Death and Taxes

Death and Taxes are Certain

Most of us have heard the old adage; “the two certainties in life are death and taxes“.  As a result of this statement, National Healthcare Decisions Day comes every year on April 16th, the day after taxes.  The goal is to attempt to bring these two matters together.

Jane Markley tells her clients; “Most of us dutifully complete our taxes every year.  So why not also make time to review your end of life plans and advance directives as well?”  Truth be told, completing your plans for death requires much less time and effort than completing your taxes.  Furthermore, completing your death matters only needs to be done once, whereas taxes must be completed each and every year.

It’s NEVER Too Soon

For those of you who haven’t had “the end of life conversation”, and/or documented your healthcare wishes and other final plans and preferences, please remember this all-important statement:  It’s only too soon…until it is too late.”

Knowing you love your family and loved ones, ask yourself this question;  “What is holding you up from completing key matters such as your end of life planning, funeral estate planning, last will, power of attorney, and advance directives?”

Plan NOW!  We Can Help

When it comes to death and taxes, it is very easy to find reasons to procrastinate and postpone these matters.  However, please let us help you preplan and “give the gift of love” to your family and friends.

Don’t wait for the crisis.  Don’t wait until it’s too late.  Don’t leave your loves ones in a difficult situation.  Don’t wait until it’s to late to learn how to prepay funeral expenses.  Let us help you make this difficult situation a little easier.  Let us help you have “the conversation” now, plan and prepare in advance today!

Your First Step is EASY

A great way to start is to click here and access our free Family Record Guide.  You won’t regret it, your loved ones will thank you, and you will leave a legacy of love!

Death and Burial Rituals

Burial Rituals

Death and Burial Rituals

The Business of Death

Around the world, every day, every hour, every second, medical treatment is unable to prevent death. When doctors, nurses and hospitals can do no more for a patient, another industry steps in.

World population Estimate – 7,142,797,806

There are bodies everywhere.

World Death Rate: 8 deaths/1,000 population 55.3 million people die each year 151,600 people die each day 6316 people die each hour 105 people die each minute ~2 people die each second

Burial Rituals:

Traditional Western Customs:

The two most common methods for the disposal of corpses are:

Cremations (Burning the body) or
• Interment (Burying the body)

Today, the average North American traditional funeral costs between $7,000 and $10,000.

• Fee for the funeral director’s services: $1,500
• Cost for caskets: $2,300
• Embalming: $500
• Cost for using the funeral home for the actual funeral service: $500
• Cost of a grave site: $1,000
• Cost to dig the grave: $600
• Cost of a grave liners or outer burial vaults: $1,000
• Cost of monuments: $1,500

Islamic Customs:

• Muslims try to bury their dead ASAP.
• Family or community members wash and shroud the body in scented water and clean white cloth.
• The body is positioned so that the head is facing Mecca. The average adult Islamic funeral, before the cost of burial, was $6,550 in 2009, according to the National Funeral Directors Association.

Tibetan Buddhist Sky Burial:

• The traditional Tibetan Sky Burial involves a corpse being dismembered by trained professionals and left outside (in one of the 1075 sky burial sites) for animals to feast upon. Today, 80% of Tibetans choose to have Sky Burials.

Green Burials in the U.S.:

• Going “Green?” People are forgoing traditional methods for environmentally friendly burials.
• Why expose the Earth to unnecessary embalming chemicals or steel caskets.
• Opts for biodegradable caskets or having your remains turned into an artificial reef? Factoid: Americans currently bury around one million tons of steel caskets each year.

Ngaben:

• Balinese cremation ceremony is performed to send the dead onto their next life, and is considered a sacred duty.
• The dead are placed inside a coffin, which is then placed inside a structure resembling a buffalo or temple.
• The structure is carried to the cremation site and set aflame. In group ceremonies upwards of 60 people’s remains were cremated at one time.

Ghana’s Elaborate Custom Coffins:

• In Ghana it is popular to bury loved ones in coffins that represent certain aspects of them, generally either an occupation, or something they loved.
• For example, a farmer might be buried in a coffin that was built to resemble an ear of corn, or a businessman could be buried in a coffin resembling a plane.

