Irrevocable Funeral Trust Agreement With Trust
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FAQ
The irrevocable amount of such a trust is referred to as an irrevocable burial trust and is an exempt asset. If the total value of an otherwise irrevocable pre-need agreement with a funeral provider exceeds $4,500, the amount over $4,500 is revocable and is a countable asset.
A funeral trust lets people make arrangements to pay for their burial before they die. Putting funds into a funeral trust can help relieve your loved ones of making difficult decisions while they're mourning. A funeral trust can also help expand or preserve your access to Medicaid benefits.
We also offer the Funeral Funding Trust of Kentucky. Through this Trust, you can set up an account for burial benefits and make regular payments. Your payments may be monthly, bi-monthly, semi-annual, annual or sporadic. Your account earns interest.
?Burial space items? is a term that designates the merchandise and items associated with the burial of a body. Burial funds may be purchased for both the Medicaid applicant and his or her spouse. Burial funds include any funeral goods and services sold by a funeral home.
Each county conducts a survey of local funeral homes within the county to determine the average costs. In Montgomery County, the burial reserve limit is $17,653.33 with 25% extra being allowed for extraordinary costs related to the burial, for a total burial reserve limit of $22,066.66 for 2023.