Have you pre-paid for your funeral yet?

Contact us to set up an individual assessment and for plans that fit your budget and needs.

What is an Irrevocable Funeral Trust?
An IFT is a single pay Life Insurance Policy that is wrapped around by a trust.

Why do I need a Funeral Trust?
The basic answer is to protect the funds you have set aside to pay for your funeral. When planning for a major event such as a wedding, a new house, college, retirement... we all take a lot of time and plan ahead. We make sure that the decisions we are making are backed up by sound strategies that help protect our loved ones futures.

If there is a Nursing Home Event, and/or a Medicaid Event, you will lose most, if not all, of your cash value in your life insurance policy. You will not have funds to pay for your funeral! You thought you had protected your family from that burden, but now they will have to pay $6,000 to $14,000 for your funeral, out of their pockets. An IFT protects your final expense funds, relieves the burden from your family and guarantees peace of mind.

Should I go to my local funeral home to set this up?
NO! Most IFTs at your local funeral home lock you into that funeral home or have severe penalties to make a change. What happens if that funeral home goes out of business? What happens if that funeral home is bought out by another corporate conglomerate and is no longer that family run business that you have come to respect? What happens if you move... to be closer to relatives? You are now hundreds, if not thousands, of miles away from where you have set up your final resting plans. PORTABILITY! An IFT from Premier Solutions Group will ensure that your funds will be available at any funeral home, in any state, even the local funeral home you know and trust.

How much money can I put into an IFT to protect my assets from a nursing home or Medicaid event?
Let us stress that this is not a way to hide money from the government. This is a way to pre-fund your funeral and the funerals of some of your loved ones in a manner that is allowed under Medicaid guidelines. With that said, most states allow you to put up to $15,000 into the trust, contact us for state specific rules. However, as mentioned above, you can pre-fund the funerals of some of your loved ones and thus protect more of your hard earned funds. You are allowed to set up an IFT for you, your spouse, each of your immediate children and their spouses.

Lets look at an example: A man with Alzheimer's and Dementia that may have to go into a nursing home in the future has $140,000 in his name in available funds. His spouse, that has a Financial Power Of Attorney, sets up an IFT for her husband, herself, 5 of their children and 3 of their children's spouses. She sets up 10 IFTs, each for $12,500. This then protected $125,000 that would have gone to the nursing home or spun down under Medicaid guidelines. Understand that the reason the IFT is Medicaid friendly is because it is "Irrevocable" meaning that once the IFT is set up, no one can touch those funds until that individual passes away. These funds are only available for funeral costs. But ask anyone a simple question: Do you want your hard earned money to go to the nursing home/government, OR to your family?

Are these the same as other Irrevocable Trusts?
There are other types of Irrevocable Trusts, but these are the only ones that do not have a 5 year or 60 month Medicaid "Look Back". See our page on Irrevocable Estate Trusts for other options in pre-planning for a nursing home or Medicaid event.

Note: Each state has it's own rules and regulations. Make sure you contact us or your own legal advisor for state specific rules. These trusts are available in some form in every state except for Maine, New York and Vermont.

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