The Military Money Manual Podcast Military Spouse Benefits After Servicemember Death in the Line of Duty with Daniel Kopp #83
Jun 19, 2023
40:35
https://military.wisestewardshipfp.com/militarymoneymanual - Free resources for Gold Star Spouses and Families
Daniel Kopp CFP, joins Spencer Reese and Jamie to explain survivor benefits for Gold Star Spouses and Families.
Programs and resources for active duty military widows include:
- Survivor Benefit Program (SBP)
- Tax exempt VA Dependency and Indemnity Compensation (DIC) rates for the surviving spouses and dependent children of Veterans
- 12 months of BAH or on base housing
- $500,000 of SGLI plus $100,000 death gratuity, both of which can be deposited directly into a Roth IRA thanks to the HEART Act
- Fry Scholarship, which essentially sets up an individual GI Bill scholarship plan for each surviving child and spouse
- And many more resources and programs available to assist surviving military spouses during this extremely difficult time
More information on the HEART Act: The HEART Act permits Surviving Spouses who receive death gratuities and SGLI death benefits to invest some or all of the funds into a Roth IRA, thereby allowing the funds to grow tax-free, including when they are withdrawn or passed on their beneficiaries.