American’s veterans deserve to be honored for serving our nation. However, veterans in Kansas City face unique challenges when it comes to estate planning. This is when having experienced legal advice can be a crucial asset.
Veterans who want to create a trust to pass their assets on to their loved ones do not necessarily want to lose the government benefits they receive as a consequence. Asset protection trusts — also known as veterans trusts — may help some veterans accomplish this goal.
In general, trusts are meant to protect an individual’s assets, so that individual can pass those assets on to future generations. When it comes to veterans trusts, it may be possible to create a trust that contains property above and beyond the amount that qualifies a veteran to receive government benefits. The excess amount is technically the property of the trust. The trust then provides income to the creator of the trust or can be saved for future generations.
Benefits such as Housebound Benefits or Aid and Attendance Benefits are very important for many Kansas City veterans during their elder years. While these benefits are dependent on one’s income, it is possible to create a trust that makes it possible to retain such benefits. In these situations, having experienced elder law attorneys like those at Stockton Law Office LLC can be invaluable.
An attorney with U.S. Department of Veterans Affairs accreditation heads the law firm of Stockton Law Office LLC. The attorneys at this firm have the experience to explain the benefits system to clients, along with how to arrange an estate plan that encompasses those benefits. For Kansas City residents who want more information about veteran’s trusts, the firm’s website may be helpful.