The Family Protection Program for Veterans

By William J. Cook, Of Counsel

In combat soldiers focus on the security of their platoons, ensuring they have adequate supplies to carry out their mission and return home safely. This mindset easily translates to protecting their families. 

The VA and State agencies can provide substantial assistance for veteran families, but the veteran and their family must contact services that lead them on the right path. Not all potential assets can be easily found through government agencies. At a minimum the following programs must be evaluated:

Life Insurance. Federal life insurance can be obtained, but the available policies fall far short of the requirements to a veteran’s family only $10,000, max, is available under VA programs and requires that special insurance policies be pursued additionally.

Estate Planning. The VA supports a basic estate planning program, but those plans fail to cover certain VA benefits such as medical, disability funds, exemptions and death benefits. 

VA Family Health Care. Substantial assistance is provided to veterans with a 100% disability rating and their families. This includes health, dental, hearing and eyesight issues. The CHAMPS program provides a tax-free monthly payment to the veteran’s family and continues after the veteran dies. 

Property Tax Reduction. In Illinois, veterans are entitled to property tax relief depending upon their VA disability rating, this rating comes with certain exemptions: 30 to 50 % disability rating allows for a $5,000 deduction in the home’s value, 50 to 69% allows for a $10,000 deduction in the home’s value, and 70% or greater disability all property taxes are exempt. 

This is far from a complete list of VA and state programs available. Contact us today for more information.