A final expense plan (sometimes called a prepaid funeral and/or burial insurance plan) is a way to protect your assets from Medicaid and creditors, and most importantly, provides assurance that your loved ones will not be burdened with funeral and burial costs during their time of mourning.  BLS Advisors will guide you through the final expense plan process to help you make the best decisions for you and your family.  The BLS Advisors final expense plan details include:  

• The final expense plan holds your assets in an irrevocable funeral trust.
• The assets in the irrevocable funeral trust are earmarked for prepaid funeral and burial expenses.
• Assets in the trust do not count as an asset for Medicaid eligibility purposes and are exempt from the five year look back period.
• Assets in the trust grow at a rate of 2% to guard against inflation.
• A final expense plan can be funded by direct payment, withdrawal from an annuity, or the use of a 1035 Exchange to turn over an old insurance policy into the fund. 
• Upon your passing, a loved one sends a copy of the itemized bill and a copy of the death certificate to the insurance company.  A check will then be mailed to the funeral company.  In some states, assets in the burial insurance plan that are not used for funeral and burial costs will be passed to the state, so it is important not to overfund the expense plan. 

We will be glad to help you determine if the final expense plan fits your needs.  If you think you need burial insurance or have additional questions please contact us today!