It happens to most families. At some point, it becomes clear that an elderly parent or relative needs help looking after their affairs. Perhaps it’s the onset of dementia or mental decline. Hopefully it’s not because of a scam or elder abuse.
It is only natural for people to not want to think about their own demise. Life is to be lived, after all, and we all want the most out of it. But not having the most basic estate plan in place is simply passing on a big headache to your children or other heirs. You can save them a tremendous amount of time and money simply by taking a little action now.
When drafting an estate plan, it’s natural to gravitate toward handling the usual assets. Bank accounts, property and other investments are likely to be a main priority, and that’s still par for the course. As technology continues to affect our lives in new ways, however, there comes an accumulation of a different sort of asset that warrants consideration.
If you’re a veteran or a survivor eligible for pension benefits, you may qualify for additional compensation from the Veterans’ Administration. Enhanced pension benefits are tax-free compensation that includes the Aid and Attendance Benefit and Housebound Benefits. Here’s some information about each form of additional compensation.