A good way for senior citizens to protect their property while planning for death expenses is to create an irrevocable funeral trust. This is a good asset protection strategy that is often used in crisis planning situations. The first component of an irrevocable funeral trust is whole life insurance which is a good way to avoid probate costs and taxes. The second component is the trust itself which is a legal agreement to set aside funds for funeral costs. Speaking to clients about funeral trusts may prevent the family of a decedent from being burdened with unexpected death expenses.
See John D. Ferenchik, Life Insurance And The Funeral Trust, LifeHealthpro, May 12, 2015.
Special thanks to Jim Hillhouse for bringing this article to my attention.
