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Follow on Google News | Learn To Help Plan For Medicaid With The Funeral TrustIn most states today, you can use the funeral trust on immediate family members, as a method of spending down assets to qualify for Medicaid.
By: DelcoUSA Mom has 60,000 in the bank and is entering the nursing home, she also has 5 children. We have 2 options that we can do for Mom. 1. Do nothing and spend all assets down to 2,000 on the nursing home and then apply for Medicaid. 2. We can do a funeral trust on Mom and one on each of her 5 children, all fo $10,000 each. Mom is now below $2,000 and can apply for Medicaid Immediately. We have kept the funds in the family and Mom was able to help leave a legacy for her children. It is important to work with an elder alw attorney through this process as Medicaid laws can vary from state to state. Wisconsin rules for Burial Spaces, most states are similar or the same as Wisconsin. 16.5.4 Spaces- Wisconsin Burial space exemptions apply only to EBD fiscal group members. Burial space exemptions include the following, if the have been paid for: 1. Plots, vaults, caskets, crypts, mausoleums, urns, or other repositories customarily used for the remains of deceased persons, and 2. Necessary and reasonable improvements upon the burial space with items such as headstones, markers, plaques, and 3. Arrangements for opening and closing the gravesite. Exempt multiple spaces of any value undeer the following conditions: 1. The space(s) must be owned by the EBD person, that person's spouse, or when the EBD person is a minor, by the minor's parents. 2. Both a plot and a mausoleum space cannot be exempted for the same person. 3. Each person may have more than one type of space. 4. The space(s) must be for the use of the EBD member or one of the following: A. Spouse B. Minor or Adult natural, adoptive, or stepdchild C. Brother or Sister D. Natural or adoptive Parent E. Spouse of any of the above Please give us a call at our Home Office at 877-336-7782 for any questions regarding the Funeral Trust and helping with the Medicaid spend down. Or go to our website at www.delcous.com End
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