What is an Irrevocable Funeral Expense Trust?

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An Irrevocable Funeral Expense Trust is a small whole life insurance policy that is irrevocably assigned to a funeral trust controlled by an insurance company. It works to set aside funds for the owner’s funeral upon their passing. At that time, the funds are made available to cover expenses like the funeral service, casket, and burial costs. This product provides financial security in end-of-life planning not only for the owner but for their families. A simple insurance product that is exempt for VA and Medicaid planning purposes.

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Funding a funeral trust safe guards assets from nursing homes or Medicaid in most States- an issue that a majority of older people are worried about. This is a simple one page application with no medical underwriting and the premium range is $1,000 -$15,000. They're fully transportable. The Funeral trust will pay any funeral home that provides the services, meaning that people are free to relocate where ever they choose later in life. This a excellent way to help shelter remaning assets when doing Medicaid and VA planning. Funeral trust planning should a part of all long term care plans.