Learn How to Protect Your Money with An Irrevocable Funeral Trust!
- Learn how Funeral Trusts can protect some of your money from nursing care costs
- Use our Free LTC Calculator to plan for Long Term Care out of pocket
- Visit our Blog for Up-to-Date LTC Information
- For more info on Long Term Care,visit the U.S. Department of Health and Human Services' website
Medicaid and Irrevocable Funeral Trusts
Medicaid’s asset limit for single people is $2000. This means you must spend down all assets to this level before you qualify. The house, vehicles, cottage, savings, IRAs, mutual funds and annuities, all must be spent down. Even your life insurance must be cashed in (over $1500 face amount) to qualify for Medicaid. The $2000 goes back to the state after your death, so your children may be “passing the hat” to pay for your funeral. This is a very unappealing thought for many people.
Medicaid allows you to set up an irrevocable trust to hold funds for final expenses.“Irrevocable” means once it is set up, it cannot be changed, and that the trust is safe from creditors, nursing homes, Medicaid, lawsuits - and even you! Even though it cannot be touched by anyone, it earns interest. Unlike life insurance, it is immediately available at death to pay for final expenses. Your family chooses where and how much to spend. Whatever is not spent is refunded to the estate of the deceased.
We can set up these Irevocable Trusts of up to $15,000. Some people decide to wait. The time to do this is now, while you are still able to, before you have spent your money on paying for long term care.
Need more information?
Take a look at Frequently Asked Questions about Irrevocable Funeral Trusts and Contact Us with ALL of your Questions! We're here to Serve You!