Famadihana – The Turning of the Bones:

• The Malagasy people of Madagascar have a famous ritual in which every five to seven years, the family has a celebration at its ancestral crypt.
• The cloth-wrapped bodies of the deceased are exhumed and sprayed with wine or perfume, before being brought out for family members to dance with while a live band plays.

Space Burial:

• Money can buy you anything, even a burial in space.
• The first of these burials took place in 1997 and contained ashes of 22 people (including Timothy Leary and Gene Roddenberry).
• Cost, depending on how far you want your ashes to go, $1,000 – $12,000.

No Longer Practiced

Sokushinbutsu:

• Originating over 1000 years ago, Sokushinbutsu was practiced by a sect of Buddhist monks, and resulted in self-mummification.
• Process that involved eating nuts, bark, and drinking poisonous tea, and took over 3000 days to complete.
• Though hundreds of monks tried, only 16 – 24 were successful.
• Sokushinbutsu is now illegal in Japan.

Hanging Caskets:

• Though now a long lost civilization, The Bo people of the Hemp Pond Valley in Southwest China’s Gongxian County, would use two wooden poles inserted into the rock to suspend caskets containing the dead on high cliff faces.
• Over 160 coffins were placed along the cliffs and natural caves. Today locals refer to the Bo as the “Sons of the Cliffs”.

Sati:

• Now banned in India, Sati was the practice of recently widowed women throwing themselves on the funeral pyres of their husband’s bodies.

Contributed by “The Business of Death

Protect Your Family Against Grave Robbers

Grave Robbers

Protect Your Family Against Grave Robbers

It’s no surprise that identity thieves are running rampant, however it’s a shocking fact that these scammers are using the personal information and vital statistics of more than 2,000 deceased people every day. An ID Analytics study recently revealed that the misuse of social security numbers belonging to the deceased occurs more than 1.5 million times every year. Are the identities of your deceased loved ones protected from these identity thieves?

Protect Identity Today

In the same way people provide protection for their families using funeral insurance to cover funeral costs and burial expenses and replace lost income after a death, many people today are also taking additional steps to ensure their loved ones left behind aren’t abused by scam artists.

Be proactive to protect your family. Take the proper steps to provide protection against identity theft while you are alive. Enroll in a service like LifeLock.com to monitor credit reports and inquiries, applications for utility and wireless service, and many other aspects of personal information to reduce the risk of exposure. Monitor your online bank activities, guard your social security number and private information, and keep your digital devices protected with reliable security software to deter fraudsters from gathering your personal data and vital statistics.

Make Final Preparations

Coping with the loss of a loved one is emotionally and physically challenging for most people, and on top of the grief, it often takes weeks, or even months, to notify creditors and vendors after someone dies. Unfortunately, scammers and identity thieves get started immediately after they see perform an obituary search or read a newspaper report that announces a death.

Assign a friend or relative to take charge of reporting your death immediately. Or consider hiring a funeral estate planning attorney to handle all notifications. Recommendations from AARP.com include contacting the Social Security Administration (1-800-772-1213), sending death certificates to the three major credit reporting agencies—Experian, Equifax and TransUnion—and asking financial institutions and creditors to mark accounts closed due to death. The IRS should also be notified as soon as possible to prevent fraudsters from filing for a tax refund with the deceased person’s information or claiming the deceased as a dependent on future returns.

Block the Channels

The best time to consider identity theft is before it happens. Make sure you create a love drawer with a list of everyone—businesses, government agencies and individuals who have access now, or might have acquired your information in the past. Include medical providers, lawyers, the IRS, the Social Security Administration, banks, creditors and even your landscape and pest control contractors.

Prepare a simple form letter that informs recipients of your death in advance. Assign someone to mail these letters, preferably by certified mail, immediately after your death. Ask your designated helper to cancel your voter registration card, drivers license and online social media accounts (learn more about digital estate planning).

Work With the Credit Bureaus

The credit reporting agency Experian advises that credit bureaus periodically update records with information received from the Social Security Administration to flag files when people pass away. It could take up to six months for the information to be transferred so, having someone designated to report the death is preferable to waiting for agency notification. To protect against fraud, survivors should request credit reports every few months after a loved one passes to be sure no one is trying to assume the deceased identity.

