Those who have had to take care of funeral arrangements for a loved one know that it can be a stressful and emotional endeavor. Couple that with the financial burden of paying for a casket, vault, burial space, etc. and the stress can be magnified. It is possible to pre-arrange funeral plans and expenses through a “pre-need” funeral plan. There are two pre-need options, a 1) funeral trust and 2) pre-need burial insurance. The funeral trust places the funds in a trust and guarantees the price of the goods of service at the time of need. If the plan is funded through insurance the proceeds can be easily transferred to different mortuaries, however, the costs can be higher. If the plans are set up as “irrevocable” then they are exempt assets for the purpose of qualifying for Medicaid.
“Always go to other people’s funerals, otherwise they won’t come to yours.”
– Yogi Berra