The cost of long-term care, particularly skilled nursing care, is devastating to many estates. That cost, averaging $7000 per month in northeast Ohio, can erode or completely eliminate the assets which you have accumulated over a lifetime of work. One of the more devastating aspects of this cost for American families is not leaving enough behind to pay for funeral and burial expenses. Under Ohio law, if you prepay your funeral and burial costs in a manner such that you cannot get the money back, that money is not a “countable resource” for Medicaid qualification purposes.
That means that the money which you have prepaid for funeral and burial costs does not have to be spent down for in order for your family to pay for the cost of a nursing home. That relieves your family from the pressure of having to scramble to find enough money to pay for the final expenses. Paying for a funeral in advance can be accomplished in two ways: first, you can prepay it at a funeral home. Secondly, you can prepay it using a “funeral trust”, thereby setting aside the money in a safe way for the payment of these very necessary expenses.
The bottom line is, paying in advance for funeral and burial—an expense which is inevitable for all of us—is just one more way to give you and your family peace of mind.
- The Inflation Reduction Act - September 13, 2022
- How Do I Trust Thee…Part II - July 1, 2022
- How Do I Trust Thee…Part I - July 1, 2022
