AN IRREVOCABLE FUNERAL EXPENSE TRUST MAY BE RIGHT FOR YOUR CLIENT IF THEY:
Are seeking Medicaid benefits.
Have excess countable assets.
Have not conducted any final expense planning.
The Irrevocable Funeral Expense Trust consists of a small whole life insurance policy that is irrevocably assigned to a funeral trust controlled by the insurance company. Upon the death of the insured, the funds are available to pay for funeral and burial services. For Medicaid purposes, so long as the face value of the policy is below the state-specific limitation (typically $15,000), the funds are exempt.
We can also provide an itemized list of goods and services, which outlines the items your client wants for their funeral. When planning for Medicaid, some states may require this list to accompany an Irrevocable Funeral Expense Trust.