November is Military Family Appreciation Month, but honestly, this should happen all year. Military families, more so than most, are concerned with their estate plans; therefore, at Estate and Probate Legal Group, we want to take special care of you. We can help you with several strategies tailored to veterans and estate planning.
Estate planning is not only for the wealthy but also for everyone who owns assets such as a house, car or investments. You can design your estate plan to take care of yourself when you cannot and distribute your assets to your loved ones after you pass away. An estate plan should answer questions such as:
A strong estate plan includes more than simply a will or trust, it also takes into account your Social Security benefits, your life insurance and your retirement plan. Some other legal documents to include in your estate plan are:
Military families must pay special attention to building their estate plans and updating them when needed. We recommend updating your estate plan every 3-5 years or when you have a major life change. These changes may include a birth or death in the family, marriage, or divorce.
We are proud to work with veterans and their families. Some options to consider when establishing an estate plan for veterans are:
VA Benefits – Disability compensation is a benefit paid to veterans due to an injury or illness. Since this benefit is tax-free, it does not contribute to your gross income. But is not transferrable and cannot be included in your will or trust.
Survivor Benefits – Your loved ones may be able to receive benefits from the Defense Department and the Department of Veterans Affairs if you die from an injury or illness during your service. Some benefits are automatic, but your family must apply for others, such as Social Security Survivor benefits.
Military Funeral Service – Including funeral and burial arrangements in your estate plan helps fulfill your final wishes. Of course, you want this document separate from your will since your funeral typically happens before the distribution of your assets. Your family can also receive funeral and burial benefits through Veterans Affairs.
An experienced estate planning attorney can help you build a specialized estate plan for your military family. We understand that veterans and estate planning have unique circumstances that must be carefully designed.
Do you have questions about veterans and estate planning? Schedule a consultation with the experienced attorney at Estate and Probate Legal Group. Call us at 630-864-5835.
AREAS WE SERVE: Cook, DuPage, Kane, Lake, Kendall and Will counties