 

10 Advantages to Burial Insurance and End of Life Planning

Burial Insurance

10 Key Things to Know About

Burial Insurance

 

The Average Cost of a Funeral: $7,000-$10,000
The Average Cost of a Burial:  $5,000-$7,000
TOTAL Funeral and Burial Costs:  $12,000-$17,000

 

According to AARP (www.AARP.org), the average cost of a funeral for most families is approximately $10,000.  Depending on a wide variety of individual factors and circumstances, this average cost could arguable by much lower…or much higher.  However, when you consider the fact that your family and loved ones could be forced to deal with a large number of financial choices and decisions that add up to such significant funeral costs, creating an end of life plan and looking into burial insurance is something that nobody should overlook or ignore.

Top 10 Advantages of Burial Insurance:

 

1.) NO medical exam required

2.) Premiums NEVER increase

3.) Accumulates CASH value

4.) Insurance NEVER decreases

5.) EASY to obtain up to age 85

6.) Protection is GUARANTEED

7.) Prepays ALL funeral costs

8.) Prepay OTHER outstanding debts or expenses

9.) Your beneficiary can ALWAYS be changed

10.) QUICK and EASY protection from $2,500 to $50,000

Click Here for a FREE Burial and Funeral Insurance Quote

 

 

By |November 20th, 2013|Categories: average funeral costs, Blog, burial, burial insurance, end of life, Funeral Costs, Funeral Insurance|Tags: , , , , , , , , |Comments Off on 10 Advantages to Burial Insurance and End of Life Planning

What is a Funeral Consultant? Why Hire One?

Funeral Consultant

What is a Funeral Consultant?

Perhaps you have never heard of a Funeral Consultant?  Well even if you have not, you probably agree that when it comes to life’s most important and challenging decisions, seeking professional guidance and support is a good idea.  You probably also agree that professional planners, such as wedding planners, can be sanity savers.  Let’s take a wedding for example.  Many people prefer to hire a wedding planner.  Why?  Mainly because they want a professional consultant to assist them along the way with the large number of emotional and financial decisions in planning this important once-in-a-lifetime event.

Why Hire a Funeral Consultant?

Most weddings are usually planned within a 6-12 month time frame.  However, planning a funeral is usually done within a 24 to 48-hour time frame, and involves making over 150 important decisions.  Studies prove that when most families are faced with the task of planning a funeral say they are largely unfamiliar, uncomfortable, and unprepared.

So similar to a wedding planner, a Funeral Consultant’s job is to help families make an important and difficult situation easier.  Funeral Consultants are professionally engaged, but have the unique advantage of being experienced while not emotionally attached to the event.  Funeral Consultants are trained and educated professionals whose job is solely to educate and guide you through one of life’s most challenging experiences.

Funeral Consultants are responsible for exactly what most families are searching for, which is being educated on a large number of funeral and/or cemetery options, helping you make decisions when you get stuck, keeping you within your budget, and making sure you know what you are doing – and that you don’t forget anything.

4 Ways Family Funeral Consultants Help Families

1.  When a death occurs
2.  If a death is expected
3.  Planning in advance
4.  Grief counseling and coaching

One Example of How Funeral Consultants Can Help You Save Money

In a recent survey of just one small community’s funeral homes and cemeteries, a basic cremation started at $710 at one establishment, but cost as much as $3,820 at another.  Likewise, direct burial costs ranged from $1,695 to $4,455. The same casket cost was $996 at one place, but $4,200 at another. Cemetery opening and closing fees can vary by more than $2,000, depending on the cemetery and day of the week you choose.  In just this particularly local community survey, there were 15 funeral homes and 13 major cemeteries.  So how would a family know how to choose from among them?  The answer is simple.  Consider hiring a Funeral Consultant.

Funeral Consultants research and negotiate the prices for funeral home and cemetery services in a given area.  Serving as part family advocates and part event planners, a Funeral Consultant can show you side-by-side comparisons of all of the cemetery or funeral home services, your options, and your costs in your local area.  They can also help connect you to other funeral planning resources, including financial aid and support.

According to AARP, the average cost of a funeral today is approximately $10,000. (Note:  This does not include the cost of the cemetery plot and associated fees for the monument, and much more.)  The average funeral insurance policy that most people buy to pre-pay their funeral costs in advance is approximately $5,000. Getting help from someone who knows how this entire process works, and also knows your local options, just makes sense.

