Ask Terry Questions VA compensation received

VA compensation received

By Terry Savage on September 05, 2023 | Financial Planning / Retirement

Family member, age 76, received $300,000 retroactive compensation due to Agent Orange complications. Informed that it is not taxable. Member has no other savings. Receives small Soc Sec check. What to do with above amount? has Stage 4 melanoma since 2015. Not disabled. Will also receive a monthly VA compensation check – amount is undetermined at this time.

Terry Says

OK, I really want to connect you with a financial planner you can trust!!
I can point you in the right direction for the money. That’s easy. Read this:
That will keep it safe.

BUT, there is so much more to do, especially if he is already ill. He needs to do some estate planning, now that he has an “estate”!! And he needs to be sure he has healthcare power of attorney and living will. And that he’s living in a place that is appropriate if his illnesses progress.

Could you please write back to the email that announces “your question has been answered” with more details. I think time is critical here, so I will try to point you in the specific direction of help needed.

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