The document discusses final expense planning and funeral pre-planning. It notes that 34% of Americans aged 50+ have preplanned their own funeral and 24% have prepaid some funeral expenses. It then outlines common options for paying for a funeral such as life insurance, savings, loans, or relying on family, but notes a better option is a funeral expense trust. The trust allows prefunding of funeral costs and protects the funds from creditors or consideration for Medicaid eligibility. The document provides an overview of average funeral costs and how an irrevocable funeral trust works to prepay costs and avoid probate.
If the only certainties in life are death and taxes, a big uncertainty is how the later years of life will play out. We all hope for many years of both physical and mental health, but we’ve seen in our own families what happens when loved ones become ill or lose cognitive function. We’ve also seen what this can mean in terms of finances, care and stress on families.
Fortunately, we can all take steps to plan for the aging journey, whatever challenges we may encounter. Proactive planning can help ensure having the financial resources to make sure you have choices when and if you need assistance in the future.
Powerpoint from Greg Matis at Community ForumKPCWRadio
Greg Matis, Senior Counsel for Intermountain Healthcare, presents information on the Affordable Care Act at the KPCW and Intermountain Park City Medical Center Community Forum on Healthcare Reform. December 2, 2013. These slides are referred to in an accompanying podcast.
If the only certainties in life are death and taxes, a big uncertainty is how the later years of life will play out. We all hope for many years of both physical and mental health, but we’ve seen in our own families what happens when loved ones become ill or lose cognitive function. We’ve also seen what this can mean in terms of finances, care and stress on families.
Fortunately, we can all take steps to plan for the aging journey, whatever challenges we may encounter. Proactive planning can help ensure having the financial resources to make sure you have choices when and if you need assistance in the future.
Powerpoint from Greg Matis at Community ForumKPCWRadio
Greg Matis, Senior Counsel for Intermountain Healthcare, presents information on the Affordable Care Act at the KPCW and Intermountain Park City Medical Center Community Forum on Healthcare Reform. December 2, 2013. These slides are referred to in an accompanying podcast.
There are many decisions loved ones must make immediately following a loss. Putting together a final expense program with a licensed professional so their loved ones won’t have to worry about financial pitfalls that accompany these important decisions will help ease their mind and their potential burden.
Life Insurance Trusts and Charitable Planning Techniquesscoop85
Learn techniques to provide protection for life insurance proceeds against estate tax exposure and creditors, and how to integrate charitable planning techniques that benefit the client and their family as well as selected charities.
Does Medicare Pay for Long-Term Care in New YorkMark Eghrari
For many, the solution is Medicaid. This program does pay for living assistance if you can qualify, but it is only available to people with limited assets. Many people obtain eligibility through a process called a spend down. Learn more about long-term care in New York in this presentation.
Breaking Up is Hard To Do - Planning issues when untying the knot - presented by lawyer Jane Shanks, VP Assante Wealth Management to the Estate Planning Council of Abbotsford on September 17, 2014.
A brief overview of the issues that retiring baby boomers face, and why reverse mortgages, when understood, are uniquely suited to solve those issues. Links & Citations from slides -
Reverse Mortgage Guide - https://mortgagemonks.com/guides/reverse-mortgage-guide/
How does a reverse mortgage work? - https://mortgagemonks.com/how-does-reverse-mortgage-work/
Long term effects of a reverse mortgage - https://mortgagemonks.com/reverse-mortgage-information/
Pros & Cons - https://mortgagemonks.com/reverse-mortgage-pros-and-cons/
Citations:
http://www.cnbc.com/2015/04/13/retiring-well-not-most-baby-boomers.html
http://blogs.wsj.com/economics/2015/10/26/baby-boomers-hugely-underestimate-what-they-need-for-retirement/
https://www.bogleheads.org/wiki/Surveys_of_retirement_spending#Average_spending_by_age_ranges_-_CE
This pamphlet which is based on Wisconsin law is issued to inform and not to advise. No person should ever apply or interpret any law without the aid of a trained expert who knows the facts, because the facts may change the application of the law.
There are many decisions loved ones must make immediately following a loss. Putting together a final expense program with a licensed professional so their loved ones won’t have to worry about financial pitfalls that accompany these important decisions will help ease their mind and their potential burden.
Life Insurance Trusts and Charitable Planning Techniquesscoop85
Learn techniques to provide protection for life insurance proceeds against estate tax exposure and creditors, and how to integrate charitable planning techniques that benefit the client and their family as well as selected charities.
