Final Expense Trusts: What Are They and Why You & Your Clients Need Them? <ul><li>The Final Expense Trust – How to be a wi...
Steven Stanganelli ,  CRPC®, CFP® CERTIFIED FINANCIAL PLANNER ™ Professional CHARTERED RETIREMENT PLANNING COUNSELOR (SM) ...
PREPARING FOR THE INEVITABLE <ul><li>Comprehensive planning includes preparing for the inevitable. </li></ul><ul><li>Accor...
So What Is a Funeral Trust?  aka Final Expense Trust or Burial Trust A specific purpose insurance product that is  irrevoc...
Funeral Planning is … An often overlooked piece of the financial planning puzzle. Steve Stanganelli, MSF, CRPC, CFP  (Call...
Most Americans have never taken the time to fully discuss what would happen if they died today. There are a lot of decisio...
Why Consider Advanced Funeral Planning? More than 90% of Americans believe that pre-funding their funeral is a good idea.*...
Survey Says … A study from the National Funeral Directors Association found the following  regarding the most appropriate ...
But Nobody Wants to Go! The majority of advisors send their clients to a local funeral home  … NOBODY WANTS TO GO … It see...
Who Benefits with Pre-Planning? <ul><li>Those over the age of 55 </li></ul><ul><li>Adult children worried about their pare...
The Win-Win-Win <ul><li>CLIENTS WIN: </li></ul><ul><li>Peace of Mind that they have “handled” a taboo topic </li></ul><ul>...
Client Wins (continued) <ul><li>Creditor Protection – Cannot be attached by creditors, nursing homes, probate, estate taxe...
Funeral Trust Benefits - Summary <ul><li>Death benefits are paid to any funeral home so client is not tied to a specific p...
How the Funeral Trust Works Funeral Trust Funeral and Service Providers Excess Funds paid to Estate or Residual Beneficiar...
Comparing Methods of Pre-Funding * Consult with an elder law attorney to see if this product will work with your specific ...
List of possible goods and services qualifying for reimbursement: <ul><li>Basic Services of Funeral Director & Staff </li>...
Services qualifying for reimbursement (continued) Casket Alternative Container Outer Burial Container Transportation & Dri...
Steve Stanganelli, MSF, CRPC, CFP  (Call 978-388-0020 for more information) Lessen the burden for your loved ones by plann...
Safeguard Planning Benefits Steve Stanganelli, MSF, CRPC, CFP  (Call 978-388-0020 for more information) Planning Guide:  H...
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Preparing For The Inevitable Final Expense Trusts Presentation

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Final Expense, Burial, Funeral, Funeral Trust, Pre-Need Funding, Asset Protection, Medicaid Protection, Probate, Funeral Planning, Financial Planning, Elder Law, Estate Planning, Creditor Protection, Irrevocable Trust

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Preparing For The Inevitable Final Expense Trusts Presentation

  1. 1. Final Expense Trusts: What Are They and Why You & Your Clients Need Them? <ul><li>The Final Expense Trust – How to be a winner with final arrangement planning & funding </li></ul><ul><li>Protecting Assets from Creditors </li></ul><ul><li>Winning Through Communication, Collaboration & Preparation </li></ul><ul><li>Presented by Steve Stanganelli, MSF, CRPC, CFP ® </li></ul>Steve Stanganelli, MSF, CRPC, CFP (Call 978-388-0020 for more information)
  2. 2. Steven Stanganelli , CRPC®, CFP® CERTIFIED FINANCIAL PLANNER ™ Professional CHARTERED RETIREMENT PLANNING COUNSELOR (SM) Steve Stanganelli, MSF, CRPC, CFP ® Steve Stanganelli, a financial advisor since 1999, is a board-certified financial planning professional who has been awarded a five-star quality rating by Paladin Registry, an independent advisor rating service. Steve’s fee-only financial planning practice focuses on providing practical advice to help clients make smarter financial decisions to preserve and protect wealth. Steve holds the certification of CERTIFIED FINANCIAL PLANNER ™ and CHARTERED RETIREMENT PLANNING COUNSELOR designation. Steve earned his Master of Science degree in Finance (MSF) from Bentley College with high distinction and a BA with honors from the University of Massachusetts – Lowell. Practical Solutions for Everyday Life Call: 978-388-0020 Or 978-621-8268 Or Steve@focus-capital.com For More Information: www.paladinregistry.com Steve Stanganelli, MSF, CRPC, CFP (Call 978-388-0020 for more information)
