Are Your Funeral Expenses at Risk???
Funeral Expense Trust - Security for Your Future
Protecting your assets at any age is important, but never more than when you are confined to a nursing home or need to apply for Medical Assistance (Medicaid). By transferring ownership of funeral expense funds (or a final expense life insurance policy) to the NGL Funeral Expense Trust (also known as Final Expense Trust), you will be able to exclude your policy as an asset for Medicaid eligibility purposes as of the effective date of transfer. In addition, you can be assured that the funds in the policy will be used to first pay your funeral expenses to the funeral home of your choice, with any excess returned to your estate. Other Life Insurance policies with cash value are only protected from Medicaid up to $1500 for funeral expenses. Current guidelines allow you to protect up to $12,500 through the NGL Funeral Expense Trust.
By irrevocably assigning your funds or policy and permanently transferring all ownership rights to the NGL Funeral Expense Irrevocable Trust, you will receive the following benefits:
Medicaid Asset Protection: The ability to exclude your policy as an asset in order to qualify for Medicaid and Supplemental Security Income (SSI).
Flexibility: The policy proceeds are paid to the Trust, which then pays funeral costs to your choice of funeral home. Any excess will be returned to your estate.
Creditor Protection: Funds used for funeral expenses are protected from creditors, such as nursing homes, hospitals, lawyers, etc.
Avoid Probate: Death proceeds used for funeral expenses will avoid probate costs and delays.
Income Tax Free Benefits: Current IRC Tax Code Sec. 101(a) allows death benefit proceeds to be distributed tax-free.
Contact us today for your free consultation on how to protect your funeral home expenses.
Call Toll-free (866) 310-3517
Individual state regulations may vary. We recommend that you consult a Legal Advisor for complete details on irrevocable assignments, Medicaid eligibility and on using a trust for Medicaid asset protection, includ ing a life insurance policy.
Copyright © 2008 The Monroe Group. All rights reserved.