Our Veterans

Along with about 86,000,000 of my closest friends (according to Neilsen numbers), I got out my chips & salsa, my wings & hot sauce, and my Prilosec & Rolaids last night. I sat down to watch the spectacular production that is the NFL’s championship football game.

In addition to the necessary players from each team and referee, there was a seeming cast of thousands (ok, maybe dozens) at center field for the coin toss. Tossing that coin, as I’m sure many of you saw, was the current Commander, U.S. Central Command, General David Petraeus. His participation and the always-breathtaking pass by the Blue Angels got me thinking about our men and women in harm’s way.

Wait! Don’t click away from this post yet! This is not a dissertation on the merits of the War on Terror. It is not a diatribe about our military action in Iraq or Afghanistan. Regardless of your politics, your thoughts on use of military force, or your politics – most of us can agree that we should do our best to stand by those serving in our armed forces. Part of the way we do that in our country is by providing certain benefits and services to our veterans through the Veteran’s Administration or VA.

Aid and Attendance is a part of those benefits of which many people have never heard. The VA Aid and Attendance program is for veterans and surviving spouses. It is in place to assure certain funding for these veterans and their spouses to get the assistance they need in basic, daily living activities (eating, dressing, bathing, etc.). Depending on circumstances, there may also be funds available to help these veterans and spouses who are in nursing care or assisted living facilities.

Not unlike Medicaid (another government benefits program), VA Aid and Attendance has its own set of regulations and hoops which much be jumped through to qualify. There are choices to be made and disclosures (regarding assets) which must occur properly. Also, like Medicaid, VA Aid and Attendance has certain maximum assets a person may have and still qualify.

If you or someone you love has a need for such benefits and is a veteran (or spouse of a veteran) it makes sense to speak with a professional who has knowledge in the area. Even if current asset levels are too high, there are often things an estate planning attorney can do to position those assets correctly and help the veteran and/or spouse to qualify for the benefits to which he or she is entitled.

From all of us at Smith Barid, LLC, we offer our sincere thanks to those who have served, and those who are serving, our country in our armed forces.

Helping Your Children Meet Their Promise

As a parent of young children (two toddlers and a new baby on the way), one of the big concerns for me is how are we going to pay for their education.  I don’t know about you, but when I went to college (class of 93) and lawschool (class of 96), tuition did not equal the GDP of a developed nation.  It certainly wasn’t cheap, but it was attainable for your average middle class American family.  I’m not so sure that will be the case for our kids.  

If you want to see a projection of what it will cost for your kids, take a look at www.finaid.org.  This link will take you to a calculator where you can project tuition costs into the future.  My oldest son is four, and using the calculator and assuming he will go to a private college like I did, the cost would be $404,980.82 for four years of college.  That’s only one of my kids too.  The total for all three would be $1,436.649.91.  I don’t know about you, but that seems like an impossible number to me.

In the modern workplace, college is pretty much a requirement.  Paying for it seems like a dauting task.  I have discovered a tool reecently to help,  www.upromise.com.   UPromise is essentially a rebate program like your frequent flyer miles or cashback programs on your credit card, but instead of sending you the cashback, the rebate goes into an account for your children.  When you sign up for the site, you register your credit cards and debit cards and then as you spend money at participating businesses, money is deposited into the account.  You can also register your grocery store discount card as well as shop online through UPromise participating vendors.  UPromise also allows you to send out emails to friends and family who can then register their cards and earn money for your children as well.  The UPromise website also features information about 529 Savings Plans and Student Loans.

If your children are already in high school and nearing their matriculation, you and your family would benefit from sitting down with a college funding advisor.  There are several out there.  The only one I am personally familiar with is Fox College Funding.  If you would like to speak with one of their consultants, send an email to Seth Kovensky at info@liveoakfs.com.  Let him know that I sent you and he will discuss your options with you.