Irrevocable Funeral Expense Trust
Provide Your Clients Peace of Mind in Final Expense Planning
Everyone will need a funeral. Purchasing an Irrevocable Funeral Expense Trust is a great way to preserve funds for those final expenses while eliminating excess countable assets for Medicaid. This product gives your client:
The Irrevocable Funeral Expense Trust consists of a small whole life insurance policy that is irrevocably assigned to a funeral trust controlled by the insurance company. Upon the death of the insured, the funds are available to pay for funeral and burial services. For Medicaid purposes, so long as the face value of the policy is below the state-specific limitation (typically $15,000), the funds are exempt.
We can also provide an itemized list of goods and services, which outlines the items your client wants for their funeral. When planning for Medicaid, some states may require this list to accompany an Irrevocable Funeral Expense Trust.