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Micky Gramlin
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Micky Gramlin   My Press Releases

Residual Income Series 13: Funeral Trusts

Published on 9/28/2018
For additional information  Click Here

 

Image result for funeral trusts

 

Let me state my usual here, that I am no financial Guru and that I am researching options for myself and then sharing my discoveries with you. Always consult an Independent Financial Advisor when investing is a possibility for you. For one thing, laws change often and so do circumstances

 

Funeral costs have risen over 200% in the last 30 years. A traditional funeral on average in 2018 will cost between 7K and 10K. The usual way that most think of on taking care of their loved ones during this time is to have a life insurance policy.

The only downside for life insurance is that it will usually take about 30 days to pay out and there are usually immediate costs for the family. Such as, the plot for burial has to be paid for before the funeral. There may be travel costs for a family member. Possible hotel bills. And just the overall expense of everyone getting together. These costs can be a hardship for some.

If you own a business - payroll may have to be met, utilities, pay outs and possible inventory costs. Necessary things one should consider as they are making arrangements.

Image result for funeral trusts

There are funeral homes that do have PrePaid plans available … but if you should happen to die out of town because you own two homes, you can’t transfer your plan to another funeral home. The funeral home could go out of business. Or you may move from the area when you retire. Before you choose this option, check out an actual funeral trust and then decide which is best for you.

You may be wondering what your funeral has to do with passive income or residual income. The answer is asset protection and/or transfer of wealth. You may have a spouse or dependents with special needs. Or perhaps, it is just peace of mind

Depending on your circumstances, you may want/need to:

  • Make sure your funeral is paid for
  • Protect your assets
  • Or you may want to have a transfer of wealth done in a way that you will be remembered
  • Funeral trusts are irrevocable meaning they cannot be changed
  • The funeral provider is paid within 48 hours
  • Excess funds are paid to beneficiaries in 24 to 48 hours and avoid probate costs or delays
  • Everyone qualifies for a Trust
  • Trusts are free
  • Protection from creditors
  • Funds portable to any funeral home provider

 

Another important reason:

A Trust is beneficial for those “who want to pay for funeral expenses only and might qualify for Medicaid in the next five years.”

Establishing an irrevocable funeral trust can help families qualify for Medicaid. As it is a trust and is irrevocable, Medicaid does not count it as an asset for eligibility purposes.”

 

Image result for funeral trusts

There are companies out there that specialize in a “unique mix of products that will pay for funerals, protect assets and transfer assets” There are Elder Care Lawyers that can assist you as well. Each state is different.

Watch for, or better yet do a search for free seminars and webinars on estate planning. As the baby boomers age, these are going to become more frequently available

 

Thank you for stopping by!

 

Micky Gramlin

 

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