It’s Not Always Just About the Money

Rather than dress up and rush into a funeral home being unfamiliar, uncomfortable, and unprepared, most people prefer discussing their all-important funeral or cemetery arrangements in the comfort of their own home, among their family, friends, and loved ones.  Rather than listen to strange terminology and make expensive decisions on the fly, most people prefer a third-party and independent professional to help guide and support them through this difficult and time-sensitive process.  Rather than being uncomfortable or afraid to ask certain questions, most people prefer having the option and flexibility to say or ask things like: “That seems too expensive” or “We cannot afford that” or “What other options do we have?” or “What do other funeral homes or cemeteries charge in my local area?”  

In addition, many families want their Funeral Consultant to join them at the funeral home or cemetery arrangement conference, which can be an option.  Funeral Consultants can also be an excellent resource when it comes to matters related to aftercare planning, such as stopping bills and utilities, work with outstanding debts, working with insurance carriers, estate and tax planning, and more.

How Much Does a Funeral Consultant Cost?

For a set fee, Funeral Consultants will take care of all the tasks, price negotiations, and coordination details, freeing family members from this obligation and helping them arrange the funeral they want within their budget.  With the average Funeral Consultant fee being $500, and the average family savings over $3,500, hiring a Funeral Consultant is a good investment.  But keep in mind that by minimizing or eliminating a lot of the financial and emotional stress associated with families and funeral planning, most families will tell you that value-added services of a Funeral Consultant can be priceless.

For more information, or to find a local Funeral Consultant, click here.

 

 

Talking About Death and Funeral Planning

Death and Funeral Planning

Why are Funeral Planning and Death

Considered Taboo Conversations?

There are few things in life that are certain, but one thing that can be relied upon is that we will all die. Although death is an absolute certainty for every single one of us, society at large still seems to find it difficult to discuss funeral planning, death and dying. Death has always been something of a taboo subject, but even in these relatively enlightened times it is still a topic that causes some to react with disgust, fear or denial.

As a result, to plan a funeral for yourself or a loved one can be tricky at best. It is important that everyone gets the kind of funeral plan that respects their beliefs and wishes.  However, if these are not discussed in advance, it is difficult for those left behind to know how the best ways to handle these difficult decisions after a person has died.

Fear of Death and Dying

It’s understandable that, as a species intent on survival, we are reticent about discussing our inevitable demise. Fear of death can encompass a number of things including concerns about grief and loss, worry about pain or suffering, fear of the unknown, and bereavement.  There is also the sense that in death, things that an individual values such as family, friends and loved ones will be lost.

Many people have superstitious beliefs concerning death and dying that can hinder their willingness to talk about their end of life plans and preferences – and what should happen after they’re gone. The belief that talking about death is somehow “tempting fate” or will hasten death is common and will cause problems with making clear plans for what should happen after death.

Some deaths are more predictable than others, and those people who are diagnosed with a medical condition with a prognosis of shortened life may be in a better position for terminally ill planning since they have “some” idea of how much life they have left. Still, even those people for whom death is imminent may not wish to talk about it.

Death and Money – The Perfect Storm of Taboos

If there is one topic that draws an equal amount of discomfort for open discussion, it is an individual’s personal financial affairs. In working through a funeral planning checklist, the subjects of money and death are brought together in a clash of two of the strongest taboo subjects for discussion in polite conversation.

According to AARP, today’s average funeral costs can run upwards of $10,000.  Clearly this is no small consideration when facing things like funeral estate planning and finding the money to pay for the essentials after a death. In addition to adding the stress of finding this money to the worry about doing the right thing, you also have the drawbacks of not discussing how to plan your funeral with loved ones when the opportunity has always been available.  So these drawbacks significantly outweigh the discomfort of talking about things that are often left unsaid.

An Open Conversation About Death

Although it is hard for some people to talk about dying, it is an extremely important conversation to have. Without an understanding of what a person’s wishes are for their end of life funeral arrangements, families can be left in a difficult position of trying to second guess what their loved one would have wanted after their death. Don’t leave it too late to have the conversation.

If you preplan a funeral, it gives you the opportunity to talk about preferences, funeral costs, and the way in which you want to be remembered.  This includes even the little details such what you want to say in your obituary, what kind of memorial service you would like, what to put on your monuments or head stone, or even new memorial technology for gravestones.

