Using a Pre-Paid Funeral Contract to Spend Down Assets for Medi-Cal
No one wants to think about his or her death. However, a little preparation in the form of a prepaid funeral contract can be useful. In addition to helping your family after your passing, a prepaid funeral contract can be a good way to spend down assets in order to qualify for Medi-Cal.
A prepaid contract allows you to purchase funeral goods and services before you die. The contract can be entered into with a funeral home or cemetery. Prepaid funeral contracts can include payments for embalming and restoration; a room for the funeral service; a casket, vault or grave liner; cremation; transportation; permits; a headstone; a death certificate; and an obituary, among other things.
One benefit of a prepaid funeral contract is you are paying now for service that may increase in price-possibly saving your family money. You are also saving your family from having to make arrangements after you die, which can be difficult and time-consuming.
Another benefit is it can be a way to spend down your assets. Medi-Cal applicants must spend down their available assets until they reach the qualifying level ($2,000 if you are single or your spouse is already in a nursing home). By purchasing a prepaid funeral contract, you can turn available assets into an exempt asset that will not affect your eligibility.
For information from the Federal Trade Commission on shopping for funeral services, see: https://www.consumer.ftc.gov/article/pdf-0056-funerals.pdf.
Ms. MacDonald’s practice is limited to Estate Planning, Probate & Trust Administration. Ms. MacDonald maintains her practice in the Santa Clarita Valley at 25115 Avenue Stanford, Suite A-209, Valencia, California. She can be reached at 661-294-6464.
ADVERTISE WITH US
May the Cure Be with You – American Cancer Society Relay For Life® of Santa Clarita Valley
In 1999, the American Cancer Society Relay For Life® of Santa Clarita Valley held its inaugural Relay with the unforgettable and inspiring Heather Warrick as SCV ACS council president. Relay For Life of Santa Clarita Valley has since raised more than $8.6 million to...
Child & Family Center Taste of the Town Cheers to 35 Years!
May 5, 2024 marks the 35th anniversary of Child & Family Center’s Taste of the Town. This year we return to the beautiful Blomgren Ranch nestled in the hills of Santa Clarita. Voted Best Charity Event, this all-inclusive premier food, wine and beer tasting event...
51st Annual Frontier Toyota Henry Mayo Golf Classic Tee Up For A Good Time
Henry Mayo Newhall Hospital’s signature fundraising event is in full swing, we look forward to seeing everyone on Saturday, May 11th! The 51st Annual Frontier Toyota Henry Mayo Golf Classic will be held at the beautiful Valencia Country Club Our Golf Classic benefits...
ABOUT THE MAGAZINE
Santa Clarita Magazine has set a high standard for excellence in advertising for over 34 years. A family owned and operated business, Santa Clarita Magazine has grown with the Santa Clarita Valley since 1990 and become the #1 place to advertise locally.
FOLLOW US
SANTA CLARITA MAGAZINE
PO Box 801570
Valencia Ca 91380
For Advertising information
Call or Text: 1 (661) 294-4444