Advising veterans and their surviving spouses is an important part of our law practice at Rebecca W. Geyer & Associates. Along with helping to ensure that veterans’ estate planning documents are in order, we want to be sure veterans are aware of the many benefits available through the government, including education programs, job search and training resources, home loans, and pension and survivor benefits.
In honor of Memorial Day, Kimberly Lankford and Lisa Gerstner reviewed, in a Kiplinger article, special benefits available to service members:
- Thrift Savings Plan (a) TSP has a very low annual expense ratio as compared with most 401k plans offered to civilian workers. (b) There are much higher contribution limits than those available to civilians.
- Savings Deposit Program – service members may invest up to $10,000 each time they are deployed; accounts earn 10% interest, some 100% higher than the rate available on civilian savings accounts.
- Tax-free Roth IRA deposits – and withdrawals.
- Free in-state college tuition at public colleges (for service members, spouses, and children)
- Low-cost group life insurance.
- Interest rate cap of 6% on any loans, including car loans, credit cards, mortgages, and student loans.
As elder law attorneys, we have found that many service men and women are simply unaware of all the benefits available to them; many have no idea how to navigate the system to access those benefits. Many of our senior clients who have served in the military, we’ve found, are simply unaware of many of the benefits now available to their children and grandchildren.
Here at Geyer Law, Memorial Day serves as a time, not only for commemorating the past, but for looking to the future, helping our clients make maximum use of the many benefits available to themselves and their family members.
– by Ronnie of the Rebecca W. Geyer & Associates blog team
