Financial Planning Resources for Members of the Military and Their Families

News Item: President Bush Signed Into Law the Military Tax Relief Act on Tuesday, November 11, 2003

FPA's Military Benefits Guide

As we all face this difficult time, military families face a different kind of challenge. With their loved ones away and often completely unavailable, making financial decisions becomes an overwhelming task.

Added complexities and costs can arise in household budgets with service men and women overseas. For example, legislation is pending in Congress that would allow a tax break to military personnel and reservists selling a home, allowing them to take non-itemized deductions for travel expenses, and eliminate the tax on the $6,000 death benefit paid to families of personnel killed in action. Nationwide, many military families are seeking advice about what they need to do differently with their money and assets.

To show our support for these families, the Financial Planning Association (FPA) is offering financial planning assistance and recommended resources for military families and personnel.

Through FPA’s National Financial Planning Support Center, the following services and resources are available:

• Ask a CFP® Professional – Allows military families to ask a CFP® professional about any financial issue that may concern them, including insurance issues, Social Security and disability benefits, and cash flow.
  
• Educational Brochures – FPA offers a variety of brochures that address the very issues faced by military families. Brochure titles include: Covering Your Bases: Managing Your Finances in a Time of War, Coping with Death and Injury: Financial Considerations in a Time of Need, How a Financial Planner Can Help You…and How to Choose the Right One.
  
• Speakers Bureau – Connects CFP professionals with groups of military personnel and/or military families for seminars and educational sessions addressing everything from combat zone pay to tax return filings.