This article discusses how some senior citizens are protecting their property while planning for death expenses by creating an irrevocable funeral trust. This column makes the argument that 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 can be used 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 be a good way to prevent the family of a decedent from being burdened with unexpected funeral expenses.
See John D. Ferenchik, Life Insurance And The Funeral Trust, LifeHealthpro, May 12, 2015.
Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.
