How to Get a
Veterans Disability SettlementIf you are contemplating a divorce or are currently in a divorce, there are a lot of different aspects to your divorce that can impact your ability to receive a
veterans disability settlement. This article will discuss the benefits you can receive as a VA member and how you can claim them.
Compensation for dependency and indemnity (DIC)
DIC is a tax-free financial benefit payable to the spouses of survivors or children of veterans who died due to an injury or disability that was caused by service. This compensation is available through the VA in various ways. The claim process is different in relation to the veteran.
To be eligible for DIC the claim must first be filed on VA Form 21-534. This form is available at your local County Veterans Service Office. A VA-certified claims agent will assist you in making a successful claim.
The DIC amount paid to veterans varies based on his or her length of service and disability rating. A veteran who has a 100% disability is entitled to a DIC payment of $2400 per month. A person who has a 10 percent disability will receive $112 per month. Additional funds are provided to disabled surviving spouses, dependent parent and those who require regular assistance in addition to the basic DIC rates. These amounts are listed in 38 CFR SS. 3.351.
The VA offers many services to veterans and their families, including home loan guaranties as well as health care and other benefits. They also offer burial benefits, work-study jobs and bereavement counseling for veterans. Those who are eligible for DIC could receive up to thousands of dollars in tax-free payment.
To be eligible for a DIC, the surviving spouse of a veteran must be married to the veteran for at least eight years. If the surviving spouse weds after the death of the spouse of the veteran who died,
Veterans Disability Settlement the spouse will lose eligibility for a DIC.
Depending on the age of the spouse who is surviving and the age of the surviving spouse, they could be eligible for a survivor indemnity allowance. A special survivor indemnity amount provides monthly compensation for spouses who passed away before the veteran. The applicant must meet certain requirements such as the eligibility of an surviving child.
Other than the DIC survivors of parents or other family members of the veteran who has passed away could be qualified for disability compensation in other forms. An income-based benefit may also be offered by the VA. These benefits could include education Assistance for Dependents and Survivors.
Benefits for housebound people and Aid & Attendance
There are a variety of financial aid programs available to help
veterans disability litigation pay for the cost of assisted living and nursing homes. The VA's Aid and Attendance Program and Housebound Benefits are two examples of these programs. These programs are designed to assist veterans who are disabled severely or housebound.
Two supplemental pension programs are provided by the VA: the Special Monthly Pension With Aid and Attendance (SMPA) and the Housebound Benefits (HB). Both programs are designed to provide veterans with an additional monthly income. These programs are only for veterans who have spent at least 90 consecutive days in active duty during wartime.
The Aid and Attendance as well as Housebound benefit is a tax-deductible financial benefit that is paid to spouses, parents or children of deceased veterans, and dependent service members. It is based on a basic rate and an additional amount for dependent children.
The Aid and Attendance benefits and housebound benefits do not apply to everyone. These benefits are only available to veterans who have a total and permanent disability that is a single, 100% disabling condition, or having a disability of more than 60%. The applicants must complete VA form 21-2680, a medical assessment and a form for a VSO-3.
The VSO-3 application, which is completed by the applicant's primary medical doctor, outlines the applicant’s health care needs. The application also requires a doctor's note that the veteran has a tangible need for personal health care.
The housebound benefit has a higher maximum income than the A&A. The annual income limit is capped at a higher percentage of the household income of the veteran. If the veteran's assets exceed the limit on assets then he or she must pay an additional penalty. Transfers made before October 18, 2018, are not subject to this penalty.
The Aid and Attendance program may be the only source of funding for
veterans disability lawyer who aren't able to perform everyday activities. This includes grooming, dressing and reminders for medication. Veterans and service members can also benefit from a DIC, a tax-free monetary benefit that covers assistance and attendance costs. These expenses could include prescription medications and home health care and transportation to medical facilities.
Benefits of the Thrift Savings Plan
The Thrift Savings Plan (TSP) is a federally sponsored retirement plan, could cause confusion during a divorce. This federally sponsored retirement plan offers federal employees tax-deferred benefits.
The TSP has five individual funds that range in risk. Each fund provides professional management that is based on a time horizon. Each account's money is used to buy annuities. These annuities ensure guaranteed payments for the remainder of your life.
The TSP also offers fixed dollar installments. These installments continue until your account balance is at zero. You can change the type of fund or stop making TSP contributions completely.
You may be wondering if your military service can impact your TSP. After sixty days, if you're a uniformed military service member then you'll automatically be enrolled into the Thrift Savings Plan. You are able to still create your own TSP account however, you'll need to wait until you re-enlist to begin regular contributions once more.
You can transfer your current TSP account to a qualifying account if you're separated from military service. You can choose to transfer the money to your current or former spouse or keep it in the TSP. You can also transfer your TSP funds into the G fund which is a sure way to keep your funds active.
The TSP comes with a range of other options as well. You can take out loans to be used for residential or general purposes. The repayment term is usually one to fifteen years, based on the type of loan. You can also withdraw tax-free from the account.
The TSP can be a great asset in a divorce. To garnish the TSP account of your spouse who you divorced you must have a valid court order must be obtained.
The IRS limits the amount you can contribute to your TSP. You can make after-tax contributions of upto $20,500 per year. If you are a holder of an active duty TSP loan, you can repay it upon separation.
If you are going through a divorce or just trying to save for retirement, it is important to know about the capabilities of the TSP.