Inheritance Brokering FAQ

Here you will find answers to the most commonly asked questions as explained by our primary funding company. If you have any other questions, please feel free to contact us and ask. Please call a broker toll free at 800.201.5023 or 305.460.3397 or email at Info@MMasterRES.com.

Commonly asked questions

Who is eligible to receive a cash advance from IFC?
What does IFC receive in return for the cash advance?
When does IFC get paid?
Are there any application fees?
Will credit problems prevent an heir from getting an advance?
Are monthly payments required to repay the advance?
What if there are insufficient funds in the estate or trust to pay IFC?
What happens if a previously unknown creditor makes a claim on the estate?

Q: Who is eligible to receive a cash advance from IFC?
A: An heir who will be inheriting at least $17,000 from a probate which is already open or is currently being opened; or a beneficiary of a trust who will be receiving at least $17,000 in distribution(s) from the trust within three years. The trust instrument must not limit the beneficiary's right to assign an interest in future trust distributions (a so-called "spendthrift clause").

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Q: What does IFC receive in return for the cash advance?
A: In return for a present cash payment from IFC, the heir or beneficiary sells to (technically, "assigns to") IFC the right to receive a fixed amount of money out of the heir or beneficiary's share of the estate or trust.

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Q: When does IFC get paid?
A: IFC is paid directly from the estate or trust upon distribution. Funds not needed to satisfy the assignment are distributed directly to the heir or beneficiary.

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Q: Are there any application fees?
A: No. Fees are charged only for funded deals, and are deducted from the advance.

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Q: Will credit problems prevent an heir from getting an advance?
A: IFC obtains a credit report in preparing a case for funding, primarily to determine that there are no judgments, child support or bankruptcy proceedings that might interfere with payment of the assignment. A poor credit record alone, including delinquencies, discharges in bankruptcy, foreclosures, etc., will generally not prevent an heir or beneficiary from receiving an advance.

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Q: Are monthly payments required to repay the advance?
A: No. IFC is paid directly and in full from the estate or trust at the time distribution is authorized.

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Q: What if there are insufficient funds in the estate or trust to pay IFC?
A: This is one of the risks IFC assumes when it accepts an assignment from an heir or trust beneficiary. The heir or beneficiary who gives true information on the application and honors the assignment agreement has no personal liability for payment of the advance.

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Q: What happens if a previously unknown creditor makes a claim on the estate?
A: This is one of the ways a trust or estate may end up with insufficient funds to pay IFC in full, and it is a risk IFC assumes. IFC can only receive those distributions from the probate or trust that are due to the heir or beneficiary. Medical claims arising from the last illness are a major concern. IFC absorbs the loss and has no recourse to the heir?unless the heir or beneficiary was aware of the claim(s) and failed to tell IFC about it in the application process.