Elder Life Trust & Prepaid Funerals
An easy way to protect some of your assets from Medicaid.
Elder Life Trust
Accelerate Medicaid Eligibility
“Irrevocable funeral trust is often used to accelerate Medicaid eligibility.”
Medicaid Exempt Resource
“Cover’s anticipated funeral cost and is considered an exempt resource with Medicaid.”
“Funds are totally portable can be used at any funeral home in the Country.”
An easy way to protect some of your assets from Medicaid is to prepay your funeral. This can be done by purchasing a single premium insurance policy, from Elder Life Group, that is irrevocably assigned to a funeral provider or, in some cases, to a trust. The trust will hold these funds, and then when the time comes use them to pay the funeral home for your expenses.
If you prepay your funeral correctly (in accordance with Medicaid rules), it is a lawful way to reduce your assets. That is a very important point, because reducing your assets is a key part to making yourself eligible for Medicaid assistance while you are still alive. For most people, the time to apply for Medicaid assistance is when they go into a nursing home. Since that is so expensive, getting Medicaid to pay the bill for them becomes a critical issue.
Look on the personal side too. Prepaying your funeral will also spare grieving family members some of the financial burdens, and a lot of decisions, that exist immediately after a loved one dies. That’s why it’s a good idea to plan in advance.
Most states impose a limit on the amount that can be placed in a funeral trust. Premium limitations vary but are generally limited to $15,000. Some states may require a list of goods and services, which we can also provide. If you would like to learn more about pre-paying your funeral in a Medicaid-compliant way, please contact us through this website. We will respond quickly.
“ Premiums are generally limited to $15,000.”
“Guaranteed issue to age 99 with no exam.”
“Funeral Provider paid within 48 hours.”
“It’s usually not a good idea to prepay your funeral directly with a funeral home, because funeral homes can and have gone out of business. Besides, what happens if you die out of state?”
Dean Waters, LUTCF Elder Life Advisor
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