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Why You Should Prearrange Your Funeral
All too often, prearrangement, like a last will and testament, falls victim to simple procrastination. Good intentions never placed into action. As a result, surviving family members are forced to make some of life's most difficult decisions under the most difficult circumstances.
In addition to the emotional peace of mind that comes with planning ahead of time, there are some very real financial considerations. By prearranging your funeral, your family can lock in today's prices for tomorrow's needs.
Everyday we at Gethers Funeral Home, Inc. see first hand the many benefits of planning ahead. Sadly, however, we also see the many problems that confront those who don't plan ahead. That is why we sincerely believe every family should plan their funeral and burial arrangements before they are needed. Our trained specialists can help your family through decisions under the best of circumstances, and without pressure.
What are the benefits of pre-need planning?
Pre-need planning involves choosing funeral service options for yourself or a family member before the time of need. Some individuals select all the details of the service, while others prefer to leave some options for the family to decide. Planning can be done with or without funding the service at the same time. Making these difficult decisions ahead of time:
- Gives you the time needed to research the funeral provider, personalized location for services, and price.
- Allows you to personlize your service, making it as simple or traditional as you want.
- Eliminates second-guessing the wishes of the deceased at the time of death.
- Removes a tremendous burden from your family on what is certain to be one of the worst days of their lives.
What are the advantages of pre-funding?
Some individuals choose to provide funding for a funeral while making a pre-need plan. While this is not required, it does have certain benefits:
- Paying at today's prices guarantees that the funeral service will be carried out at no additional cost to the family.
- Pre-paying a funeral prevents other life insurance policies from being depleted at the time of a loved one's death.
- Allows you to consider cost effective options at a time when you are better prepared to make sound, fiscally responsible decisions.
- Gives you the flexibility to make payments - into an insurance policy, annuity, or trust account.
- Allows you to shelter assets when applying for Medicaid benefits. *Under Federal Title 19, pre-paid funeral expenses up to a designated dollar amount are not considered assets by Medicaid.
*Information compiled from Richard Lamb New Traditions Funerals
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WHAT TYPES OF CONTRACTS ARE AVAILABLE?
- Guaranteed Contract: If the contract is guaranteed, the funeral home promises to provide the funeral goods and services described in the contract regardless of the funeral home's costs at the time of performance.
- Non-Guaranteed Contract: If the contract is non-guaranteed, the cost of the funeral is subject to increase. The funeral director agrees to provide the goods and services at his/her prevailing rates at the time of need. Gethers Funeral Home offers non-guaranteed price contracts when all of the funding is not paid at the time of the contract.
- Revocable Contract: If the contract is revocable, the parties can cancel the contract and all, or a portion of, the initial investment and interest is returned.
- Irrevocable Contract: If the contract is irrevocable, the parties cannot cancel the contract. The South Carolina Department of Social Services requires preneed funeral contracts to be irrevocable to exempt funds from consideration as assets when determining eligibility for Medicaid or financial assistance.
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