Serving Tennessee’s Most Valuable Resource
Copyright 2017© All rights reserved. Made By DSS. Terms of use | Privacy policy
Home.
Medicare/Medicaid.
Veterans Benefits.
Retirement Planning.
Associates.
Contact.

320 Seven Springs Way

Suite 250

Brentwood TN  37027

(615)  714-3331

 

michael@davisseniorsolutions.com

 

Pre-Paid Funeral Trusts

 

What are pre-paid funeral trusts? Simply stated, they are funds specifically set aside to pay for final expenses such as burial costs and services.  Rather than pre-paying at a particular funeral home (and risk losing those funds if the funeral home goes out of business), the funds are held in an irrevocable trust (created at no expense) and released at the time of death.

 

The State of Tennessee says that funds held in such a trust ARE NOT COUNTED for the purposes of Medicaid eligibility.  In fact, a Medicaid applicant can set aside up to $6,000 each for funeral expenses for themselves, their spouse, their children (natural, adopted, and step-children), their children’s spouses, and even their own siblings.  So, instead of all of these funds going to the nursing home to pay for care, these funds would be exempt from spend-down requirements.  Funds not used for final expenses would be returned to the estate of the deceased.

 

Traditional life insurance cash values are counted by Medicaid and must be ‘spent down’ in order to qualify.  We can transfer these values into this exempt assets to assure that your family will have the necessary funds to pay for your final expenses.

 

Davis Senior Solutions represents several companies that prepare these trusts.  Let us help you plan for the inevitable.

Services and Products

(615) 714-3331