VA Pension Benefits
The VA provides pension benefits directly to veterans or their surviving spouses and children. The qualifications and qualifying circumstances vary, depending on the type of service the veteran completed. In addition, benefits may be limited by age, marital status or annual income limits, which are established by Congress.
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Veterans
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VA pension benefits are awarded to veterans of war who are at least 65 years of age or older with minimal income. Veterans under the age of 65 may also qualify on the condition that the veteran is completely and permanently disabled. According to the VA, veterans must not have a dishonorable discharge, must have served a minimum of 90 days of active duty service during war and have a low annual income. Annual income standards are established by Congress. For example, as of December 2009, low income is defined as less than $11,830 for veterans without a spouse or child.
Spouses and Children
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Spouses and children may qualify to receive a pension on the event of a veteran's death. According to the VA, spouses are eligible if the deceased veteran was not dishonorably discharged and served at least 90 days in the military with one of those days being served during wartime. If the veteran served after September 7, 1980, he must have served at least two years or the full period of service as ordered. Family income must also be sufficiently low to qualify for benefits. Most importantly, the spouse and child must remain unmarried to continue to qualify for the pension.
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Income Exclusions
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The VA allows for specific exclusions to help reduce your income to meet the standards required to receive the pension. For example, you can deduct medical and funeral expenses paid by the spouse or children of the veteran. Any income received from the Supplemental Security Income does not count toward income. Other excludable expenses include education costs for the spouse and children over 18 years of age.
Wealth
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Filing for VA pension benefits on the part of the veteran or surviving spouse and children is subject to the net worth of the veteran's family. According to the VA, net worth refers to the value of all the assets a veteran owns along with his dependents. This is important because the VA pension is based on financial need. For example, assets include bank accounts, securities, investments and additional property separate from the veteran's home. Although the VA does not impose limits on how much wealth a veteran or his family has, the VA may determine that the veteran or the spouse can live off these assets without needing VA pension benefits.
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