Final Expense

Final Expense Baron Group

There are a number of choices to resolve your concerns about prepaying for your final expenses. When searching for a planning resource, you want the absolute best. Depending on your estate itself, formulating an estate plan and providing for final expenses can quickly become an incredibly complex process that requires knowledge and experience to determine the planning strategy best for you.

Life insurance is a integral part in the planning process.  We utilize all forms of life insurance from single premium plans through level, graded, modified benefit whole life to universal life and term life insurance to ensure your needs are met.

We also utilize funeral expense trusts to handle final expense matters and ease the burden on your family when the need arises.

 

An ‘Irrevocable Funeral Trust’ is a trust you create for your final expenses. You can fund your trust by placing a life insurance policy into your ‘Trust’ for safe-keeping until you pass away. Because the policy itself is owned by your ‘Irrevocable Funeral Trust’, it offers tax-free benefits, protection from inflation, and can be shielded from confiscation by Medicaid or nursing homes. In most cases a death certificate in NOT required and 98% of claims are paid out the next business day when all necessary claim documentation is received. The money is there when you need it most!

We  offer two trusts that can be used to protect money and pay for final expense.   There are no trust fees and clients can use these trusts in addition to any other trusts they may already have.

Funeral Expense Trust

  • Allows policies up to $15,000
  • Is protected from Medicaid at the time of application; once the policy is purchased and placed into the trust, it is generally considered an exempt asset for the purposes of qualifying for Medicaid, and should not be subject to the 60-month look-back period.
  • The trust will pay funeral costs from a list of goods and services eligible for reimbursement.
  • Any excess funds will be returned to the estate of the insured so that they can be accessible for Medicaid Estate Recovery.

Estate Planning Trust

  • Allows policies up to $50,000
  • Funds are subject to Medicaid’s 60-month look-back period if the insured tries to qualify for benefits.
  • The trust will pay funeral costs from a list of goods and services eligible for reimbursement.
  • Allows the client to name a secondary beneficiary and have excess proceeds paid to them rather than to the estate.

You’re prepared for the possible… Now prepare for the INEVITABLE with Legacy Safeguard.

While available we offer clients a free membership to Legacy Safeguard to complement their final expense solution.

Legacy planning guide software

A one of a kind planning software that will help you share with your loved ones your historical information, the lessons you’ve learned, and the family values you hope to keep.  This planning software is easy to use and will help you leave a lasting legacy.

Legacy Planning Archive

Allows you to outline the important information that will be needed to complete the Death Certificate and Obituary.  It will also help you record your final wishes to reduce stress and confusion among your family during a difficult time.

For a complete list of benefits download the Legacy Safeguard Brochure

Let us educate you and guide you through the process of arranging your financial affairs so that your wealth will be distributed according to your wishes after your death and to avoid undue taxation.