Above & Beyond Benefits
4100 Victoria Street
Minnetonka, MN 55345
ph: (952) 935-1133
fax: (952) 378-2810
Susan
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NGL Funeral Expense Trust or NGL Estate Planning Trust
Trust Options:
NGL offers two trusts that can be used to protect money to fund funerals. You will pay no trusts fees and can use these NGL trusts in addition to any other Trusts you may already have. The trusts available are known as the NGL Funeral Expense Trust (FET) and the NGL Estate Planning Trust (EPT).
Why use an NGL Trust?
Our trusts allow you to set aside money to preplan for your funeral and other final expenses without having to visit a funeral home or select personal items, such as caskets and flowers.
Setting aside funds in advance to pay your funeral expenses may also be one of the most thoughtful gifts you'll ever give your family. Additionally, by pre-funding through insurance, you will gain peace of mind in knowing that your funeral will be paid for with tax-advantaged dollars. There are both single-premium and one-year pay plans available, depending on what type of payment is most comfortable for you.
In a survey by the National Funeral Directors association, 90% of respondents thought that pre-funding a funerals a good idea, and 71% said that they prefer to work with an advisor.
NGL Funeral Expense Trust
Allows policies up to $15,000.
Is protected from Medicaid at the time of application, once the policy is purchased and placed into the trust, it is generally considered an exempt asset for the purposes of qualifying for Medicaid, and should not be subject to the 60 month lock-back period.
The trust will pay funeral costs from a list of goods and services eligible for reimbursement
Any excess funds will be returned to the estate so it can be accessible for Medicaid Estate Recovery.
NGL Estate Planning Trust
Allows policies up to $50,000
Funds are subject to Medicaid's 60 month look-back period if the insured tries to qualify for benefits.
The trust will pay funeral costs from a list of goods and services eligible for reimbursement
Allows you to name a secondary beneficiary and have excess proceeds paid to them rather than to the estate.
If you'd like more information and a free book "The Answer Book for Funerals", please call.
Client Testimonial
A note received from a client after parents passed away:
"I just wanted to thank you for working with my parents several years ago. When they had to move from their home to assisted living, you showed them a way to ensure their funeral expenses and final wishes would be taken care of.
As you know, Dad left us early after the move to assisted living. However, Mom lived for some time in assisted living then the nursing home so all of her assets were liquidated and spent on her care.
Dad had purchased two irrevocable funeral expense trusts, one for himself and one for Mom, prior to their move to assisted living. Thus, Mom had a beautiful funeral service with all the details according to her wishes. My brothers and I were spared the stress of planning and paying for her funeral. We were able to celebrate her life as she had lived it, as a great Mom.
Thanks again for your help and support."
Sidenote: For this family we met with the parents and the children so everyone was aware of the decisions and wishes of the parents. This relieved the stress on the family at a time when emotions and pressures are high.
Copyright 2009 Above & Beyond Benefits. All rights reserved.
Above & Beyond Benefits
4100 Victoria Street
Minnetonka, MN 55345
ph: (952) 935-1133
fax: (952) 378-2810
Susan
