Burial Space Items are funded funeral policies that can be useful tools to assist in qualifying for Medical Assistance, and can also be great gifts for your loved ones. Burial Space Items include: Cemetery spaces, Urns, Vaults, Crypts, Caskets, Headstones, Grave Opening and Closing and Perpetual Care. Burial Space Items can be purchased for certain family members. The qualified family members include: spouses, parents, children and their spouses, siblings and their spouses, step-children and their spouses, and persons related by adoption.
Burial Space Items must be drafted in a specific way to be Medical Assistance compliant. The Burial Space Items contracts need to be paid in one lump sum. All funeral service expenses and cash advance items must be separate from your Burial Space Items contract. The person paying for the Burial Space Items is the owner and you will not be able to transfer ownership of your Burial Space Items contract to any other person.
If the recipient dies before the owner of a Burial Space Items contract; the deceased family member must use the funds for the items specified in the contract. If the owner passes before recipient, then the recipient may use the funds towards their total funeral expense. It is important to remember, as the owner, the value of your Burial Space Items can be included in your estate, having your Burial Space Items structured correctly will ensure it is not a probate asset.
Before purchasing anything it is a good idea to shop around and do research on who will be handling your Burial Space Items. Make sure they are familiar with Medical Assistance guidelines and what is required of you.
lease contact us with any questions or concerns we are more than happy to assist you in the planning of your Burial Space Items.