Getting your funeral plan, preferences, and finances in place early means that both the dying person and the family left behind have the peace of mind to knowing that the right thing was done, and the funeral plan and money are available to ensure the deceased’s wishes are fulfilled.

Conclusion

Death and dying is one of the final taboos for discussion in our society. However, making sure that everyone is clear about what they want in death and their wishes for their funeral can bring peace of mind to all concerned.

Article contributed by Memorials of Distinction

Death of a Loved One Funeral Planning Checklist

Plan a Funeral

Death of a Loved One Checklist

Checklist to Help Families Get Through a Difficult Time

Losing a loved one is arguably one of the most difficult experiences in life.  In addition to coping with the grief and loss, there are also a variety of challenging tasks and important financial decisions to be completed, some of which include:

– Making final arrangements

– Reviewing funeral costs and funding options

– Settling an individual’s estate and heirlooms

– Notifying family, friends and co-workers

– Working with various companies and government agencies

– Providing important vital statistics for insurance claims and death certificates

– Securing the financial security of the remaining spouse

Time-Sensitive Tasks

Contact all close family members, friends, co-workers and clergy first.  This is not only important to notify them of this loss, but because you will need their help with funeral planning and emotional support.

Begin working with the family and loved ones to arrange the funeral, burial or cremation and memorial services Since everyone knows that death is a guaranteed event, my hope is that financial professionals have properly planned and prepared their clients and prospective clients in most of these End of Life arrangements ahead of time.

Review all of the important paperwork and documents to identify any instruction containing their final wishes. In most cases, these key End of Life and estate planning instructions can be found in his or her Last Will, Living Trust, or other estate planning preparations.

Notify family, friends, co-workers and loved ones of the final arrangements.  These final arrangement notifications should include details such as cultural and religious rituals, funeral etiquette details, and funeral flowers or donation preferences.

Notify the decedent’s place of work, professional organizations, unions, associations, military branch, and any other organizations where he or she may have been a member or volunteer.

Recommend that each of the decedent’s loved ones notify their own personal employer and arrange for bereavement leave.

Make sure that an obituary is created in your local newspaper as well as on the Internet.

Promptly begin obtaining certified copies of the death certificate. In most cases the family doctor or medical examiner provides a death certificate within 24 hours of the death. The next step is for the Funeral Home and/or Funeral Director to complete the form and file it with the state. Note: Be sure to request and obtain many original copies, since photocopies are not always accepted. These death certificates become important for tasks such as applying for benefits and settling an estate.

Be sure to review all financial affairs, particularly focusing on estate planning documents such as a Last Will or Living Trust, deeds and titles, marriage certificates, birth and adoption certificates, military paperwork and other relevant documents.

If applicable, locate and contact the decedent’s estate planning attorney for all copies of estate planning documents, particularly the originals.

Contact the decedent’s local bank to verify if they had a safe-deposit box.  Note: If the decedent did not leave behind instructions or details regarding who is authorized to open their safe deposit box, you can petition the probate court for an order to open.

Contact the Social Security Administration to report the death.  Also note:

– If your loved one was receiving any benefits via direct deposit, request that the bank return funds received for the month of death — and thereafter to Social Security as well.

– Do not cash any Social Security checks received by mail. Return all checks to the Social Security Administration as soon as possible.

– Surviving spouses and other family members may be eligible for a lump-sum death benefit and/or survivor’s benefits. You can visit www.ssa.gov for more information.

Prepare a comprehensive list of all of the decedent’s assets.

If applicable, be sure to put safeguards in place to protect any key property.

Make sure any mortgage payments and insurance premiums continue to be paid while the estate is being settled.

Regarding the decedent’s place of work, be sure to:

– Request to receive their belongings.

– Inquire about collecting any salary, vacation or sick pay owed.

– Ask about continuing health insurance coverage and potential survivor’s benefits for their spouse and/or children.

– Review all employer, union, or association death benefits details.  Be aware of the fact that if the death was work-related, the decedent’s estate or beneficiaries may be entitled to workers compensation benefits.

Contact the decedent’s past employers regarding any pension plans, survivor benefits, as well as any other forms of defined benefit or defined contribution retirement savings plans.

If the decedent was a military veteran, inquire about any potential eligibility for burial and memorial benefits. This can be accomplished by contacting the Department of Veterans Affairs by either calling (800) 827-1000 or visiting their website www.va.gov.

