Certified Military Financial Advisor (CMFA)

Active Duty Benefits and Programs 1. Describe the most common pays and allowances. 2. Recognize key information found on a military Leave and Earnings Statement. 3. Describe why military compensation can change from month to month and suggest how a military family can budget for that. 4. Describe what the Basic Allowance for Housing (BAH) is meant to cover, and how to use BAH as part of a family’s financial plan. 5. Illustrate ways to handle income fluctuations. 6. Identify factors that should be considered when deciding on a TRICARE plan. 7. Evaluate when a family may benefit from using other health insurance or a TRICARE supplement. 8. Determine whether an eligible adult child should choose TRICARE Young Adult or another health care option. 9. Summarize the pays and allowances available during a Permanent Change of Station (PCS) move. 10. Compare the benefits and disadvantages of taking advance pay and allowances during a PCS move. 11. List changes to income and expenses that may be associated with a deployment, including tax-free pay and allowances. 12. Determine which deployment saving and investing options will benefit a client’s specific situation. 13. Know where to find more information about Department of Defense (DoD), Veterans Affairs (VA), and civilian education programs. 14. Identify situations where there may be DoD programs to assist with military family member needs. 15. Outline the primary protections under the Servicemembers Civil Relief Act. 16. Calculate the client’s life insurance needs and determine which products to use at which stage of their career. 17. Determine the clients’ state(s) of legal residence, and how that impacts their state income tax filing. 18. Discuss key factors to consider when renting or buying a home. 19. Create a budget for a military family maintaining two households in a geographical bachelor situation. 20. Describe reasons why a military client may need a larger emergency fund than a civilian client. Guards and Reserves Benefits and Programs 1. Understand the similarities and differences between Reserve Component and Active Duty forces. 2. Understand how Guard and Reserve forces pay and allowances work. 3. Identify Reserve Component member’s tax benefits. 4. Describe the retirement benefits available to the Reserve Component. 5. Describe the Reserve Component Survivor Benefit Plan (RCSBP). 6. Understand the Reserve Component education benefits. 7. Understand the Reserve Component health insurance options. 8. Become familiar with the other benefits available to Reserve Component members. Veterans Benefits and Programs 1. Identify the factors that impact a veteran’s access to health care through the Department of Veterans Affairs. 2. Compare and contrast Veterans Affairs (VA) home loans with civilian home loan products. 3. Explain which veterans and family members may be eligible to use the Post-9/11 GI Bill, and when their eligibility expires. 4. Recall which VA benefits can help a client help their parents or older loved ones. 5. Locate veterans benefits for your state. 6. Name the four major categories of benefits for disabled veterans. 7. Recognize when a veteran or veteran’s family member’s burial may be eligible for VA benefits. Retired Service Members Benefits and Programs 1. Explain how TRICARE for military retirees is different from TRICARE for active duty families. 2. Know where to find TRICARE cost information. 3. Recognize that TRICARE works differently for medical retirees. 4. List considerations for deciding whether to take Other Health Insurance (OHI) with TRICARE. 5. State how a military retiree or family member could open a Health Savings Account. 6. Identify actions a military retiree or family member must take in order to use TRICARE For Life (TFL). 7. Demonstrate how TRICARE For Life works with Medicare. 8. Recall that military retirees are eligible for the benefits available to other veterans. 9. Discuss a retired service member’s options for federally managed vision, dental, and long-term care insurance. 10. Recognize when a retired reservist may be treated differently than a service member retired from active duty. Education Benefits 1. Identify the various military education programs and benefits associated with each of them 2. Explain how to use Tuition Assistance to pay for education 3. Determine how service commitments correspond to each education benefit and the subsequent career impacts 4. Describe the Montgomery and Post-9/11 GI Bill education benefits and how they can be used 5. Identify the military education benefits available to dependents of service members 6. Determine how to integrate Post-9/11 GI Bill education benefits for dependents as part of overall education funding 7. Calculate education funding integrating other funding sources including the American Opportunity Tax Credit, 529/Coverdell funds, and distribution across multiple dependents education funding Life Insurance 1. Evaluate and understand the eligibility requirements, available benefits, beneficiary requirements, and conversion requirements for Servicemembers’ Group Life Insurance (SGLI). 2. Evaluate and understand the eligibility requirements, available benefits, and structure of premiums for Traumatic Injury Protection (TSGLI). 3. Evaluate and understand the eligibility requirements, available benefits, beneficiary designation, premium structure, and conversion process for Veterans’ Group Life Insurance (VGLI). 4. Evaluate and understand the eligibility requirements, available benefits, and premium structure for Family Servicemembers’ Group Life Insurance (FSGLI). 5. Evaluate and understand the eligibility requirements, determination of need, and premium structure for Civilian Service Life Insurance (CSLI). 6. Compare and contrast all life insurance options available to service members. 7. Evaluate and understand the available benefits for the Federal Long-Term Care Insurance Program (FLTCCIP) Survivor’s Benefits 1. Express how to identify a military member’s status and describe how that impacts benefits at death and for survivors’ pedagogy. 