Redmond Office Law Blog

Veterans Planning is the new concern of the day. Many individuals have been warned about do-it-yourself estate planning and do-it-yourself Medicaid planning, but now the new kid on the block is dealing with long term care planning for Veterans. There are benefits out there for Veterans who need assistance with both care at home or those who want to live in an assisted living environment. The program can actually fill a gap that Medicaid fails to address.

One of the biggest concerns involving Veteran planning is the high pressure annuity salesmen who are putting on Veterans benefits seminars. Many of these salesmen put on an appearance that they are associated with the government or Veterans service organizations, when in fact they are merely annuity salesmen. The problem is not their efforts to promote an annuity or to help individuals invest in annuities, the problem is tied to the fact that they are making their money by getting family members to buy annuities with the idea that this will help them qualify for Veterans benefits. What is lacking is that these same annuity salesman are not addressing how these transfers into an annuity could effect these clients ability to get Medicaid in the future. With the new Medicaid rules, assets transferred into an annuity can be viewed as a divestment and it could ultimately make it impossible for that individual to get nursing home benefits in the future. Planning for long term care, nursing home care and protecting your benefits is important, but making sure that you use professionals who have the knowledge of Medicaid options, the Veterans options, estate planning options as well as investment options. There may not be one person out there who can handle all of it, but it is important to assemble a team that can address each of these issues for families both now and in the future.

For more information on senior and Veteran’s information, consider attending the senior and Veteran’s Expo on Monday, April 27, 2009 from 9 AM to 1 PM at the Antwerp Activities Center, 24821 Front Street, Mattawan, Michigan. There will be over 70 exhibitor tables, a complimentary lunch, free health screening by Bronson, free door prizes, vision screening, hearing aid inspections, drug prescription help and information on heating cost assistance.