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The uses of a funeral trust

Nevada residents who are concerned about how they might pay for their funeral may want to consider a funeral trust. Planning a funeral ahead of time may help relieve loved of having to make difficult decisions while they are also dealing with grief. A funeral trust can help take care of finances.

A funeral trust may be irrevocable, which means it cannot be changed or canceled. However, there are advantages to an IRF. If people are trying to spend down assets in order to access government assistance for long-term care, they can place money in an IRF, and it will no longer be counted among their assets. The money in this trust has to be used for funeral expenses. A revocable funeral trust is also an option, and although it may not offer some of the benefits of an IRF, it can be changed or canceled by its creator.

People who have adequate assets to fund long-term care might not need funeral trusts. Another option is insurance that will pay for these costs.

How to pay for long-term care and funeral expenses is only one aspect of estate planning. Whether a person has only a few assets or a complex financial situation, estate planning is important, but even wealthy people may fail to make an adequate estate plan. Trusts in particular can be powerful estate planning tools for people at many different income levels. For example, a trustee might be given the discretion to distribute assets to a less financially responsible beneficiary. A special needs trust can be used to assist disabled loved ones without interfering with government benefits while a charitable remainder trust may help a person with a large estate reduce its worth and thus its tax.

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