2. Explain basic and key characteristics of the military’s Survivor Benefit Plan (SBP). 3. Explain basic and key characteristics of Dependency and Indemnity Compensation (DIC). 4. Explain the major provisions of the Post-9/11 GI Bill. 5. Explain VA burial benefits. 6. Identify benefits and programs for surviving families of active-duty service members’ death. 7. Identify programs and benefits for surviving families of retiree deaths. 8. Identify programs for surviving families of disabled veterans. 9. Explain which two programs are available to the survivors of all veterans. 10. Identify eligible beneficiaries of the VA Survivors Pension and explain how it can help your clients. Transitioning from Military Service 1. Understand the pre-transition preparation process 2. Illustrate the client’s transition allowance and benefits 3. Illustrate the importance of the Survivor Benefit Plan (SBP) decision 4. Create a life insurance plan 5. Describe considerations for relocation during transition 6. Recognize clients who may need to plan for disposal of rental real estate 7. Estimate whether a client would be eligible for unemployment compensation 8. Diagram the timing of various payments during the transition process 9. Identify potential challenges of buying a house during transition 10. Recall facts about buying military time for federal service pensions 11. List considerations for Thrift Savings Plan balances after separation Retirement Benefits 1. Identify the defined benefit and defined contribution retirement benefits. 2. Describe the military’s defined contribution plan (Thrift Savings Plan, or TSP) 3. Describe the Legacy Retirement Systems. 4. Describe the Blended Retirement System. 5. Describe the Reserve Component Retirement System. Disability Benefits 1. Identify veterans who may be eligible for disability compensation. 2. Illustrate the disability compensation application process. 3. Describe the benefits of working with a Veterans Service Officer (VSO). 4. Discuss the advantages of the Benefits Delivery at Discharge (BDD) program. 5. Demonstrate why a client would benefit from submitting an Intent to File. 6. Diagram the Whole Person Theory of disabilities. 7. Explain the factors that affect the amount of a service member’s VA disability benefit. 8. Outline the disability compensation timeline. 9. Explain the offset of military retirement pay when receiving VA disability compensation. 10. Identify the eligibility requirements for Concurrent Retirement and Disability Pay (CRDP). 11. Explain how to apply for CRDP. 12. Calculate how CRDP impacts a retiree’s total compensation. 13. Describe the tax implications of CRDP payments. 14. Identify the eligibility requirements for Combat-Related Special Compensation (CRSC). 15. Explain how to apply for CRSC. 16. Calculate how CRSC impacts a retiree’s total compensation. 17. Understand the tax implications of CRSC. 18. Highlight the key differences between the CRDP and CRSC programs. Tax Planning Considerations 1. Understand the tax treatment of various forms of military pay 2. Understand the difference between pays & allowances 3. Become familiar with some of the more common pays & allowances 4. Understand how Combat Zone Tax Exclusion (CZTE) works 5. Understand how a Leave & Earnings Statement (LES) works Divorce Considerations 1. Describe how military service can impact a divorce. 2. Explain when the military family support regulations do and do not apply. 3. Illustrate why a client wants a lawyer and mediator that has experience with military divorce. 4. Evaluate whether a former spouse of a service member may qualify for 20/20/20 benefits. 5. List the benefits that a 20/20/20 spouse will receive. 6. Classify issues that may always be negotiated, may sometimes be negotiated, and are not part of the settlement negotiation. 7. Illustrate how military disability compensation impacts the division of military retirement pay. 8. Explain the function of former spouse Survivor Benefit Plan coverage as part of a military divorce property settlement agreement. 9. Outline the steps a military client or veteran needs to take regarding their government-related benefits after a divorce. 10. Outline the steps a military client or veteran’s former spouse needs to take regarding their government-related benefits after a divorce. 11. Identify long-term planning consequences after a divorce that includes military benefits. Estate Planning Considerations 1. List the goals, objectives, and risks of estate planning    2. Understand the estate planning process as it pertains to service members    3. Understand basic estate planning documents and how service members may be able to obtain them    4. Understand the probate process and what assets may or may not be considered probate assets    5. Understand the importance of beneficiary designations in estate planning  6. Understand military benefits that should be considered when creating an estate plan  7. Understand estate planning opportunities for military members    Service Members with Special Needs Dependents 1. Define special needs for purposes of military benefits 2. Describe eligibility for the Exceptional Family Member Program 3. List benefits and services provided by the Extended Health Care Option 4. Secondary dependency as an incapacitated adult child 5. Explain extended eligibility for Survivor Benefit Plan and how that works as part of a larger estate plan 6. Discuss the use of a Special Needs Trust for Survivor Benefit Plan benefits 7. Identify the steps to apply for continued additional VA Disability Compensation for a helpless child\ 8. Dependency and Indemnity Compensation 9. VA Survivor Benefits 10. VGLI/Commercial conversion policies 11. Identify key challenges and possible solutions in financial planning and estate planning when a service member, veteran, or retiree has a special needs family member