Funeral Service Financing: Loans for Burial Expenses
Introduction
Q. How do I prepay funeral and cemetery expenses?
Here are three 3 common ways to pay for pre-need services. Each method has its own advantages and disadvantages:
A Life insurance specifically purchased for funeral arrangements will pay a fixed amount based on the face value of the policy. trust, the face amount is the same as the amount of the services, merchandise, and cemetery costs. Unless your pre-contract guarantees the costs of the merchandise and services, your survivors may need to pay some of the expenses.
A Funeral trust can be purchased in an amount to pay for services, merchandise, and cemetery costs. If the costs are guaranteed, the insurance should cover all the expenses.
Before you purchase funeral insurance, you should be told in writing exactly how much you will pay and what will happen? if you do not pay for insurance.
Funeral loans are a financing option for families who have lost a loved one and are planning a funeral service.
A payment method like a funeral loan is not just for those who may struggle to pay for funeral expenses; a number of families may just prefer to spread the cost over several months, to get the funeral services for your loved one.
funeral loans are a financing option for families who have lost a loved one and are planning a funeral service. With a funeral loan, families can apply for financing to pay their funeral home upfront for their services while they pay lower monthly payments for the full amount.
A payment method like a funeral loan is not just for those who may struggle to pay for funeral expenses; a number of families may just prefer to spread the cost over several months, or perhaps they simply need more time to gather their funds. With an option like this, you have the flexibility to get the funeral services you really want for your loved one.
Q. Is there anything else I should know about preparing my arrangements?
Q. Are there any costs not included in the preneed contract that would have to be paid at the time of need? If so, who would pay them? Questions to consider.
A: Are the prices quoted on the contract guaranteed?
B: Can the arrangements be transferred to another funeral establishment and/or cemetery if you move or simply change your mind?
C: What happens to the contract if the establishment closes or is sold?
D: Exactly who holds the preneed funds and how can you contact the company?
E: If interest is earned on the account, who pays the taxes on the income earned?
F Can you cancel the contract and, if so, what would the penalty be?
In fulfilling our mission of setting your vision in motion, together will take the time to arrange all memorial Pre-Planning, or At need Funeral services, and Memorial keepsake solutions to bring your friend or family member’s memorial celebration tribute event to life,
We will guide you every step of the way
In fulfilling our mission of setting your vision in motion, together will take the time to arrange all memorial Pre-Planning, or At need Funeral services, and Memorial keepsake solutions to bring your friend or family member’s memorial celebration tribute event to life,
We will guide you every step of the way
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Potential IRS Section
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179 tax savings
