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Do all States Allow Funeral Trusts?


All states, but two, allow Irrevocable Funeral Trusts as a means to lower countable assets for Medicaid eligibility purposes. These states are Michigan and New York. While IFTs are not available for this purpose, Irrevocable Pre-Need Funeral Agreements (or Pre-Paid Funeral Contracts) are permissible.


Max IFT Amount by State
Max. Value of Irrevocable Funeral Trusts / Contracts for Medicaid Eligibility by State Per Spouse – Updated Mar. 2024
Alabama$15,000 – requires Goods & Services Statement
Alaska$1,500
Arizona$9,000 – requires Goods & Services Statement
ArkansasNo limit – requires Goods & Services Statement
CaliforniaNo limit
ColoradoNo limit
Connecticut$10,000
Delaware$15,000 – requires Goods & Services Statement
FloridaNo limit
Georgia$10,000
HawaiiNo limit
IdahoNo limit
Illinois$7,981 – for Irrevocable Prepaid Burial Contracts – requires Goods & Services Statement
No Limit – for Prepaid Funeral Burial Contracts funded by the irrevocable assignment of life insurance – requires Goods & Services Statement
IndianaNo limit
Iowa$13,125 – without Goods & Services statement
No Limit – requires Goods & Services Statement
Kansas$11,360 – requires Goods & Services Statement (eff. 7/1/23-6/30/24)
KentuckyNo Limit – requires Goods & Services Statement
Louisiana$10,000 – requires Goods & Services Statement
Maine$12,000
MarylandNo limit
MassachusettsNo limit – requires Goods & Services Statement
MichiganN/A – A funeral trust must be purchased through a funeral home in order for it to be exempt.
MinnesotaNo limit – requires Goods & Services Statement
MississippiNo limit – requires Goods & Services Statement
MissouriNo Limit – requires Goods & Services Statement
Note: Up to $9,999.99 is exempt. Funds above this amount may not be exempt.
Montana$15,000
Nebraska$6,346
Nevada$15,000 – requires Goods & Services Statement
New HampshireNo limit – requires Goods & Services Statement
New JerseyNo limit – requires Goods & Services Statement
New MexicoNo limit – requires Goods & Services Statement
New YorkN/A
North CarolinaNo limit – requires Goods & Services Statement
North DakotaNo limit except that it cannot exceed the amount needed to pay for a funeral
OhioNo limit – requires Goods & Services Statement
Oklahoma$10,000
OregonNo limit
PennsylvaniaLimited to the average cost of a funeral in one’s area + 25% for extraordinary costs (approximate limit $12,271.88 – $27,782.50)
Rhode Island$15,000
South Carolina$15,000
South DakotaNo limit – requires Goods & Services Statement
TennesseeNo Limit – requires Goods & Services Statement
Note: Up to $6,000 is exempt. Funds above this amount may not be exempt.
Texas$15,000 – requires Goods & Services Statement
Utah$7,000
Vermont$10,000
VirginiaNo limit – requires Goods & Services Statement
WashingtonNo limit except the amount must be reasonable for the anticipated costs
Washington, DCNo limit
West VirginiaNo limit – requires Goods & Services Statement
Wisconsin$4,500, unless funded with a life insurance policy and then there is no limit – requires Goods & Services Statement
Wyoming$15,000 – requires Goods & Services Statement

 

The final expenses that Irrevocable Funeral Trusts can cover include:

        Burial plot

  • Casket / Burial vault
  • Cemetery fees
  • Clergy fee
  • Clothing
  • Cremation
  • Death certificate
  • Dressing and casketing
  • Embalming
  • Funeral home usage
  • Headstones / Monuments
  • Hearse / Limousines
  • Makeup and hairstyling
  • Musicians for service
  • Printed Death Notices
  • Service charge of funeral director and staff
  • Urn


Financial Services Offered:  Funeral Planning, Legacy Planning, Retirement Planning

Estate Planning, Medicaid Planning, Educational Planning, Business Planning, Payroll Deductions

 Employee Benefits, Charitable Planning, Mortgage Planning, Annual Reviews.


Financial Products Offered:  Irrevocable Funeral Trusts,  Life Insurance, Dental Insurance, Vision Insurance, Hearing Insurance, Accidental Insurance, Medicare Supplements, Trusts, Annuities, Cancer Insurance, Critical Illness Insurance,  Hospital Indemnity, Long Term Care Insurance, Disability Insurance, Medical Insurance, Buy-Sell Agreements, Group Benefits, Identity Theft Protection, Legal Planning.

         Funeral Planning

         Funeral Planning

Have you ever had to pay for a funeral? If so how much did it cost? Did you know that the national average exceeds 8,000? Did you know that a funeral is the third largest single purchase for most people? Did you know that Social Security only covers $255 toward a funeral if you qualify? Did you know that VA will only pay up to $749 for Non-Service Related Deaths if you qualify? Did you know that your household income will be cut by as much as 1/3 with the death of your spouse? Did you know that 70% of those who die did not leave behind a will? Did you know that 85% of those who pass left zero knowledge or financial means of last wishes? Is there a way I could take care of my funeral today and lock in the Cost forever so my love ones would not have to bare that responsibility? Yes as an organization its two things we always recommend:

            1)   Plan in Advance

            2)   Fund in Advance

         Contact us Today we can help!

           

          Legacy Planning

          Legacy Planning

Are you concerned about your Kids or grand kids future? Do you want them to attend college? Would you like to leave them a nest egg for the world? Are you raising a special-needs child? Are your kids prepared financially for that day when your not there? Would you like to leave a charitable contribution to your church? Do you own a business? If so do you have a buy-sell agreement set in place? Do you have a succession plan? Do you have business partners? If so when do they plan to retire? What is their plan? Are you leaving the business to the kids? If so what are the percentages? What will happen to your employees? What if you loose some or all of them to rival competition? Do you have a non-compete agreement plan set in place? Are your kids competent to run the business? We understand that these questions are daunting.

        Contact us today we can help!.

      Retirement Planning

      Retirement Planning

Are you ready to retire? Do you think you will out live your money? Can you afford to retire? When should I apply for Social Security? How should you take your Pension? How should you invest during retirement? What should you to do about health insurance? What should you do about an illness that requires long term care insurance? Where do you want to live after you retire? How should you arrange your estate to save money on taxes? How will you pay for healthcare? How will you generate cash when you stop working Are you considering selling your home? Are you married? If so when does you spouse plans to retire? What are your plans when one of you pass away? Do you plan to live by yourself? Do you plan to move in with the kids? Do you plan to enter into nursing home? What is you life expectancy from the age you plan to retire? We understand that these questions are daunting.

         Contact us today we can help!