Irrevocable Funeral Expense Trust
Establishing an irrevocable funeral trust can help an individual accelerate Medicaid eligibility. It is a small life insurance policy that is purchased to cover a client’s anticipated funeral costs and is considered an exempt resource of Medicaid purposes. The policy is controlled by the insurance company’s funeral trust.
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. This product is guaranteed issue to age 99. Some states may require a list of goods and services, which we can also provide.
- Guaranteed issue to age 99.
- Premiums generally limited to $15,000.
- Controlled by insurance company.
- Proceeds immediately available upon death to pay final expenses.
This product is available in every state expect Maine and Michigan.