Specialty Areas

Question 1

In which circumstance can there be direct payments of Military Benefits to a former spouse?

Answer 1

Department of Defense will only make direct payments to spouses of at least 10 years and 10 years of marriage overlapping a period of military service

Question 2

Division of Military Benefits: What are the restrictions to the division of military pensions in divorce?

Answer 2

Payments can not exceed 50% for alimony but can go as high as 65% for child support

Question 3

How are benefits divided if the parties have been married 20 years and 20 years of credible service and 20 years of overlap?

Answer 3

Former spouses will retain all military benefits and privileges including medical, commissary, military exchanges

Question 4

What are the sections of Medicare?

Answer 4

Part A: provides inpatient/hospital coverage
Part B: Provide outpatient/medical coverage
Part C: Offers an alternate way to receive your Medicare Benefits, most commonly referred to as Medicare Advantage
Part D: provides prescription drug coverage

Question 5

Define an Achieving a Better Life Expectancy (ABLE) Account

Answer 5

allows contributions for the care and support of an individual to be made to an investment account and accumulate tax-free. The individual for whom the account is established must be under 26 years of age and have medical costs and disability needs beyond the ability to pay

Question 6

What are the restriction for ABLE Account contributions?

Answer 6

1) Made with after tax income
2) Any one person is limited to contributing the annual gift amount
3) 529 balances can be rolled over to ABLE

Question 7

What are the restrictions for the balances in an ABLE Account

Answer 7

1) Limited to $300,000
2) Funds over $100,000 are considered income resources and can affect eligibility for other government programs
Limits

Question 8

True or False: An individual can have multiple ABLE Accounts

Answer 8

False: Individuals can only have one (1) ABLE account