  3. 3. PREPARING FOR THE INEVITABLE <ul><li>Comprehensive planning includes preparing for the inevitable. </li></ul><ul><li>According to the American Association of Retired Persons (AARP) website, funeral expenses and final expenses can easily exceed $10,000. </li></ul><ul><li>So, when the inevitable day comes, how will your family be prepared to pay for your funeral? </li></ul>Source: www.aarp.org , Preplanning Your Funeral Arrangements Steve Stanganelli, MSF, CRPC, CFP (Call 978-388-0020 for more information)
  4. 4. So What Is a Funeral Trust? aka Final Expense Trust or Burial Trust A specific purpose insurance product that is irrevocable, un-assignable and readily available to pay the actual costs of a person’s final funeral, cremation and related expenses. Proceeds from such a trust are portable and usable anywhere. In addition, assets assigned to the trust are protected from creditors and are compliant with Medicaid, SSI and VA benefits. Steve Stanganelli, MSF, CRPC, CFP (Call 978-388-0020 for more information)
  5. 5. Funeral Planning is … An often overlooked piece of the financial planning puzzle. Steve Stanganelli, MSF, CRPC, CFP (Call 978-388-0020 for more information)
  6. 6. Most Americans have never taken the time to fully discuss what would happen if they died today. There are a lot of decisions that have to be made and very little help in making those decisions. A trusted advisor or estate planning attorney is in a unique position to help clients make sure that they complete the final piece of the financial planning puzzle. Steve Stanganelli, MSF, CRPC, CFP (Call 978-388-0020 for more information)
  7. 7. Why Consider Advanced Funeral Planning? More than 90% of Americans believe that pre-funding their funeral is a good idea.* 12% of those surveyed have worked with a funeral home to pre-plan.** 71% of Americans would like to set aside funds with a trusted advisor. *** Sources: *American Funeral Director, January 2005 ** International Cemetery & Funeral Association, 2005 *** National Funeral Directors Association, Wirthlin Report, 1999 Steve Stanganelli, MSF, CRPC, CFP (Call 978-388-0020 for more information)
  8. 8. Survey Says … A study from the National Funeral Directors Association found the following regarding the most appropriate times to pre-fund a funeral: 80% find it appropriate to pre-fund when afflicted with a serious illness. 71% find it appropriate to pre-fund with their trusted advisor. 61% find it appropriate to pre-fund at retirement. 58% find it appropriate to pre-fund when planning retirement. 9% find it appropriate to pre-fund when solicited by a funeral home. Steve Stanganelli, MSF, CRPC, CFP (Call 978-388-0020 for more information)
  9. 9. But Nobody Wants to Go! The majority of advisors send their clients to a local funeral home … NOBODY WANTS TO GO … It seems ghoulish Yet, 90% of Americans believe that pre-funding is a good idea Steve Stanganelli, MSF, CRPC, CFP (Call 978-388-0020 for more information)
  10. 10. Who Benefits with Pre-Planning? <ul><li>Those over the age of 55 </li></ul><ul><li>Adult children worried about their parents </li></ul><ul><li>Those who are “plan ahead” types who don’t want to burden their </li></ul><ul><ul><li>Family at death </li></ul></ul><ul><li>Someone afflicted with a serious disease </li></ul><ul><li>Folks who recognize the need but don’t want to go to a funeral home </li></ul>Steve Stanganelli, MSF, CRPC, CFP (Call 978-388-0020 for more information)
  11. 11. The Win-Win-Win <ul><li>CLIENTS WIN: </li></ul><ul><li>Peace of Mind that they have “handled” a taboo topic </li></ul><ul><li>They do no have to visit a funeral home until the actual need </li></ul><ul><li>arises </li></ul><ul><li>A Guaranteed Issue insurance product for ages 0 – 99 from a </li></ul><ul><li>Best-rated company </li></ul><ul><li>Dollar for dollar coverage </li></ul><ul><li>Annual interest rate growth factor to help defray inflation costs </li></ul><ul><li>VA & Medicaid benefit compliant </li></ul>Steve Stanganelli, MSF, CRPC, CFP (Call 978-388-0020 for more information)
  12. 12. Client Wins (continued) <ul><li>Creditor Protection – Cannot be attached by creditors, nursing homes, probate, estate taxes or Medicaid </li></ul><ul><li>Tax-Free death benefits </li></ul><ul><li>Funds immediately available Next Business Day – no waiting for assets tied up by death or probate </li></ul><ul><li>No waiting for Death Certificate to release funds </li></ul><ul><li>Transferable and portable benefit usable at any funeral/cremation provider in the country </li></ul><ul><li>SSI Compliant </li></ul>Steve Stanganelli, MSF, CRPC, CFP (Call 978-388-0020 for more information)
