social Security direct deposit along with your military pension for the rest of your life. Financially speaking, you would be perfectly positioned to enjoy a fantastic retirement.

    Veterans Aid and Attendance Special Pension

    There is another pension that flies under the radar, and many people are not aware of its existence. As elder law attorneys, we have in-depth knowledge about this program, because it can be invaluable for senior citizens that have served in the military.

    The benefit that we are referring to is the Veterans Aid and Attendance Special Pension. Unlike the aforementioned retirement benefit, you do not have to serve for at least 20 years to qualify for this pension. If you have served for at least 90 days on active duty, and if the country was at war for one of these days or more, you would meet the length of service eligibility requirement.

    This benefit is intended for veterans that need help with their activities of daily living. According to the United States Department of Health and Human Services, seven out of every 10 people that are reaching 65 on any given day will require living assistance eventually. Nursing homes and assisted living communities are exorbitantly expensive, and in-home care is costly as well.

    Medicare does not pay for custodial care, so the Veterans Aid and Attendance Special Pension can provide some much-needed relief. To qualify, you have to be able to prove that you do in fact need help with your day-to-day needs. Since the program is designed for people with limited financial resources, there is an $80,000 limit on countable assets (though decisions are made on a case-by-case basis). This is a relatively modest limit, but some things don’t count, including your home and your vehicle.

    These figures are subject to change, but at the time of this writing, a single veteran may be eligible for up to $1794 per month. A married veteran could qualify for a maximum of $2127 per month, and a surviving spouse could receive a benefit that could be as much as $1410 each month.

    Schedule a Consultation

    We would be glad to help if you would like to discuss your veterans benefits with a Tucson, Arizona elder law attorney. You can reach us by phone at (520) 529-4000, and you can click this link if you would like to get in touch electronically.
     

     

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    In this day and age it is very rewarding and comforting to make a major decision for the long-term security of your family. Over 14 years ago we decided upon the Kinghorn Heritage Family to create our family trust. Through the years it became very evident that this decision was a major and necessary step for a secure future in an ever-changing legal climate. The Kinghorn Family has been a close friend that has always been there to serve our family.

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    What an amazing law firm, where the people I refer to them are handled as good friends, family, and confidantes.

    Eileen E. Client Review September 8, 2020

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    Thank you Allison and Kinghorn Law family for everything you have done to make our end-of-life decisions a reality and stress free. When we think of Kinghorn: trust, peace of mind, professional. Outstanding Law Firm!

    Ken and Cheryl V. Client Review September 8, 2020

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    Robert and Britt O. Client Review September 8, 2020

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    Asset protection is one of the key steps you need to take when making financial plans.  No matter how hard you work for your money, you are not financially secure unless you have made plans to protect your wealth and property. Life can turn on a dime because of tragedies, leaving you without all you have worked for. Kinghorn Law can help to make sure this does not happen. Our legal team will work with you to identify the most likely sources of loss you face and will guide you through the process of protecting your assets so your wealth and legacy are secure. Give us a call at (520) 529-4000 today to talk with a Tucson asset protection lawyer about creating your personalized plan and to get answers to questions you have about asset protection including:
    • Why is asset protection important?
    • What is involved in protecting assets?
    • How can Tucson asset protection lawyer help me?

    Why is Asset Protection Important?

    Life is full of the potential for loss, and no one lives their whole life with perfect luck. When you work hard to earn a nest egg, you should not count on fate to keep your wealth safe. Just as you made smart and strategic decisions in building your wealth, you must also make smart and strategic decisions in protecting it. The specific risks that are most likely to lead to loss are going to vary depending upon the specifics of your career, health, personal situation, and family.  Some of the most common possible sources of loss could include:
    • Being sued. You could be sued because someone hurts themselves on your property; because you or your kids get into a car accident; because your dog bites someone; or for a variety of other reasons. If you lose a judgement that exceeds the value of your insurance policy covering the liability for that specific loss, your personal assets are in jeopardy if the plaintiff comes after you to collect.
    • Business problems. If you own your own business and the company isn't structured to shield you from liability, you could face substantial personal financial risks due to issues with your business organization. You could find yourself personally on the hook for company debt, lawsuits against your company, and bad decisions made by co-owners.
    • Incapacity or disability. A disabling condition, including both illnesses and injuries, could shatter your financial security in many ways. Your assets could be left unmanaged and you could face high costs of nursing home care that quickly deplete your nest egg.
    • Losses after death: You don't just want to preserve your wealth during your life. You also want it to be there to provide for your loved ones after you are gone. Unfortunately, estate tax, irresponsible heirs, and a host of other potential problems could arise during and after the process of transferring assets to new owners after you have passed away.
    These are some of the most likely sources of potential losses, but you may also have other risks that arise due to your personal situation.  A Tucson asset protection lawyer can carefully review with you the potential risks you face and can provide you with guidance in securing your assets.  

    What is Involved in Protecting Assets?

    Protecting your assets involves using legal tools designed to shield you from losses. Some of the different options that are worth considering could include:
    • Incorporating your business or forming a limited liability company (LLC): Both options would limit losses to the amount of money you have personally invested in a business, unless you fail to follow the rules for maintaining the separate identity of a corporation or for acting within the scope of your business authority.
    • Trusts: Trusts are a versatile asset protection tool that can be used to protect against everything from estate tax to a delay in assets transferring that causes mismanagement and reduces asset value. Trusts can also help you to qualify for Medicaid without having to give up the financial resources that normally make you ineligible for Medicaid coverage. This is important since you may be unable to get anyone to pay for nursing home care other than Medicaid. If you need nursing home care, no one will pay, and you don't have Medicaid, you would be forced to pay out of pocket.
    • Buying insurance coverage. An asset protection  lawyer can help you to make certain you are fully insured.
    These are just a few of the many tools used for asset protection. You need someone who knows how to choose the right approach and put together a comprehensive, detailed plan aimed at protecting the maximum value of your wealth.

    How can a Tucson Asset Protection Lawyer Help Me? 

    A Tucson asset protection lawyer can provide assistance with asset protection so you can be confident of your financial security when you have worked hard to grow your assets. Let Kinghorn Law help you to keep your wealth safe for yourself and future generations. Give us a call at (520) 529-4000 or contact us online  to find out more.  

    Chandler V. Client Review September 8, 2020

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    Estate Planning attorneys are sometimes criticized for offering needlessly complex, 'canned' solutions. This never has been the case with Kevin. The documents he created were comprehensive when appropriate and surprisingly simple when suitable. In every case, they were individually crafted to meet our unique needs.

    Rich D. Client Review September 8, 2020

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