“We plan for life’s major events – graduations, birthdays, anniversaries, weddings, vacations, retirement etc.
So why not plan for the inevitable?”
– “Funeral Funding Made Simple” Scott Behan
Pre-planning your final wishes is simply taking the time to discuss and document them. Pre-funding your final wishes is an additional step so as to not burden family members at that time. Mountain Memorial Funeral Home helps many with one or both of these.
Beyond the obvious decision of burial/green burial or cremation, there are other decisions that you can make when documenting your wishes: what type of casket or urn, final resting place, grave marker, type of service, where to hold service, kind of music, where to send memorial donations, special requests or considerations. Mountain Memorial will document your wishes, next of kin contact information, and whatever else you deem important in your personal file.
If you wish to pre-fund your final arrangements, we will set this up for you with an independent reputable third party.
There are basically two ways to pre-fund your funeral: a “Pre-Need Policy” or a “Funeral Trust”.
Unlike life insurance policies, Pre-Need policies are for the express purpose of paying funeral expenses. Life insurance policies can take months to process before payment is made to the beneficiary. Pre-Need Policies are designed to be paid out quickly, as to not burden the family at that time.
Pre-need insurance is guaranteed to be issued regardless of health conditions. It can be fully funded with a single payment or convenient payment plans. When purchasing this type of plan, you are paying the insurance company, not the funeral home. This also means that the policy may be utilized at any funeral home.
When setting up a Pre-Need Policy with Mountain Memorial Funeral Home, you are purchasing services - at today’s prices. When the policy is needed, whenever that is in the future, you have paid for those services, the prices do not go up.
A Pre-Need contract is written by licensed insurance agent that specializes in this type of policy. It is provided by a trusted insurance company.
If the policy is written as irrevocable, it is excluded from assets for Medicaid benefits, relieves family of emotional and financial burden, is transferable to any funeral home and locks in today’s prices.
A funeral trust is a way of protecting money for your final wishes. You don’t need to spell out specifics, just set aside an amount for the express use of paying funeral expenses. It is simple and easy. It does not require an attorney or incur attorney fees, but does protect the asset for Medicaid qualification. The trust serves as a protected savings account in which you deposit money for your funeral expense. It is not subject to capital-gains or income taxes. It is exempt from Medicaid spend down rules and Medicaid look-back. Beyond direct funeral cost, the trust monies may be used for family travel, lodging and food expenses.
The funeral trust is a single-premium policy. You deposit the entire amount at one time. It is held by a reputable life insurance company. As with a Pre-need policy, a funeral trust may be used at any funeral home and there are no health questions, or other restrictions. Everyone qualifies.
Documenting and funding funeral wishes only helps the family left behind, from relieving them of the guesswork of what you would have wanted to removing the financial burden during a difficult time.
Estate planning includes more than just managing assets: a will, living trust, health care directives, power of attorney, executor, medical and long-term care insurance, life insurance, mortgage insurance, funeral wishes documented, a funeral trust or Pre-need policy are all ways to preplan. Creating a list of all your associates will also help the ones you leave behind: financial planner, estate planning attorney, business attorney, accountant, realtor, business partners, insurance agents, funeral director, etc.
Remember the old saying, “Failing to plan is planning to fail.” It may seem daunting, but it is simple with qualified guidance from professionals in each area of your life. Mountain Memorial Funeral Home is qualified and ready to assist you with the preplanning of your final arrangements.