{"id":2717,"date":"2023-05-15T09:40:52","date_gmt":"2023-05-15T09:40:52","guid":{"rendered":"https:\/\/alcleanscarpet.site\/Weatherby\/2023\/05\/15\/what-is-a-prepaid-funeral-and-should-i-have-one\/"},"modified":"2023-06-08T05:30:59","modified_gmt":"2023-06-08T05:30:59","slug":"what-is-a-prepaid-funeral-and-should-i-have-one","status":"publish","type":"post","link":"https:\/\/alcleanscarpet.site\/Weatherby\/what-is-a-prepaid-funeral-and-should-i-have-one\/","title":{"rendered":"WHAT IS A PREPAID FUNERAL AND SHOULD I HAVE ONE?"},"content":{"rendered":"

A prepaid funeral is when a person and\/or that person\u2019s family pay for funeral services and related costs while the person is alive.\u00a0 For many individuals, dealing with the financial aspects of the funeral and burial process is simply one more element of comprehensive estate planning.\u00a0\u00a0 When someone passes away, there is an exhaustive list of things that the decedent\u2019s family will need to take care of to properly settle the decedent\u2019s estate.\u00a0 The amount of work involved can be challenging even when the decedent\u2019s estate is financially modest.\u00a0 So prepaying funeral costs can be a way to make that part of the process easier to deal with.<\/p>\n

Sometimes, the prepayment only involves paying a certain amount of money in the present day that will be set aside for goods and services to be selected after the individual passes away.\u00a0 Other times, the prepayment may also be accompanied by a selection of goods and services picked out in the present day, for example, making a decision on a particular casket or cremation urn.\u00a0 The more details that are sorted out in the present day, the fewer details that will need to be dealt with by the decedent\u2019s loved ones after death.\u00a0 Most typically the cost of goods and services are not guaranteed by a funeral home.\u00a0 Rather, the amount set aside for future burial costs will be applied when the time comes.\u00a0 Depending on the amount that was set aside, they may be no additional costs to be paid by the family or there may be some additional amounts due if the costs of goods and services exceeds the amount that the decedent prepaid.<\/p>\n

Unlike many types of discretionary spending, funeral and burial costs are expenses that will need to be paid sooner or later.\u00a0 According to the National Funeral Directors Association, the median cost of a funeral as of 2012 was $7,045 (see<\/em> http:\/\/nfda.org\/about-funeral-service-\/trends-and-statistics.html#fcosts<\/a>).\u00a0 People are living much longer than they used to and the cost of care has increased dramatically.\u00a0 That means many individuals nowadays are outliving their assets.\u00a0 Prepaying for funeral costs can be a way to make sure there are funds available for the type of funeral and burial the individual would like to have.\u00a0 It can also ensure that the decedent\u2019s loved ones are not financially burdened by the costs involved.<\/p>\n

When someone needs to qualify for Medicaid, the financial eligibility rules are very strict.\u00a0 All assets that are \u201ccountable\u201d under the Medicaid rules will be tallied to consider whether or not the Medicaid applicant\u2019s assets are small enough to qualify for benefits.\u00a0 A single unmarried individual in Connecticut who applies for Medicaid may only have $1,600 in countable assets to qualify.\u00a0 In that context it is quite valuable indeed that the Medicaid rules will allow $5,400 to be put into an irrevocable burial fund.\u00a0 Such an irrevocable burial fund is really a single-premium insurance policy and can be set up by a funeral director or by insurance companies that carry that sort of policy.\u00a0 As an insurance policy the fund will earn interest and will effectively be protected from inflation.<\/p>\n

Since the $5,400 may be set aside in an irrevocable burial fund, the funds cannot be later taken out and used for anything else.\u00a0 Additional amounts beyond $5,400 may also be deposited into a revocable burial fund.\u00a0 Although those amounts could later be accessed for other purposes, those amounts may or may not be countable as Medicaid assets depending on the laws of a particular state.<\/p>\n

When someone applies for Medicaid and their countable assets are higher than the maximum allowed under the Medicaid rules, they will need to \u201cspend down\u201d their assets down to the level where they will be Medicaid eligible.\u00a0 Although there is always the option to simply write a large check to the nursing home to accomplish the spend-down, we will often advise that part of the spend-down should be taking care of a prepaid funeral if that is not something the Medicaid applicant has already done.<\/p>\n

https:\/\/weatherby-associates.com\/prepaid-funeral-one-2<\/p>\n","protected":false},"excerpt":{"rendered":"

A prepaid funeral is when a person and\/or that person\u2019s family pay for funeral services and related costs while the person is alive.\u00a0 For many individuals, dealing with the financial […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2717","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"yoast_head":"\nWHAT IS A PREPAID FUNERAL AND SHOULD I HAVE ONE?<\/title>\n<meta name=\"description\" content=\"A prepaid funeral is when a person and\/or that person\u2019s family pay for funeral services and related costs while the person is alive.\u00a0\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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