Using Funeral Trusts in Estate Planning
1 hour 30 minutes
Learn useful estate planning techniques with funeral trusts in mind and how to best advise your clients for the future.
With the ever-changing economy and the aging population, more individuals and couples are seeking information on asset protection as they look toward long-term health care and/or nursing home costs. These costs can wipe out a lifetime of savings if careful advance planning is not considered. Attorneys, financial planners and CPAs are often consulted by clients seeking ways to ensure that their final care and burial expenses are covered by their assets and not left to burden their children. Irrevocable funeral trusts provide a means of setting aside funds for the specific purposes of final arrangements as non-countable assets for the purpose of qualifying for Medicaid. Having this as one of your tools to help clients become Medicaid eligible will increase the value of the services you offer your clients and deepen your understanding of what assets Medicaid will permit individuals to retain to lessen their fears about approaching end of life decisions. This topic will address the permissible amounts, costs covered, and exclusions for each state and will move at a brisk, but interesting pace.
• You will be able to define funeral trusts.
• You will be able to review the flexibility aspects of funeral trusts.
• You will be able to discuss asset protection.
• You will be able to identify state differences.