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Even if someone is already in care, and spending down to Medicaid levels, remaining assets can still be protected.
If already on Medicaid, and the house finally sells, the money from this transaction can be protected versus spent for the Long Term Care costs.
Have you ever considered who will pay for your funeral when you pass?
Most people assume their life insurance will do that, but it is common to wait 2-5 weeks for that to pay out. It is also common for the funeral home to request a credit card before they do anything. Others will assume their money will pay the bill, and later it will reimburse whomever fronted the funds, but in nearly all cases the courts put a hold on all funds for a month or three. This is to protect the funds for their proper distribution once probate is finished. A durable power of attorney which allows someone to pay bills with your money on your behalf ends at the moment of death.
Thus somebody is going to reach in their pocket or into their credit cards to initially fund the funeral. The irrevocable funeral trust may be the only money immediately available at death. Simply move some of your CD money into the trust account. It still earns interest and will be immediately available at death for handling your funeral arrangements, and relieves such person of needing to personally put up their own funds.
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
You May Not Need As Much As You Think
There are strategies to help people planning in advance while still healthy. Strategies for those not healthy enough to qualify for Long-Term Care insurance, and even strategies for those already in care or in a facility, making money last longer, or protecting some of their funds for their final expenses. All done without making you go broke. Protect your hard-earned money!