Does Medicare Pay for Long-Term Care in New YorkMark Eghrari
For many, the solution is Medicaid. This program does pay for living assistance if you can qualify, but it is only available to people with limited assets. Many people obtain eligibility through a process called a spend down. Learn more about long-term care in New York in this presentation.
Breaking Up is Hard To Do - Planning issues when untying the knot - presented by lawyer Jane Shanks, VP Assante Wealth Management to the Estate Planning Council of Abbotsford on September 17, 2014.
A brief overview of the issues that retiring baby boomers face, and why reverse mortgages, when understood, are uniquely suited to solve those issues. Links & Citations from slides -
Reverse Mortgage Guide - https://mortgagemonks.com/guides/reverse-mortgage-guide/
How does a reverse mortgage work? - https://mortgagemonks.com/how-does-reverse-mortgage-work/
Long term effects of a reverse mortgage - https://mortgagemonks.com/reverse-mortgage-information/
Pros & Cons - https://mortgagemonks.com/reverse-mortgage-pros-and-cons/
Citations:
http://www.cnbc.com/2015/04/13/retiring-well-not-most-baby-boomers.html
http://blogs.wsj.com/economics/2015/10/26/baby-boomers-hugely-underestimate-what-they-need-for-retirement/
https://www.bogleheads.org/wiki/Surveys_of_retirement_spending#Average_spending_by_age_ranges_-_CE
This pamphlet which is based on Wisconsin law is issued to inform and not to advise. No person should ever apply or interpret any law without the aid of a trained expert who knows the facts, because the facts may change the application of the law.
PRIV Security: How BlackBerry PRIV Safeguards Your DataBlackBerry
The Privilege of Android™ Privacy: How PRIV™ Safeguards Your Data
This 10-page guide provides an overview of PRIV's key security components and explains what makes it secure and how it protects your privacy.
PRIV combines the superior privacy and security you’ve come to expect from BlackBerry with the flexibility of Android’s ecosystem and apps. It protects your mobile experience from the device level up to the application level, and offers a powerful suite of tools through which you can take charge of your private data. The end result is a device that you can trust will offer you better protection from threats against your apps, networks, and – most importantly – personal information.
For Those Who Want to Prosper & Thrive in Retirementfreddysaamy
http://ekinsurance.com/financial/retirement/
Our core capital should be designed to outlive us. In fact, it’s important for you to start thinking about your money in terms of it outliving you, not the other way around. You don’t want to outlive your money.
With the cost of Long Term Care Insurance continuing to rise, advisors look for new ways to deliver meaningful solutions to address the needs of the clients at death… and during their lives. We’ll take a closer look at what’s going on in the LTC Marketplace, and what solutions are appropriate to meet the needs of your high net worth clients.
http://ekinsurance.com/personal/how-to-buy-long-term-care-insurance/
Statistics indicate that over half of all people over age 50 will require long-term care.
Long-term care (LTC) goes beyond medical care to include
all the assistance you could need if you ever have a chronic
illness or disability that leaves you unable to care for yourself
for an extended period of time (longer than 90 days). While
older people generally require the most long-term care services,
40% of long-term care claims are paid to someone under the
age of 64.* A young or middle aged person who has suffered a
debilitating illness or accident may also require care.
Is planning for Long Term Care something that you have been putting off? Maybe never crossed your mind? Take a few minutes to look at "Long Term Care Planning 101" and learn about the three and only three ways to pay for care.
9. How a Funeral Trust Works Life Insurance Policy Irrevocable Funeral Trust Pre-Planning Funds Use money from Savings, CDs, etc . . . Protected funds earn tax-free interest until time of need Policy Assigned to Policy Value GROWS! Claim Paid Funds avoid probate costs and delays; expenses covered immediately Excess Funds Paid to Estate Funeral Provider Paid Within 48 Hours
10. Fund Protection Irrevocable Funeral Trust Creditors Nursing Homes Probate Medicaid* * Eligibility varies by state.
11. How the Trust Compares * Some state regulations apply; please consult your legal advisor. ** Unless put into trust for funeral expenses. No No No** No No Yes* Excluded asset in order to qualify for Medicaid & SSI No No No** No No Yes Funds protected from creditors No No Yes No Depends Yes Defined growth rate No No Yes Yes Yes Yes Principal guaranteed No No Yes Yes Depends Yes Free of market risk No No No No No Yes Federal Income Tax-free death benefits Depends Depends Depends Depends Yes Yes Proceeds avoid probate costs Mutual Funds Money Market CD Savings Account Annuity NGL’s Final Expense Trust
Think about some of your life’s most memorable milestones: getting married, starting a family, getting an education, or simply saving for something special: your dream vacation, perhaps, or a home of your own. These events don’t just happen. You consider options. You plan. You save. . .
