At Stratton and Reynolds, we appreciate and honor the brave men and women who have served our nation with unwavering dedication. Your military service demonstrates a profound commitment to protecting America's future – and now it's time to protect your family's future through thoughtful estate planning we call Life & Legacy PlanningⓇ. Just as you approached missions with precision and care during your service, attending to your Life & Legacy Planning with the same attention to detail can ensure your loved ones are well-cared for and your legacy is preserved.
In this article, I will help you understand the unique estate planning opportunities available to veterans and the steps you can take to secure your family's tomorrow. Let’s start with veterans' benefits.
Understanding Your Veterans Benefits
Your military service has earned you and your family special benefits that extend beyond your lifetime. The Department of Veterans Affairs (VA) offers several programs that can help provide for your loved ones after you are gone. Your spouse may be eligible for Dependency and Indemnity Compensation (DIC), if you pass away due to a service-connected condition. Additionally, your family might qualify for burial benefits, including a free burial plot in a national cemetery, a headstone or marker, and a burial flag. To ensure your family can access these benefits, keep your discharge papers (DD Form 214) with your estate planning documents and inform your executor of their location. You may also be eligible for help to cover the cost of a skilled nursing facility which would represent a huge savings for your family.
You should maintain a current list of all VA benefits you receive, as this information will be crucial for your family to continue receiving eligible benefits. When you work with me to create your Life & Legacy Plan, I will help you organize the information your family will need, so they will know for sure they will receive all the benefits they are entitled to. No guessing, no extra work, and no lost benefits simply because they didn’t know what was available to them.
Creating Your Estate Planning Strategy
Life & Legacy Planning for veterans requires careful consideration of both military and civilian assets. I recommend you create a comprehensive list of your assets, including:
- Military pension and retirement accounts
- Life insurance policies (both military and private)
- Property and real estate
- Investment accounts
- Personal possessions with monetary or sentimental value
When you meet with me for a Life & Legacy Planning Session, I will support you in creating this inventory before we create your plan, because this inventory is incredibly important. Without an inventory, your family will not know how to find your assets potentially leading to loss of some assets you care about.
Once you have created your inventory, we will meet and review your assets, your benefits, your unique family situation and your desires, values, and wishes for what you want to happen with everything you own and everyone you love, in the event of your incapacity, or eventual death. We will go through your asset inventory, and I will tell you what will happen to each of your assets under your current estate plan. I will also tell you how this will affect your loved ones, including your minor children. Armed with this knowledge, you will then decide on the right plan for you, based on what is important to you and in alignment with your budget.
Note that service members can create basic estate planning documents through the military legal assistance office at no cost. This may or may not be an adequate option for you, depending on your needs. For example, if you have minor children, you need a comprehensive plan that will keep your children from being taken into the care of strangers or raised by family members you would never want to raise them should something happens to you. Or, if you have a blended family, no children, a business, a child with special needs, or significant assets, you need a comprehensive plan that will keep your family out of court and conflict. This is something that a free, document-only plan typically will not do. Finally, for your plan to work when you need it to, your plan will need regular reviews and updates as your life changes, your family dynamics change, and your assets change.
A free, document-only plan is just that - documents. You won’t have a trusted advisor who has your back and will ensure your plan stays updated over time. But you get all these benefits (regular reviews, a comprehensive plan that keeps your family out of court and conflict, and more) when you work with me and create a Life & Legacy Plan. I encourage you to learn more before creating a plan based only on documents. We have many free resources for you on my website to help, or you can book a complimentary consult call with one of our attorneys using the contact form on our site.
Working with a Trusted Advisor
While the military legal assistance office provides valuable services, you may benefit from working with an attorney who understands both veterans' benefits and estate planning, especially if you have a potentially complex situation, like a blended family, a family member with special needs, a debilitating illness, no children (yes, this is often a complex matter, not a simple one!), or many varied assets. A competent attorney can help you:
- Structure your estate to maximize benefits for your survivors
- Create trusts to protect assets if you need long-term care
- Navigate complex VA regulations
- Ensure your estate plan complies with state and federal laws
- Update your plan as laws and regulations change
Book a complimentary meeting with us below for more information and guidance about what’s right for you and your loved ones.
Your service to our nation demonstrates your commitment to protecting what matters most. Now, it is time to protect your own legacy through careful estate planning. By taking these steps, you are continuing your tradition of service by ensuring your family's security and well-being.
How We Help You Honor and Protect Your Legacy
Veterans have already given so much in service to our country – you should not have to worry about your family facing legal challenges or missing out on earned benefits. At Stratton and Reynolds, we help you create a Life & Legacy Plan that honors your military service by ensuring your loved ones stay out of court and out of conflict, while maximizing the benefits you have earned through your service. Once you have created your plan, you can rest easy knowing your wishes will be honored and your family will be protected with the same dedication you showed in protecting our nation.
Contact Us Today
This article is a service of Stratton and Reynolds. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That's why we offer a Life & Legacy Planning Session™, during which you will get more financially organized than you’ve ever been before and make all the best choices for the people you love. You can begin by calling our office today at 803-358-7214 or completing our contact form to schedule a Life & Legacy Planning Session™.
The content is sourced from Personal Family Lawyer®, a source believed to be providing accurate information. This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal, or investment advice. If you are seeking legal advice specific to your needs, such advice services must be obtained on your own separate from this educational material.