Contact any IRA custodians, trustees, and guardians. Be sure to review and confirm all of the IRA beneficiary designations, as well as understand all of the IRA distribution options.

Locate and review all life and funeral insurance policies, which could include individual insurance, group life insurance, mortgage insurance, auto credit life insurance, accidental death and dismemberment, credit card insurance and annuities.

Contact each insurance company to find out the necessary procedures and documents needed to file claims.

Promptly contact all credit card companies to notify them of the death and, assuming there are no other names associated, cancel all credit cards.

Retitle all jointly held assets such as bank accounts, automobiles, stocks and bonds and real estate into the surviving parties’ name.  If the decedent was an owner, principal, or had a controlling interest in a business, review all corporate documents and details. Be sure to check to see if there are any additional business agreements such as a buy-sell agreements, split-dollar agreement, etc.

Tasks to Be Completed Within 9 Months:

If the decedent created a Last Will or Living Trust, be sure to file these documents with the appropriate probate court. If there was any real estate owned out of his or her state of domicile, be sure to file ancillary probate in that state also.

If the decedent did not leave behind a Last Will or Living Trust, contact the probate ask the court or a probate attorney for instructions and assistance.

With regards to any of the decedent’s creditors, be sure to notify them by mail as well as by placing a notice in the local newspaper.  Any debtor’s claims must be made within the statute of limitations.  Although this varies from state to state, the standard time is usually 30 days from actual notice. Once a claim has been made, be sure to insist upon proof of all claims.

With regards to estate taxes, you may be required to file a federal estate tax return within 9 months of the date of death. Due to the fact that state laws vary, there is the possibility that state estate tax and/or inheritance tax returns may need to be filed.  Federal and state income taxes are due for the year of death on the normal filing date, unless an extension is requested. Should there be any existing Trusts in place at the date of death, a separate income tax return may need to be filed. It is highly recommended that all financial professionals and their families seek the advice of seasoned tax and estate planning professionals.

Tasks to Be Completed Within 9 to 12 Months

One of the most important tasks, which can often be overlooked or postponed, is to update your own estate plan — or your client or prospective client’s estate plan — if someone was a beneficiary or appointed as an agent, trustee or guardian.

Along the same lines, it is also extremely important to revise and update all beneficiary designations on the decedent’s or surviving parties retirement plans. This includes accounts such as IRAs, Transfer-on-Death (TOD) or Payable-on-Death (POD) accounts, pension plans, life insurance policies, annuities and any other accounts on which the decedent was named as a beneficiary.

Review the impact of the “big picture” financial situation, which includes changes in the household income, expenses, budget, as well as short and long-term goals and objectives.

Review the families insurance needs, including the insurance amounts, types, beneficiary designations and most importantly, any needs for insurance.

Reevaluate whether or not the existing investment options still make sense. This includes reviewing details such as existing asset allocation, goals and objectives, risk tolerances, income and estate taxes, income distribution and legacy planning.

Other Key Considerations

Although this is a matter that most families and loved ones wish to complete and have behind them, take your time and do not try to rush the settlement of a loved one’s estate. When it comes to estate planning and distribution, there are many important decisions that must be made in compliance with the Last Will or Living Trust and applicable state and federal laws. This is exactly why it is so important to seek the help and advice of an experienced estate planning attorney.

If your client, prospective client or loved one did not leave behind any End of Life plan with regards to their final plans and preferences, you can visit www.funeralresources.com and www.memorialtechnology.com. These are family-focused resource centers that contains the large majority of information most families seek help for when it comes to funerals, burials, memorial services, End of Life Planning and much more.

Christopher P. Hill, Founder

Funeral Insurance

End of Life and Funeral Insurance

Everything You Need to Know About
Funeral Insurance

The Average Cost of a Funeral is $10,000 (AARP.org)

 

10 Important Things to Know About
Funeral or Burial Insurance:

 

1.) NO medical exam required
2.) Premiums NEVER increase
3.) Accumulates CASH value
4.) Insurance NEVER decreases
5.) EASY to obtain up to age 80
6.) Protection is GUARANTEED
7.) Prepays ALL funeral costs
8.) Prepay any expenses or debts
9.) Your beneficiary can ALWAYS be changed
10.) QUICK coverage ranges from $2,500 to $50,000

Additional Helpful Resources:

3 Most Common Ways to Plan a Funeral

How to Prepay Funeral Expenses

Key Burial Insurance Details

Top 10 End of Life Plan Benefits

 

Funeral and Death Estate Tax Planning

Funeral Estate Tax Planning

Estate and Inheritance Tax Questions to Ask

After Grieving the Death of a Loved One

When suffering from the grief and loss of a loved one, it can be the most painful and stressful time in our life. It’s important to surround our selves with close family or friends as a support system.

