While it may be emotional and difficult to think about, pre-planning and pre-paying for a funeral will ensure that your wishes are carried out properly. In addition, establishing an irrevocable pre-paid funeral trust can also assist with spending down assets in order to become eligible for Chronic Care Medicaid. An irrevocable pre-paid funeral trust cannot be canceled, changed, or revoked prior to death. It is worth noting that the money in the trust cannot be refunded even if the funeral costs less than the funds available.
In addition to establishing an irrevocable pre-paid funeral trust, a person should appoint an agent to control the disposition of their remains. An authorization for final dispositions is a document that designates a person to be in charge of their body and funeral arrangements upon death. The document sets forth specific instructions regarding a person’s wishes for their funeral and body disposition.
An irrevocable pre-paid funeral trust and an authorization for final disposition not only reduce the financial and emotional stress placed on loved ones but also allows a person to have a say in the final details of his or her life. An irrevocable pre-paid funeral trust and an authorization for final disposition may be incorporated into an estate plan by seeking the guidance of an experienced elder law attorney. In addition, a pre-paid funeral trust is transferable nationwide and can be accessed by any funeral home in the country using a person’s name and social security number.
It is worth mentioning that a person is also allowed to establish an irrevocable pre-paid funeral trust for their spouse, parents, siblings, children, stepchildren, and the spouses of all of these people, which are considered exempt assets in the event he or she needs to qualify for Chronic Care Medicaid. With that being said, pre-planning and pre-paying for your funeral will not only ensure that your wishes are carried out properly, but will assist in qualifying for Chronic Care Medicaid as well as alleviate the financial and emotional stress placed on family members upon your passing.
Oftentimes, failing to pre-plan or pre-pay for your funeral places loved ones in financial hardship and or leads to contentious disputes regarding funeral arrangements. For this reason, it is important to speak with an experienced New Jersey elder law attorney that may assist in planning for your future needs and the needs of your loved ones.
The experienced elder law and estate planning lawyers at the Law Offices of Hunziker, Jones, & Sweeney help seniors and their loved ones handle all aspects of estate planning, including establishing pre-paid funeral trusts and executing an authorization for final disposition. Our New Jersey estate planning lawyers can answer your questions about planning for your future. For more information or to schedule a consultation, contact our New Jersey estate planning lawyers at (973) 256-0456.
