Dale M Krause
Expert
Unity Financial offers an irrevocable funeral trust (IFT), an excellent option for individuals who want to prepare for their final expenses and protect their legacy. The IFT provides several benefits, including asset protection, Medicaid eligibility, avoiding probate, customization, and peace of mind.
When you establish an IFT, the funds you contribute are exclusively reserved for funeral and burial expenses and protected from creditors. This protection ensures that the funds you intend to use for funeral expenses remain intact and can't be accessed for other purposes.
An IFT also helps you qualify for Medicaid while having funds available for funeral costs. Medicaid has strict asset limits, but an IFT enables you to meet those requirements by excluding trust assets from your countable resources.
Assets held in an IFT bypass the probate process, so your loved ones can access the funds directly without going through the court system. Additionally, you have control over how the IFT is structured, and you can choose beneficiaries, specify funeral preferences, and even select funeral service providers. This customization ensures that your wishes are followed.
Finally, an IFT provides peace of mind, knowing that your funeral expenses are covered and your loved ones won't face financial strain during a difficult time. It allows you to focus on other aspects of life without worrying about these practical matters.
Remember that an IFT is irrevocable, meaning you cannot change or revoke it once established. It's essential to consult with a financial advisor or estate planning professional to determine if an IFT aligns with your goals and circumstances. They can guide you through the process and help you make informed decisions.
When you establish an IFT, the funds you contribute are exclusively reserved for funeral and burial expenses and protected from creditors. This protection ensures that the funds you intend to use for funeral expenses remain intact and can't be accessed for other purposes.
An IFT also helps you qualify for Medicaid while having funds available for funeral costs. Medicaid has strict asset limits, but an IFT enables you to meet those requirements by excluding trust assets from your countable resources.
Assets held in an IFT bypass the probate process, so your loved ones can access the funds directly without going through the court system. Additionally, you have control over how the IFT is structured, and you can choose beneficiaries, specify funeral preferences, and even select funeral service providers. This customization ensures that your wishes are followed.
Finally, an IFT provides peace of mind, knowing that your funeral expenses are covered and your loved ones won't face financial strain during a difficult time. It allows you to focus on other aspects of life without worrying about these practical matters.
Remember that an IFT is irrevocable, meaning you cannot change or revoke it once established. It's essential to consult with a financial advisor or estate planning professional to determine if an IFT aligns with your goals and circumstances. They can guide you through the process and help you make informed decisions.