Serving in the armed forces is an important sacrifice for many Tennessee families. Making sure that those families are taken care of is a priority for the United States military, and there are a number of ways that the military provides estate planning services to their members. Understanding how to maximize those benefits is important.
One of the most important things that all active-duty servicemembers should take advantage of is the reduced-cost life insurance options that come with active service. It is possible to purchase low-cost term life insurance that will help surviving family members make ends meet if the need should arise. There are a number of options available as well as assistance in working through those choices.
Military families should also think about how the servicemember's pension will be distributed. It is possible to elect to have a portion of that benefit paid to a surviving spouse. Doing so will lead to a change in the pension received by the servicemember, so it is important to make those decisions only after becoming fully informed on all available options.
Looking after one's family is the most important goal for most Tennessee military members. Taking care of families is also important to the military. To that end, there are a range of estate planning options that can be put to use to meet those goals. All military families should become well versed in their estate planning choices, including both those coming from within the military and from the civilian world.
Source: kiplinger.com, "Estate Planning for Military Families", Kimberly Lankford, May 27, 2016