Operation Veterans Pension & Senior Financial Services
Paul is a disabled Vietnam Veteran and an accredited Veteran Service Officer for Disabled Americans Veterans Chapter 28. Paul has 32 years experience in the Financial Services business, and he specializes in retirement planning. He is also certified in Estate Planning and Wisconsin Long Term Care Partnership.
Paul was a Helicopter Door Gunner/Crew Chief, and by the grace of God, made it back home. However, he came back not without a tremendous amount of survival guilt. Paul said helping veterans get all of the benefits, including Aid and Attendance, has helped him heal. Paul has walked in your shoes and understands your frustrations. Paul said, with his 32 years in the Financial Service business, he can help his brothers in a number of ways such as disability compensation. He is accredited for Aid & Attendance and any other Veterans benefits. Paul is certified in Estate Planning and is a certified Long Term Care Specialist.
What is an Irrevocable Funeral Trust?
An ‘Irrevocable Funeral Trust’ is a way to set aside money for your final expenses, money that would otherwise be lost to the state. It’s a single-premium life insurance policy with a built-in trust and offered by a select group of insurance companies—for safe-keeping until you pass away. Because the policy is owned by your ‘Irrevocable Funeral Trust’, it offers tax-free benefits, also offers protection from inflation, and it cannot be confiscated by Medicaid, nursing homes, or assisted-living facilities.
Advantages of an ‘Irrevocable Funeral Trust’
Owners of an ‘Irrevocable Funeral Trust’ have peace of mind due to all the following benefits:
- It can’t be confiscated by any nursing home, assisted living facility, or government-sponsored care (Medicaid).
- It is exempt from Medicaid and Supplemental Security Income (SSI) “spend down” requirements and from estate taxes.
- It can be used for additional expenses after your death such as a permanent cemetery monument, outstanding debts or obligations (hospital, doctors, legal fees, etc) travel expenses for family members to attend your funeral, or a meal following the funeral services.
- Your final expense monies are guaranteed to be there when they are needed.
Funding a Funeral Trust
There is a solution to your funeral expenses.
There are a number of ways to solve your concerns regarding how to pre-pay your final expenses. The following are ideas for funding the ‘Funeral Trust’.
Not everyone has cash to fund their funeral trust. Some places to look for money to fund that trust are:
- Old annuities that can be lost to the state
- CD’s that are being taxed, earning little interest, and can be lost to the state
- Checking accounts that have more than $2,000 or $3,000 in them
- Passbook savings that are not keeping up with inflation, and could be lost to the state
- Stocks, bonds, and mutual funds
- Savings Bonds
Many people have forgotten about Savings Bonds they may have. Remember, once they mature, they stop earning interest.
While you are still able to make your own decisions, and before you become ill or unable to care for yourself, why not convert some or all of your savings into an ‘Irrevocable Funeral Trust’?
- Life Insurance Policies
Holding onto a paid-up life insurance policy may not be a wise decision.
A fully paid-up policy, with a cash value of more than $1,500, is a ‘countable asset’ according to Medicaid, and the entire amount can be taken by Medicaid or a care facility.
Your existing insurance policy can be exchanged into a new policy placed into your ‘Irrevocable Funeral Trust’ without any loss of value that you have already earned. This “1035 Exchange” into the trust will keep your money safe from being used by Medicaid or any care facility such as nursing homes. You can rest assured that the money you set aside for final expenses will be there when it is needed.
Setting up a final expense fund with a specific funeral home may not be a wise decision.
Either before or after you die, the funeral home where you pre-paid your final expenses might no longer be in business, or the person who helped you create your final arrangements may not be available to carry out your instructions. The funeral home might be merged into a larger organization which you may not want to have handling your final arrangements. If you want to change funeral homes, your request for a refund may not be honored.
Also, you may decide or need to move to a different city or state when you retire, or to be near your family members, and your previously made arrangements might not be suitable or convenient.
With a ‘Funeral Trust’, you are not obligated to have your final arrangements handled by any specific person or business.
This means that your arrangements can be handled by any family member, or anyone you choose, & any funeral home.
Basic Estate Planning
Our services can help you with your questions about health care, Medicare, and long-term care. We offer financial products, services, and insurance of high quality. We are committed to a trusting and long-lasting relationship with our clients. Please contact us if you would like additional information.
715-373-5160 or 877-805-8654