Veterans Estate Planning: Important Considerations in Illinois and Missouri

Estate planning is crucial for everyone, including veterans. If you've served in the military and reside in Illinois or Missouri, there are specific considerations that can significantly impact your estate plan.

Here's a closer look at veterans estate planning in these states:

As a veteran, you may be eligible for various benefits offered by the U.S. Department of Veterans Affairs (VA). These benefits can include disability compensation, pensions, healthcare, educational assistance, and survivor benefits.

When creating your estate plan, it's important to consider how these benefits may affect your assets, income, and healthcare needs. Working with an attorney experienced in veterans estate planning can ensure that you maximize the benefits available to you while protecting your assets and providing for your loved ones.

Health Care Decisions

Veterans often face unique healthcare considerations due to service-related injuries or disabilities. It's crucial to establish clear instructions regarding your healthcare preferences in the event you become incapacitated.

Documents such as a healthcare power of attorney and living will can help ensure that your wishes regarding medical treatment and end-of-life care are followed. These documents can also designate a trusted individual to make healthcare decisions on your behalf if you are unable to do so.

Disability Planning

If you are a veteran with disabilities, estate planning should address the management of disability benefits and the potential need for long-term care. Creating a special needs trust can help protect your eligibility for government benefits while providing for your supplemental needs.

This trust can be managed by a trusted individual, ensuring that your disability benefits are used appropriately while enhancing your quality of life.

Military Survivor Benefits

Military survivor benefits, such as Dependency and Indemnity Compensation (DIC) or Survivor Benefit Plan (SBP) benefits, can provide financial support to eligible surviving spouses and dependents. Including provisions in your estate plan to address the distribution and management of these benefits is important to ensure that your loved ones are cared for after your passing.

An attorney experienced in veterans estate planning can guide you through the complexities of these benefits and assist you in creating a plan that meets your specific goals.

Veterans Burial & Funeral Benefits

Both Illinois and Missouri offer special burial benefits for veterans. These benefits can include burial in a state or national cemetery, a headstone or marker, and a burial flag. It's essential to document your wishes regarding your final arrangements and communicate them to your loved ones.

Incorporating these instructions into your estate plan can help ensure that your wishes are honored and that your family receives the support and benefits they are entitled to.

Conclusion

When it comes to veterans estate planning in Illinois and Missouri, consulting with an experienced attorney is crucial. At our firm, we understand the unique needs of veterans and can assist you in creating an estate plan that protects your interests, maximizes your benefits, and provides for your loved ones.