Specialty Areas

Question 1

Military Benefits- Direct Payments

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

Payment cannot exceed 50% for alimony

Answer 2

Can go as high as 65% for child support

Question 3

Married 20 years, 20 years of credible service, 20 years of overlap

Answer 3

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

Question 4

Medicare

Answer 4

A: Provides inpatient/hospital care

B: Provides outpatient/medical coverage

C: Offers alternative way to receive your Medicare benefits, AKA Medicare Advantage

D: Provides prescription drug coverage

Question 5

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

Individual for whom account is established must be under 26 years old and have medical costs and disability needs beyond the ability to pay

Question 6

ABLE Account Contributions

Answer 6

Made with after tax income

Any one person is limited to contributing the annual gift amount

529 balances can be rolled over to ABLE

Question 7

ABLE Account Balance

Answer 7

Limited to $300,000

Funds over $100,000 are considered income resources and can affect eligibility for other government programs

Question 8

ABLE Account Limits

Answer 8

Individuals can only have one ABLE account

Question 9

ABLE account contributions

Answer 9

Not pre-tax dollars

Question 10

ABLE acccount eligibility for public benefits like SSI, SSDI, and Medicaid

Answer 10

Balances up to $100,000 do not affect eligibility

When over $100,000 eligibility can be affected