mountainsoft
Thinks s/he gets paid by the post
My mom is in assisted living and has about 7-8 years before her personal assets run out. After that she will need to apply for Medicaid to cover the assisted living costs.
We are thinking about prepaying her funeral expenses while she still has money, and so she can select the casket, grave stone, etc. that she would like. As long as the plan is setup as irrevocable Medicaid isn't supposed to count it as an asset.
I've been talking with a funeral home and they have an insurance plan that can be set up as irrevocable. It's supposed to be guaranteed coverage even if prices increase in the future except for the death certificates and taxes. It's also suppose to offer protection if the funeral home were to go out of business before she dies.
It sounds like a smart thing to do, but I'm curious if anyone here has prepaid their funeral plans like this?
We are thinking about prepaying her funeral expenses while she still has money, and so she can select the casket, grave stone, etc. that she would like. As long as the plan is setup as irrevocable Medicaid isn't supposed to count it as an asset.
I've been talking with a funeral home and they have an insurance plan that can be set up as irrevocable. It's supposed to be guaranteed coverage even if prices increase in the future except for the death certificates and taxes. It's also suppose to offer protection if the funeral home were to go out of business before she dies.
It sounds like a smart thing to do, but I'm curious if anyone here has prepaid their funeral plans like this?