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A survivor benefit plan or SBP is a financial planning option that is usually offered to people who serve in some branch of military service. This kind of plan ensures that the spouse of the dead military retiree gets the financial support for the rest of the life. If the retiree does not have a spouse, one can designate their children as the beneficiary. Those retirees not having immediate beneficiaries may designate a close friend or a business partner. This benefit plan may vary depending on the nation or branch of the military that provides this type of benefits to its members. Though there are certain differences there are also some common benefits found in all versions of this plan. If a person receives social security survivor benefit from a death and then remarries, will that be considered a federal offense?
In some cases, remarrying does not constitute a ground for stopping of benefits. Usually, the receiver does not get the benefit if the person remarries before the age of sixty. In case the beneficiary is disabled, this age is usually fifty. However, if the person remarries after the age of sixty, this would not be considered to be a reason for the stoppage of benefit payments depending on the work done by the receiver’s former spouse. In Pennsylvania, can a child’s survivor benefit be garnished?
Usually, it is not possible since all Social Security Benefits, RRB, government civilian, military, all disability and some private pensions are out of the ambit of creditor action. States formulate exemption laws; hence, certain private pension plans are not fully protected by federal law and come under the purview of creditor garnishment. All such benefits have to be held in a separate account and made by automatic deposit. Exempted income should never be kept with other funds, since this can result in a bank account being “frozen” by the court until the authorities assess as to what percentage of the funds will be exempt from garnishment. How many SBP options can one avail when retiring from the military?
At the time of retirement, you may have the option to select any of the several benefit options. It is not possible to cancel or change the SBP selections after retirement, except in specific cases like change in marital status or after the death of a beneficiary. The full basic SBP for spouse and children will start automatically at the time of retirement if you make no other valid election. Without the written consent of your spouse it may not be possible for you to reduce or decline spouse coverage. However, in case you have a former spouse, it may affect the options you have. Who can be covered by the SBP for insurable interest?
This option is usually available only if you are unmarried with either no dependent children or only one dependent child. You may go for insurable coverage for that child irrespective of the child’s age or dependency. The under-mentioned category of people can come under the coverage by the SBP for Insurable interest: • Any relative more closely related to you than a cousin. This includes relatives such as parents, stepparents, grandparents, grandchildren, aunts, uncles, sisters, brothers, half-sisters, half- brothers, dependent or nondependent child or stepchild; or • A close business associate who would be financially affected by your death. This must be a natural person (not a company, organization, fraternity, etc.) with a financial interest in your life. There is a big difference between a military marriage and a civilian marriage. The benefits are different, as well as the laws on specific topics. If you are unsure about the benefit plans and wonder where to go, you should ask a military lawyerto decide the best course of action and act accordingly.
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