The same smart thinking that made you plan ahead for the expense of college applies to funerals, too. More and more each year, people just like you are taking the time to think about how they will be remembered; taking the time to make decisions now, instead of leaving them for their loved ones.
Planning for one’s funeral is not high on most people’s list of priorities. Many people say they’ll “get around” to it, but never do. Putting off such a critical decision can lead to an added burden on families, who will be left to plan and worry about finances in the midst of grieving. Just remember – you don’t have to get overwhelmed with the details to make a HUGE difference for your families. By making a few key decisions today, such as setting money aside for the purpose, you’re paving a smoother road for the ones you love.
It has become common practice for funeral homes to require payment in full on the day of a memorial service. How will your loved ones pay the expense? Traditional life insurance is one option, but that money is generally intended to cover ongoing family expenses. In addition, there is often a lag between the claim time and the payout, leaving your family to cover costs in the meantime. There is also the possibility of using personal savings, but what if medical costs have depleted that source? Finally, a credit card or loan may be an option, if credit is available to those planning, but there are interest charges to consider. However, there is a better way take charge of your final expenses . . .
A carefully planned and funded funeral expense plan sets aside money specifically for your funeral. There’s no loan, no “tapping” of personal assets, and by assigning the policy to a trust account, the money is secure from all creditors.
While funeral costs are not inexpensive, they may actually be less than you think. A study by the U.S. Senate found the average funeral cost to be around $8,500. But if the unexpected were to happen, where would that money be found?
Even if you have the funds on-hand now, who’s to say that they will STILL be readily available in your time of need? Long-term care is a major expense and a growing concern as we age. In fact, 43% of Americans older than 65 will need nursing home care at some point - an expensive situation to be in. You may need medical assistance to help pay for this care . . . But will you QUALIFY? By using a trust to set aside funds for your funeral, you are effectively “spending down” your assets, preventing them from being counted as excess monies and, possibly, from being disqualified from Medicaid.
Here’s how the trust works: Determine the amount of money you’ll need to provide the funeral you want and purchase a life insurance policy in that amount or higher. Then, simply assign the policy to the NGL Funeral Trust. By irrevocably assigning this policy to the trust, the trust becomes owner and beneficiary, and the funds become excluded from your assets, protecting them from creditors and Medicaid. The policy amount increases, tax-free, until the time of need, is free from probate costs and delays, and is quickly paid out to the funeral provider to immediately cover expenses. Any excess funds are then disbursed to your estate.
The NGL Funeral Expense Trust is packaged very simply with an NGL Single Pay Life Insurance Policy. And, it is offered free of charge! Simply assign your policy to this trust in the same transaction as your purchase, and the money is completely protected so it will be there for any funeral needs - protected from all creditors, nursing homes, probate and even Medicaid.
While Annuities are a good way to fund RETIREMENT, they may not be the best way to pay for final expenses, as your heirs will eventually have to pay tax on any growth. Savings accounts, CDs and Money Market accounts are subject to yearly Federal Income Tax, and require you to file an annual 1099. Mutual Funds are affected by continual market fluctuation. Compared to all of these, Final Expense Trusts are the ONLY accounts that can help protect your assets against Probate, Lawsuits, Creditors, Income Tax AND Medicaid “Spend-Down”. In addition, the benefits are paid directly and immediately to the funeral home, avoiding probate delays and sparing your family any additional stress.
National Guardian Life Insurance Company, or NGL, is a mutual company based in Madison, Wisconsin. With a hundred-year history of excellent service and financial stability, we are proud to be a company you can trust. A less tangible, but equally important asset is our outstanding industry reputation, with “ ‘A-minus’ Excellent” ratings from AM Best - the gold standard in independent review companies.
You’re just three easy steps away from peace of mind. Start by contacting your trusted Financial Advisor. Once you’ve decided on your financial plan, establish a trust-protected final expense policy from existing funds or by transferring from traditional life insurance. You can even add funds in installments for one year! If you decide to preplan, in addition to prefunding, ask for an NGL Funeral Planning Guide. This easy to follow, three-step guide will help you record basic information your family will need, as well as allow you to outline any wishes you may have for a service. You may even decide someday to go the extra mile and meet with a funeral planning professional to make a more detailed plan.
Final Expense planning is the wise and considerate choice for your loved ones. Don’t leave financial burden as your legacy; NOW is the perfect time to start planning for the future.