Estate planning documents are important when setting up your estate with your attorney. Today, Elder Law Attorneys are recommending another trust, A funeral trust to help shelter funds from the nursing home, hospitals, and Medicaid.
Most states allow seniors to fund funeral trusts with a single pay life insurance policy. The ownership of the life policy is assigned to the trust. Therefore, making these funds exempt from the nursing home.
Many seniors might move closer to their children in their later years or retire to Florida, making it silly to prepay a funeral home when they might not be in that location.
The funeral trust is flexible and portable to any funeral home. The funeral trust is not subject to the new Medicaid Rules pertaining to a Five Year Look-Back.
Once the trust is established, the funds are exempt in most states. Medicaid laws do vary from state to state. Please see www.funeraltrusts.com for more information