In fact, few people realize that in the process of “spending down” their assets to pay for nursing home care, they may be forced to cash out their life insurance policies. This can result in leaving a negative inheritance, meaning that your family and loved ones may be burdened with paying for your funeral or other final expenses.
The good news is that there is a solution! A little-known insurance product called an irrevocable funeral trust is one of the best kept secrets within the industry. With an irrevocable funeral trust you set aside funds using savings or other sources to guarantee your family or loved ones won’t be burdened with the cost of your final expenses, regardless of your need for long-term care.
Relying on savings or life insurance to cover final expenses is risky business! Don’t take chances with your savings or life insurance and find out what an irrevocable funeral trust can do for you. With an irrevocable funeral trust, you rest easy knowing that you won’t be a financial burden to your family or loved ones due to a an unexpected nursing home stay. Everyone leaves a legacy, make sure you leave one that shows you cared enough to protect your family and loved ones.
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.