  13. 13. Funeral Trust Benefits - Summary <ul><li>Death benefits are paid to any funeral home so client is not tied to a specific provider </li></ul><ul><li>Excess of actual costs will be returned to the client’s named beneficiary in the estate </li></ul><ul><li>Funds are protected from all creditors, probate, nursing homes, estate taxes and even Medicaid </li></ul><ul><li>Immediately excluded asset in order to qualify for Medicaid </li></ul><ul><li>A Trust transfer that is not penalized by Medicaid </li></ul><ul><li>Maximum policy limits up to $12,500 in most states ($25,000 in MA) </li></ul>Steve Stanganelli, MSF, CRPC, CFP (Call 978-388-0020 for more information)
  14. 14. How the Funeral Trust Works Funeral Trust Funeral and Service Providers Excess Funds paid to Estate or Residual Beneficiary Pre-Planning Funds Up to $12,500 * Guaranteed Issue Life Insurance Policy * Pre-Planning Funds can come from savings, 1035 Exchanges or investments and can create a trust or trusts with a cumulative value of $12,500 (or $25,000 in MA) Policy Assigned to Death Benefit GROWS – Tax Free! Submit claims and invoices Funds avoid probate and delays; Funeral expenses covered immediately Claims Paid Next Day Steve Stanganelli, MSF, CRPC, CFP (Call 978-388-0020 for more information)
  15. 15. Comparing Methods of Pre-Funding * Consult with an elder law attorney to see if this product will work with your specific needs and circumstances. Steve Stanganelli, MSF, CRPC, CFP (Call 978-388-0020 for more information) Benefits paid directly to any Funeral Home Protected from Probate Protected from Lawsuits & Creditors Protected from Income Taxes Protected from Medicaid Spend Down Savings NO NO NO NO NO Annuity NO YES Depends on State NO NO Traditional Life Insurance NO YES Depends on State YES NO Funeral Trust thru Specific Life Insurers YES YES YES YES * YES
  16. 16. List of possible goods and services qualifying for reimbursement: <ul><li>Basic Services of Funeral Director & Staff </li></ul><ul><li>Other Professional Services </li></ul><ul><li>Embalming </li></ul><ul><li>Care for the Deceased </li></ul><ul><li>Dressing, Cosmetology, Casketing </li></ul><ul><li>Funeral Home Facilities and Staff Services </li></ul><ul><ul><li>Viewing/Visitation </li></ul></ul><ul><ul><li>Funeral, Memorial and Graveside Services </li></ul></ul><ul><li>Merchandise </li></ul><ul><ul><li>Clergy Honorarium </li></ul></ul><ul><ul><li>Death Certificates </li></ul></ul><ul><ul><li>Musicians </li></ul></ul><ul><ul><li>Temporary Markers </li></ul></ul><ul><ul><li>Obituary Notices </li></ul></ul><ul><ul><li>Flowers </li></ul></ul><ul><ul><li>Clothing </li></ul></ul>Steve Stanganelli, MSF, CRPC, CFP (Call 978-388-0020 for more information)
  17. 17. Services qualifying for reimbursement (continued) Casket Alternative Container Outer Burial Container Transportation & Driver Cemetery Charges Steve Stanganelli, MSF, CRPC, CFP (Call 978-388-0020 for more information)
  18. 18. Steve Stanganelli, MSF, CRPC, CFP (Call 978-388-0020 for more information) Lessen the burden for your loved ones by planning ahead for the inevitable. Pre-funding your final expenses is extremely important and it is also necessary to record your final wishes, to lessen the burden on your family in one of their most difficult times. To learn more about safeguarding your legacy and the peace of mind offered through comprehensive planning, please call to arrange an initial consultation and review. New clients are eligible for complimentary benefits: Safeguard Your Legacy … Plan for the Possible … Prepare for the Inevitable Steve Stanganelli, MSF, CRPC, CFP ® 978-388-0020 or 978-621-8268
  19. 19. Safeguard Planning Benefits Steve Stanganelli, MSF, CRPC, CFP (Call 978-388-0020 for more information) Planning Guide: Helps you share with your loved ones the historical information about your life and family values you hope to pass on and keep alive. Planning Archive: Secure storage of important information needed to complete a Death Certificate and record final wishes to reduce the stress and confusion among family members during a difficult time. End of Life Planning Assistance: On call advisors to assist in guiding family members through the funeral planning process and assisting with price negotiation. Support for Survivors: On call advisors can recommend grief counseling programs as well as inform distant traveling family members about bereavement travel options and discounts available to them.

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