Like many things in our lives, planning ahead just makes sense. So it’s also wise to complete your funeral and cemetery arrangements in advance to take advantage of significant financial opportunities that could await you, including:
- Estate tax reduction: Advance planning may reduce your heir’s future estate tax burden.
- Medicaid/SSI spend-down exemption: Prepaid funeral and cemetery costs are often exempt from the spend-down process to qualify for Medicaid or state assistance.
- Inflation-proof plans: Prefunding your arrangements now can freeze costs at today’s prices.
- Elimination of future costs: Preplanning can remove the threat of unexpected financial costs for your family when they are the least prepared.
Peace of Mind
Not only does preplanning make good financial sense, it provides an even more valuable benefit- peace of mind in knowing that you’ve taken care of an important responsibility yourself and not leaving it for those you love most to struggle with. By preplanning now, you can:
- Ensure that your personal wishes are known.
- Spare your loved ones the agony of having to guess what you would have wanted.
- Remove a tremendous emotional burden from your family.
- Make decisions at your own pace- calmly and informed, even in the comfort of your own home.
Along with the advice of your financial planner, preplanning your final arrangements should be completed only through a reputable firm with secure financial back and an impeccable business record in the community.
We encourage you to consult with an attorney or financial advisor to understand your state’s regulations. And remember, always ask questions and ensure that you’re comfortable with the choices you make.
Published | Category: Preplanning Options.