Welcome to. Medicaid Planning with Irrevocable Funeral Expense Trusts. with Larry Weiss.

Transcription

1 Welcome to with Larry Weiss Medicaid Planning with Irrevocable Funeral Expense Trusts

2 Who is Krause Financial Services? For more than 25 years, Krause Financial Services has supported elder law attorneys throughout the nation to help qualify their clients for Medicaid benefits. Today, KFS is working with more than 700 elder law attorneys, processing more than 300 cases per month.

3 Introducing, The Krause Agency As a result of the high demand for similar services for insurance agents, we established: Operates as an affiliate company to Krause Financial Services, but dedicated to the unique needs of agents.

4 The Krause Agency Today, TKA is working with more than 300 insurance agents, processing more than 80 cases per month.

5 Why do insurance agents work with us? We have the exclusive on Medicaid compliant annuities 36 months or less Because we not only provide the products but the support to build your business. Provide client-specific complimentary planning letters (within 24 hours!) taking into consideration State s regulations

6 Meet Larry Weiss

7 National Guardian Life The Truth is that Agents and Financial Advisors Across the Country are making a nice extra income with the NEW FUNERAL TRUST This is a no brainer, I looked at the funeral trust two years ago, Should have started then This is Easy! By adding the Funeral Trust presentation to each senior client, my income was $ 6, Last month Extra Income

8 Medicaid Perfect fit for the Funeral Trust You don t have to be a Medicaid Expert This sale is simple and easy to explain to your clients It s not subject to the FIVE year look-back In most states you can fund up to $15,000 Elder Law Attorneys know the importance of funeral trusts Remember 93% of your clients don t have LTC Most attorneys are not insurance licensed Protecting funeral funds from Medicaid is your emphasis

9 Funding Methods Exchanges 2. 10% Free withdrawals from annuities 3. Cash Funeral Trust Exchanging Old Paid Up life policies into the Funeral Trust with the 1035 Exchange. Simple and Easy Sale! CHANGING COUNTABLE ASSETS TO EXEMPT ASSET.

10 Funeral Trusts Guaranteed Issued Policy Single Premium life policy Growth Factor Great Commissions Fast Turn Around Issue ages 0-99 Funeral Trust Assignment attached No Death Certificates Required Liquidity to pay funeral home

11 The Funeral Trust Product Issue ages 0-99 Single Premium life product No Underwriting Guaranteed Issued Trust is Furnished by insurance company Medicaid Exempt 1035 Exchanges SSI Exempt Premiums $1,000 - $ 15,000 * in most states Growth on Policy Simple Application

12 Who s Your Competition The Funeral Home Never Lose Business to the Funeral Home 1. The Funeral Home may go out of business by the time you need their services 2. You might move closer to your children for health care issues later in life 3. You might retire in Florida, Arizona, etc 4. The funeral home might merge with new owners you don t like. 5. The nice thing about our funeral trust is that it is FLEXIBLE and PORTABLE to any funeral home

13 Keep it Simple 1. Irrevocable Trust Agreement 2. Funds are paid first to the funeral home who actually provides the service. Excess funds go to the estate. 3. These funds can t be attached by creditors, such as: nursing homes, hospitals, Lawyers, or Medicaid 4. Income Tax Free Benefits upon death

14 The Funeral Trust Can add an Extra 7K or more monthly to your income Two Funeral $10,000 each Mr. and Mrs. Schmitt Ages 65 & 64 Commission - $3,200 approximately One Funeral Trust - $ 15,000 Mr. Fred Jones Age 72 Commission - $1, approximately Two Funeral $ 15,000 each Mr. and Mrs. Anderson Ages 75 & 73 Commissions - $3,600 approximately With 3 Cases Your Monthly Income is $ 8,750

15 Using Funeral Trusts for Medicaid Spend-down cases

16 $195,000 in bank $180, Set up funding for burial spaces to his (9) children and their spouses $ 10,000 per funeral trust $15,000 Funeral trust Medicaid Spend-down 18 funeral *Must have Goods and Service Agreement from a funeral home to be Medicaid exempt on children s burial spaces. Qualify for Medicaid Immediately

17 Two Options 1. Do Nothing and spend $195,000 on nursing home and then qualify dad for Medicaid. *Children will have to pay for his funeral 2. Fund Funeral Trust for Dad at $15,000 and then fund funeral trusts for (9) children at $10,000 and also to all (9) spouses at $10,000 each = $ 195, Option 2 Qualifies Dad for Medicaid Immediately

18 National Guardian A Great Opportunity Funeral Trusts

19 Q & A Please submit questions via the question box on your GoToWebinar dashboard

20 Join us on July 7, :00 3:00pm CDT How to Plan with Medicaid Compliant and Non- Compliant Annuities Toll-Free Phone (800)