Prefunding Your Funeral--Why Would You Do That? | Retirement ...

A less-obvious item to include in your retirement planning is your funeral.?? We addressed preplanning your funeral in a previous blog entry. (see Preplanning Your Funeral?A Gift? )

Benefits of Prefunding your Funeral

Not only does it save your family from difficult decisions at a very stressful time when you gather and share your wishes for your funeral or cremation, but you might want to consider prepaying the service in advance also.? Why??

1. Prefunding can protect the family from inflation cost by locking in today?s prices.
2. These funded plans are flexible, and any leftover funds are returned to the estate.
3. Once funds are set aside for this purpose they can become an Irrevocable Funeral Trust which is a protected asset? protected from long-term care costs, not considered an asset for Medical Assistance determination.

Protections for Your Prefunded Funeral

Today there are laws which protect preneed funds in a safe, secure and efficient manner.? Although there are various funding options, the most common and inclusive is the use of a Preneed Insurance policy that is held in the insured?s name until the time of need.? Then the funds are paid to the funeral home of choice, even in another state.? States may have different laws.? Check a funeral home in your state for your options.

This may not be the first item on your list for retirement planning, but it impacts estate planning, financial planning, caregiving and long-term care planning.

Again, have a conversation with your family. ?Let them know what you want to do, and find out what is important to them.? ?They will appreciate your concern now and even more at that future stressful time. Contact a Funeral Preneed Specialist to gather information and assist you in putting funds aside safely for this purpose.? Next up, caregiving.

Information provided by Meg White Heintze, Funeral and Cremation Preneed Specialist?????????? 952-201-6504?? Heintze5@integra.net

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Source: http://www.retirementeducationplus.com/2012/02/prefunding-your-funeral-why-would-you-do-that/

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