The best way to engage in veteran’s benefits planning is with the assistance of a licensed and experienced San Jose estate planning lawyer.
There is a lot to take into consideration, and you don’t want to make any assumptions that create difficulties, or fail to take advantage of benefits that are available to you.
Understanding all the different veteran’s benefits that you may qualify for is part of the equation. But, you also have to examine how these benefits fit alongside the civilian benefits that everyone is entitled to after attaining senior citizen status.
Veterans who are planning on retiring from the military are entitled to a retirement pension after 20 years of service. Of course, you don’t have to retire at that time; you could remain in the service, and if you stay in for at least 40 years your retirement pension would be equal to your full base pay.
There is something else to take into consideration with regard to your military pension. If you are married, your spouse would not continue to receive your pension benefit as a survivor.
Therefore, you may want to participate in a program that is offered by the military called the Survivor Benefit Plan. You pay premiums every month after you start to receive your retirement pension. In the event of your death, your spouse would start receiving a survivor benefit.
You decide how much you want to provide when you are enrolling in the program, with the maximum amount possible being 55% of your retirement pension benefit.