Presently one third of all Americans have pre-arranged their own funeral or that of a loved one. Pre-planning makes things easier at the time of death, relieves loved ones of making decisions at a stressful time, lessens future burdens, and encourages wiser financial decisions.
The Burial Trust:
A Burial Trust account is the means to finance pre-arrangements. It is a money market account with a competitively high yield, funded with an initial lump deposit, or with periodic payments. The beneficiary of the Burial Trust account is the individual for whom the pre-arrangements are made.
There are two types of Burial Trust accounts: Revocable and Irrevocable. A Revocable Burial Trust may allow partial or full withdrawal of funds. An Irrevocable Burial Trust is one established for applicants or recipients of Medicaid/SSI where deposits may not be withdrawn or cancelled, and may only be used as payment for the funeral of the beneficiary.
The professionals at Flinch and Bruns are experts in the field of Medicaid Approved Burial Trusts and will advise you with a full understanding of the legal and financial aspects of this type of irrevocable account.
Understand Your Options:
There are many decisions that lead to a sound funeral pre-arrangement. At Flinch & Bruns, we are here to listen, advise, and support. There is no charge or obligation to discuss funeral arrangement options, by phone at 516 599-3600, or in person. Whether we meet in your home or ours, we are always available to help. Feel free to request our complimentary "Pre Planning Guide".