Avoid Costly SBP, VGLI, and TSP Mistakes for Service Members and Veterans | Creator of Military Money Mistakes | Building Financial Strength & Flexibility 💰🏋️🤸| Financial Advisor | Military Transition Podcaster 🎙
Did you know that your VA Disability compensation has a survivor benefit? 😮 It's true! 😃 The Department of Veterans Affairs provides a tax-free monetary benefit for qualified survivors called Dependency Indemnity Compensation...commonly referred to as VA DIC. In order to qualify for the benefit, the following must be true: ✅ You are an eligible spouse, child, or parent of the veteran. AND ✅ The veteran died while on active duty, during active-duty training, inactive-duty training, or as the result of a service-connected illness or injury. ***For eligibility requirements, click this link 👉 https://lnkd.in/ddCqNa_j Surviving spouses can receive (monthly): Base payment of 💲1️⃣,6️⃣1️⃣2️⃣.7️⃣5️⃣ Aid & Attendance (for disabilities) of 💲3️⃣9️⃣9️⃣.5️⃣4️⃣ Transitional Benefit for first two years after veteran's death 💲3️⃣4️⃣2️⃣.0️⃣0️⃣ Each child under the age of 18 merits and additional 💲3️⃣9️⃣9️⃣.5️⃣4️⃣ ***Children and Parent rates are a little more complicated*** For Child rates, click this link 👉 https://lnkd.in/de2RYsXh For Parent rates, click this link 👉 https://lnkd.in/dVvT9w3j One thing they finally got right as a part of the NDAA for 2023 was that they removed the SBP-DIC offset, which reduced the SBP benefit if the eligible survivors were receiving both. 🙌 Main point here is that you should be knowledgeable of these types of benefits, ESPECIALLY if you're doing any Financial or Estate Planning. 👊 It's something we discuss a lot in the Military Money Mistakes course and coaching program. 🤔 👉 Follow me for more insights into VA Disability, SBP, VGLI, TSP, and Military Transition. Want to stop making Military Money Mistakes? Click on the link below and learn how to stop working for your money, and start making it work for you. 👇 https://lnkd.in/g-wAsqB3 #military #veterans #militarytransition
Make sure the coroner includes it as cause of death on the death certificate to ensure the surviving spouse does not have to fight the system.
Don’t forget about the survivors pension. It's based on income.
Great info, Thanx for sharing this.
Always sharing good info., Trevor! Appreciate it!
Educating service members about military retirement. Advising and advocating for 2.3 million retired service members and their surviving spouses.
7moGood post, Trevor. Two key additions. Members never really know what they’ll die of, so counting on DIC is risky. Even terminally ill members can die of unexpected non service connected causes. One exception: If a member was 100% rated for 5 years immediately following retirement or for 10 years if rated 100% at some point after retiring then VA will determine the member died of a service connected cause no matter what, so the spouse will receive DIC.