Irrevocable Trust For Funeral Expenses
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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.
?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.
No, Medicaid does not pay for the cost of cremation. Instead, Medicaid resources typically cover only specific medical expenses. (Contact a licensed Medicare sales agent to learn more about the medical coverage you can receive from Medicare Advantage and other programs.)
Payable-on-death (POD) account A POD bank account allows you to put aside funds for your funeral and name someone who can get access to the money when you die. They present a death certificate to the bank and get the money ? on the spot. It doesn't go through probate.
Disadvantages of Irrevocable Trusts Fairly Rigid terms: They are not very flexible. Once the terms are established, they can be difficult to change. The Three-Year Rule: If you include life insurance in an irrevocable trust and pass away within three years, the proceeds return to your estate and become taxable.