Essential End-of-Life Planning: Documents, Benefits, and Laws

Getting Your Ducks In A Row

Sean Patterson is a licensed Funeral Director and a Certified Preplanning Consultant through the National Funeral Directors Association. She became involved in funeral service in 1988 and has devoted her career to working with families before and after a death. Sean has an extensive 30 year background working for a casket company, several funeral homes, cemeteries, and a cremation society. In 2014, Sean took a position with Austin& Bell Funeral Home as a Family Service Counselor. Austin & Bell is the oldest funeral home in the State of Tennessee and is celebrating 175 years in business. Our topics for the Get Your Ducks In A Row seminar will include a slide show presentation with information about planning ahead for a funeral or cremation, necessary documents required at death, Prepaid funeral plans, Social Security and VA Benefits, Medicaid, Life Insurance, Living Wills, POAs, Wills, Healthcare POA s, organ donation, full body donation, and much more. We will also have a Q&A at the end of the talk to answer questions from the audience.

IMPORTANT LEGAL DOCUMENTS IMPORTANT LEGAL DOCUMENTS LIVING WILL (End of Life Decisions what you want/don t want) HEALTHCARE POA (Authorizes someone to speak for you may also include rights of disposition ) FINANCIAL POA (Authorizes someone to make legal and financial decisions for you ends upon your death) FUNERAL & CEMETERY ARRANGEMENTS (Selecting everything in advance) LAST WILL & TESTAMENT (Allocation/Distribution of estate and assets by executor Letters of Testamentary issued by court after death)

POSSIBLE BENEFITS ABAILABLE POSSIBLE BENEFITS ABAILABLE: SOCIAL SECURITY DEATH BENEFIT - $255 paid to surviving spouse SOCIAL SECURITY SURVIVOR BENEFIT Higher benefit of couple is paid *Any SS check paid after a death will be taken back by SS* VETERANS BENEFITS for honorably discharged veterans (DD214) Burial space and Opening/Closing (in VA cemetery) no cost Burial space (in VA cemetery) for spouse no cost Outer burial container for both vet/spouse no cost 1 Upright Marker vet/spouse (at VA cemetery) no cost Footstone or Bronze plaque for granite no cost 3 Certified Death Certificates no cost Flag for casket and military Honors no cost Death benefit ONLY if receiving VA pension VA never pays for funeral unless soldier is killed in line of duty

MEDICAID LAWS MEDICAID LAWS Medicaid looks back 5 Years from application to review all assets and any financial or real estate transfers that could disqualify the patient from benefits (Private Pay) Medicaid will not allow the patient to have more than $2000 liquid assets (which includes Bank accounts, Savings accounts, Credit Unions, Money Market, CD s, Stocks, Bonds, IRA, 401K, Pension Plans, or cash value of life insurance, etc.) Medicaid can place a lien on your home, farm, or any real estate for future payment Medicaid will review life insurance policies and may require you to cash out (terminate) policy(s) to pay nursing home Medicaid will allow a pre-funded irrevocable funeral plan

CEREMONIES AND DISPOSITION CEREMONIES AND DISPOSITION *FUNERALS Are to Celebrate and Remember a life well-lived, to mourn the loss and begin the healing process for loved ones *CREMATION What is involved Who can legally authorize a cremation *CEMETERY Restrictions/Requirements *ORGAN DONATION Donor can still have open casket/viewing *ANATOMICAL DONATION Must be pre-registered and have a Plan B if donation is refused

Benefits of Advance Funeral Planning GIVES YOU PEACE OF MIND: Those who make thoughtful provisions for their loved ones gain a sense of peace and security. HELPS YOUR FAMILY DURING A DIFFICULT TIME: It makes sense to plan ones own funeral when emotions are at rest. It is the ultimate act of love and consideration. PROVIDES YOUR FAMILY THE TIME TO FOCUS ON THEIR EMOTIONAL NEEDS: A funeral is a big part of the grieving process. Having your plans in order allows them to focus on each other and start the grieving process without having to make those tough decisions.

Benefits Of Advance Funeral Planning (cont.) ALLOWS YOU TO EXPRESS YOUR OWN WISHES: You can document your wishes and provide a meaningful and memorable funeral for your family and friends. Your wishes will be know and your family will not have to worry if they have made the right decisions. A THOUGHTFUL AND SOUND FINANCIAL DECISION: Advance funeral funding can save you money, assures that the funds will be available to cover the cost of the funeral and removes the concern and worry from your family.

Four Simple Steps That Can Give Your Family The Ultimate Gift Of Love Complete a record of personal, biographical and statistical information 1 2 Create a well-designed ceremony 3 Select merchandise (casket, vault, urn) Provide advance funding 4

STEP 4 Funding Options ~Single Pay~ ~Payment Plan~ 3 Year 5 Year 7 Year 10 Year

Benefits of Funding A Funeral Pre-Plan Guards Services and Merchandise Against Inflation (The national inflation rate on a funeral is 5% per year) Example: Funeral Price Today $10, 000 (example) Same Funeral In 10 Years $16,289 Same Funeral In 20 Years $26,533

INSURANCE: UNDERSTAND THE TYPE YOU HAVE INSURANCE: UNDERSTAND THE TYPE YOU HAVE WHOLE LIFE Low premiums, Level benefit (never increases), Never paid in full, Usually has limited benefit period (TV Alex Trebec), Builds Cash Value which will be counted as an asset by Medicaid TERM LIFE Very high amounts for very low premiums, Has a beginning and an end date, Premiums double every time a new term is started. No cash value, Does not increase, Most term policies are dropped DECREASING BENEFIT Mortgages have decreasing benefit coverage that reduces as the principle reduces. Premiums are level throughout the life of the mortgage INCREASING BENEFIT Face amount increases and continues to grow until death which will keep inflation in check

Benefits of our Plan Your services and merchandise are guaranteed by Austin & Bell Funeral Services regardless of future costs! Our funeral trust is tax exempt Our funeral trust is portable Our funeral trust is exempt from nursing homes and Medicaid Our funeral plan will make a time of family crisis much less stressful for your loved ones

What Happens With My Money If I Choose To Fund? 1. You choose a payment option 2. A contract is made with Austin & Bell Funeral Service 3. Money is held in a state regulated insurance trust account that is not accessible until after your death 4. Services are provided at the time of need 5. Austin & Bell submits the bill to your trust for payment 6. Your family is relieved from emotional and financial burdens

But how many ways are there to actually take care of a funeral???

The OLD Way The NEW Way 2 WAYS How will you leave your family?

Common(And Sometimes Comical)Objections to Planning Ahead!!! I ll do it some day --- when I get around to it! The government will take care of me! I m a Veteran. The government will take care of me! I m going to donate my body to science! Just throw me in a ditch . I don t care what happens to me! I m not going to die! I m waiting for the Rapture!!! My Kids can take care of this! My Family knows what I want! I have plenty of money! I have plenty of insurance! The funeral home can wait on my money until my estate is settled! It will make me die sooner! I m too young to think about this! I don t like thinking about my own death!

Life is Short Life is Short Eat Dessert Eat Dessert First First

Thank you for attending today s seminar.