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Tuesday, February 16, 2016

2016 VA Aid and Attendance Pension Rates

What are the 2016 VA Aid and Attendance Pension rates?

For 2016, the Maximum Allowable Pension Rates (MAPR) for the VA Basic Pension, Housebound, and Aid and Attendance ratings have stayed the same as in 2015.

As indicated below, the maximum monthly pension payable to a married veteran in need of Aid and Attendance is $2,120 per month. The maximum monthly payment to a surviving spouse is $1,149.

See the table below:

Maximum Allowable Pension Rate (MAPR)
Approx. Monthly Benefit
(Basic Pension with no dependent)
(Basic Pension with one dependent)
(Housebound with no dependent)
(Housebound with one dependent)
(Aid and Attendance with no dependent)
(Aid and Attendance with one dependent)
Each additional child

Surviving Spouse
(Basic Pension with no dependent)
Surviving Spouse
(Housebound with no dependent)
Surviving Spouse
(Aid and Attendance with no dependent)
Surviving child

Veteran Married to Veteran
(Both Aid and Attendance)

Golowin Legal, LLC provides Medicaid and VA Aid and Attendance planning to families in the central Ohio area.  If you or a loved one is a wartime veteran or surviving spouse and is paying for in-home, assisted living or nursing home care, call us at (614) 453-5208 today to inquire about eligibility for VA Aid and Attendance benefits. Visit our website for more information on VA Aid and Attendance Pension Planning.

Beneficiary Designations - A Big Deal

The linked article from asks "What is the Big Deal About Beneficiary Designations?"

Whether you've never done any estate planning or you already have a will or trust, naming beneficiaries or updating your old beneficiary designations is absolutely critical!

Don't understand why it's important?
You might want to read Egelhoff v. Egelhoff, 532.U.S. 141 (2001) and then ask the children of Mr. David A. Eggelhoff. 
After their father divorced Donna Rae Egelhoff (their stepmother), he forgot to update the beneficiary designations on his Boeing retirement funds. Consequently, instead of his children inheriting his retirement funds when he died unexpectedly...his ex-wife did
In fact, the unanimous opinion of the high court was that federal law governing ERISA retirement plans preempted the contrary state law "disinheriting" ex-spouses. 
When people think about estate planning, many overlook the importance of updating beneficiary information on assets like 401(k)s, IRA and life insurance policies.  This can lead to serious unintended consequences, to include litigation!
Failing to set or update beneficiary designations on financial accounts (to match the instructions in the will or trust document) ranks among one of the most common mistakes in estate planning.  Don't let an Egelhoff-like disaster happen to your loved ones!

Need help with your beneficiary designations? Call Golowin Legal.

Russell C. Golowin helps clients create wills, trusts and other estate planning documents in the central Ohio area. Visit his website for more information on estate planning in Columbus, Ohio.