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How paying for a funeral can help with long-term care costs

These days, people are living longer than ever. While this is a positive trend, it also means that people are paying more for long-term care.

Most people don’t like to think about getting older. But dealing with this eventuality head on can help you receive the care you need while preserving your assets for the future. One way that you can do this is through a funeral trust.

What is a funeral trust?

Put simply, a funeral trust is a way to pre-pay for your funeral. A trust is a legal entity that can hold assets for a certain purpose—in this case, for your funeral expenses. You transfer assets into the trust with stipulations about when and how they can be used.

How a funeral trust helps with long-term care

Medicaid is a needs-based program that helps many Americans pay for their long-term care costs. However, to qualify for Medicaid, you cannot have too many assets in your name.

Because of this, many people plan for Medicaid qualifications by systematically reducing their assets. Transferring funds to a funeral trust is one way to lower your countable assets for Medicaid qualification.

Other benefits of funeral trusts

In addition to the Medicaid planning benefits that they offer, funeral trusts can also:

  • Help your loved ones. Because you’ve already funded your funeral costs, your family has one less thing to worry about when you pass.
  • Earn you money. A funeral trust is an investment because it pays you an annual interest rate.

While it may seem morbid, a funeral trust can help you pay for long-term care while protecting your assets. However, it is just one of many options for accomplishing this goal.

Talking with an experienced attorney can help broach these difficult subjects with an eye towards finding the right solution for you and your family.

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  • Walter J. Roesch IV
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