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How to Get a Veterans Disability Settlement
If you are contemplating divorce or currently going through a divorce, you must know that there are many various aspects of your case that can affect your ability to receive a veterans disability settlement. In this article, you'll learn about some of the benefits you can receive as a member of the VA and the importance of knowing how to claim those benefits.
Dependency and Indemnity Compensation (DIC)
DIC is a tax-free cash benefit that is payable to the surviving spouses, children, parents, and other relatives of veterans who passed away from a service-connected disability. This benefit is offered by the VA in a variety of ways. The relationship with the veteran will determine the process of claiming.
In order to be eligible for DIC an application must be filed using VA Form 21-534. This application is available from your local County Veterans Service Office. An accredited claims agent from VA will assist you in submitting an efficient claim.
The amount of DIC payable to a veteran is contingent upon the length of service and the disability rating. A veteran who has an absolute disability will receive $2400 per month in DIC payments. People with disabled for 10% will receive $112 per month. Additional funds are provided to spouses with disabilities who survive or dependent parents, as well as those who require regular assistance in addition to the standard DIC rates. These amounts are listed in 38 CFR SS 3.351.
The VA provides a variety of services for veterans and their families, including home loan guaranty, health care, and other benefits. It also offers burial benefits, work study employment, and vet bereavement counseling. Those who qualify for DIC may receive tens of thousands of dollars in tax free payments.
A veteran's spouse must have been married for at least eight years to be eligible for a DIC. If the spouse who survived remarries prior to the death of the veteran, she or he is not eligible for a DIC.
A survivor indemnity benefit is available based on the spouse's age. The survivor indemnity allowance gives a specific monthly amount of compensation for a spouse who is surviving who loses their spouse prior to the veteran. The applicant must meet certain requirements which include the eligibility of an surviving child.
In addition to the DIC, surviving parents and other relatives of a deceased veteran could also be eligible for other types of disability compensation. The VA can also provide an income-based benefit. These benefits could include Education Assistance for Dependents and Survivors.
Housebound benefits and Aid & Attendance
There are many financial aid programs that assist Veterans pay for the expenses of assisted living and nursing home care. The VA's Aid and Attendance Program and Housebound Benefits are two of these programs. These programs are designed to aid veterans who are severely disabled or who are housebound.
Two additional pension programs are offered by the VA which are the Special Monthly Pension With Aid and Veterans Disability Settlement Attendance (SMPA) and the Housebound Benefits (HB). Both are designed to provide additional monthly income to veterans. In order to qualify for these programs you must have completed at least 90 days on active duty during a recognized period of war.
The Aid and Attendance and Housebound benefits is a tax-deductible monetary benefit that is paid to parents, spouses 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 and housebound benefits are not for everyone. These benefits are only accessible to veterans with a total and permanent disability that is a single, completely disabling disability, or a disability that is at least 60 percent. The VA form 21-2680 will be required to be filled out. This form will also include a medical questionnaire and a VSO-3 form.
The VSO-3 that is filled out by the applicant's primary medical doctor describes the applicant's health requirements. A note from a doctor must be attached to the application stating that veteran has a medically substantiated need for personal care services.
The maximum income limit for the housebound benefit is higher than that of A&A. The veteran's annual income limit is set at more than the A&A. If the assets of the veteran exceed the limit of assets they will need to pay a penalty. Transfers before October 18, 2018 are not subject to this penalty.
The Aid and Attendance program might be the only source of financial assistance for veterans disability lawsuit who aren't able to perform daily activities. This includes bathing, dressing, grooming and medication reminders. Survivors and service members can also be eligible for DIC that is a tax-free benefit that pays for assistance and attendance expenses. These expenses could include prescription medications and home health care and transportation to medical facilities.
Thrift Savings Plan (TSP) benefits
The Thrift Savings Plan (TSP), which is a federally-sponsored retirement plan, can cause confusion during divorce. This retirement plan that is sponsored by the federal government offers federal employees tax-deferred benefits.
Five funds are available through the TSP Each with an individual risk level. Each fund is managed by a professional that is based upon a time frame. The money that comes from each account is used to purchase annuities. These annuities ensure guaranteed payments for the entire duration of your life.
TSP also offers fixed-dollar installments. These installments will continue until the balance of the account is zero. You can alter your TSP contributions to different types of funds, as well in stopping them altogether.
You might be curious about the effect of military service on your TSP. If you are an active member of the uniformed service and are a member of the uniformed services, you will automatically be registered in the Thrift Savings Plan after sixty days. You can still create your own TSP account, but you'll need to wait until you reenlist in order to make regular contributions.
You can transfer your current TSP account to a qualified account if separated from military service. You can transfer the funds to your spouse, ex-spouse or spouse, or you can keep the funds in the TSP. You can also transfer your TSP funds into the G fund, which is a guaranteed method of keeping your money active.
There are many other features that the TSP offers. For example you can get a loan for both residential and general reasons. The repayment period can range from one to fifteen years, depending on the kind of loan. The account is also tax-free withdrawals.
The TSP can be an asset during a divorce. A valid court order is required to garnish your former spouse's TSP account.
The IRS sets limits on the amount you can contribute to your TSP. You can make contributions after tax of upto $20,500 per year. You can repay any active duty TSP loans after separation.
If you are going through a divorce or trying to save for retirement, it is important to understand the TSP's capabilities.
