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One of the best legal ways to protect assets (money) is to place it into an Irrevocable Funeral Trust – which can be used to pay for many types of final expenses your loved ones may incur. If no money is set aside, your loved ones are left with a hefty expense. Setting money aside in a bank account or specifying a life insurance policy for your final expenses might not work out like you think. Will that life insurance or bank account still be there, or will it be eaten up by large medical or long-term care expenses?
Once you have this money set aside for your final expenses, your mind will be at ease because you will know this cost is not going to be passed on to your loved ones. Helping people get this right is something Alliance America’s planning professionals have been doing for 18 years.
This publication is provided for information purposes only. It is a general description intended for use with the general public. Some information may not apply to your situation. Products and features may vary by state and may not be available in all states. Limits and exclusions may apply. The information in this publication cannot be considered or relied upon as legal, accounting or tax advice. It is not investment advice for any individual or in any individual situation, and nothing in this publication should be read as investment advice. Please consult a financial professional or attorney regarding tax, accounting or legal advice and your specific circumstances. The term “financial professional” is not intended to imply engagement in an advisory business with compensation unrelated to sales.
Some states may vary on Medicaid rules, and eligibility is not guaranteed. Please consult an elder law attorney in your state for assistance. Products and trust limits may vary by state. Not available in all states. Medicaid limit for an irrevocable funeral trust is $12,500 in most states. Insurance coverage provided by companies rated at least A- by A.M. Best.
