Pre-funding your funeral is way to shelter funds ahead of time to be used towards funeral related expenses at time of death. The funds grow over time and are not included as an asset to an individual that may need medical assistance.
Final expenses may be pre-paid in two basic ways:
Final expense insurance is a whole life insurance policy with an irrevocable assignment. This insurance is not included as an asset to an individual that may need medical assistance.
The Minnesota Department of Human Services implements policies regarding eligibility criteria for medical assistance (MA). The state law requires Minnesota to follow guidelines set by Supplemental Security Income (SSI). Your county social workers have information about MA in general. This information will focus on pre-funding your funeral and eligibility for MA.
The Minnesota Department of Human Services excludes life insurance policies and annuities in an unlimited amount that have been written for funeral or burial expenses if:
When using a trust to pre-fund your funeral, SSI guidelines divide the trust into two different sections:
If your county social worker has questions or concerns about this, please call Michaelson Funeral Home at 507-451-7943 and we can work with him or her.
As a unique service to the families we serve, we are pleased to offer Travel Protection as a part of certain pre funded funerals.
The Travel Protection is part of the insurance that is used for pre-funding funerals. It can be for virtually anyone who travels now or plans to travel in the future, as well as those who winter away from home. It gives families an additional amount of monies available at the time of death to help cover potential expenses incurred when death occurs away from home.
To arrange for a prefunded burial which includes travel protection, contact Michaelson Funeral Home (507-451-7943) or firstname.lastname@example.org) and we will be happy to meet with you to answer questions or fill out the necessary application form.
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Record the statistical information about yourself and your family so that your loved ones will not face this painful task while they are grieving. Spending 5-10 minutes now can greatly reduce the stress on your loved ones in the event of your death.
A funeral service is to help the living celebrate the life of the deceased. Often times questions arise concerning what they would have wanted. What type of service would you like? Where would you like memorial gifts sent? Take a few moments to record your wishes here. You are always able to update them later if your wishes change.
Write your own obituary. What a wonderful opportunity to review your own life. What did you hope to achieve. What were your proudest moments. Record it here for yourself as well as your loved ones. You can update it or replace it any time you wish.