Pre-planning for life’s inevitable conclusion is not an easy topic for discussion for most families. Pre-planning your funeral, ensures that your friends and family can come together in love and support for each other rather than deal with the taxing financial decisions of your funeral. 

You have the ability to make a difficult time for your loved ones much more endurable by making specific, rational decisions for your funeral today. A key issue behind funeral planning is the need for long-term medical care and the desire to shield some assets from nursing homes or Medicaid. The idea behind a funeral trust is to allow a senior citizen to put some money aside so that if they do go into a nursing home, they have something set aside for their funeral, money that is exempt from Medicaid.

Most people think establishing an irrevocable trust — naming a trustee of your choosing — designated to pay your funeral costs and getting the long-term-care financing benefits, cost thousands of dollars to establish, this is not correct. An irrevocable funeral trust is money that "beats the clock," and is a “carve-out” that allows an individual to set aside money for a funeral. A key point behind the trust is protection from cases where funeral homes have gone out of business; another point is that the trust provides flexibility in picking a service provider, so that the family is not locked into using a certain funeral home.  But one thing that could actually make death worse would be having a bad financial decision tied to it. We approach the funeral trust planning as Medicaid planning, not from an investment standpoint.

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