The experience is one that can seem like time is standing still because of the grief, but at same the time, it can be quite overwhelming and as if time were flying right past us. When someone we love passes away, there are so many details that need to be considered while grieving. That process in-and-of-itself can be painful. Funeral arrangements, memorial services, obtaining death certificates, and legal matters are all part of the details involved in losing a loved one.

Things like inheritance and estate tax issues don’t need to be addressed immediately. Focusing on our friends and family are obviously more important. But eventually the details will need our attention.

Helpful Considerations When Facing a Loss:

Is Life Insurance Taxable?

While life insurance proceeds are included in the estate, they are not taxable (as income) to beneficiaries. However, you should contact the life insurance company to understand the procedure to cashing in their policy. Typically insurance companies will require a claim form and death certificate. But generally, life insurance is not taxable to inheritors. (Click to learn more about burial insurance and/or funeral insurance)

What is My Inheritance Tax Rate?

Inheritance tax will vary from state-to-state. Typically if the value of the estate that’s being inherited is high in value, your tax rate will be higher as well.

For example, tax preparers in Indianapolis, Indiana will tell you that Indiana’s inheritance tax system breaks the heirs or inheritors into three classes or groups. Systems in Pennsylvania are very different. For Indiana, each group has different rate schedules and exemptions. Here’s how this looks according to the Indiana Department of Revenue:

•  Class A – direct ancestor or descendant, stepchildren, direct descendant of a stepchild: $100,000 exemption.
•  Class B – siblings, descendants of sibling, spouse, widow or widower of your child: $500 exemption
•  Class C – anyone else excluding spouse: $100 exemption

Are Bank Accounts Taxable?

Revenue-producing assets like bank accounts and stacks are not taxable upon inheriting them. However, the income that these assets generate is taxable to the recipient.

What About Pensions and IRA’s

A person inheriting a pension or IRA is required to pay taxes on the amount received, as the decedent (person who is deceased) would have during their life. An IRA or similar fund can be rolled over tax-free into the beneficiary’s name and treat it as their own.

While things like estate and inheritance tax is, by no means, the most important item to address when we suffer the loss of a loved one, it is important to understand what is and is not taxable during these times. Estate and inheritance taxes can be burdensome and stressful, but in some cases, an inheritance is not taxable to you.

Estate lawyers are available to help guide us during times of funeral estate planning, but they can often be costly. Check with your tax preparer or attorney handling the estate as to what you need to know when sorting out inheritance and estate issues.

End of Life and Death Donation Options

Consider Funeral and Death Donations

Afterward…

Dividing and Donating Your Loved One’s Estate

A Guest Blogger Shares His Personal Story:

 

When my grandmother passed away, my mother was named as executor of her funeral estate planning and was left with a house full of memories and possessions to distribute. After she and her siblings divided those belongings that they wanted, there were still many items left. My mother didn’t feel right selling these things, so she donated everything, in order to help others in need.

Clothing and Shoes

Clothing items can be donated to second-hand stores, homeless shelters, or battered women’s shelters. There are often used clothing drives in the fall and winter, and coats, gloves/mittens, scarves and boots are especially important donations during this time.

Bedding

If these items are in good condition, homeless shelters will put them to use, especially in the winter months. Additionally, hospices can always use quality donations in order to make their patients as comfortable as possible in their final days.

Books, Videos and CDs

With budget cuts, many schools and libraries are unable to buy new materials as often as they would like, which negatively impacts their students and patrons. By donating to these establishments, you are helping your community and aiding in the education of others.

Dishes, Silverware, and Food-Related Utensils

Homeless shelters that cater to families are often divided into small apartments, complete with kitchens.  By donating to these organizations, you can help a family sit down to a home cooked meal, thus providing stability during a difficult time.

Knick-Knacks, Artwork, and the Like

These are often tricky to donate, as many are personal mementos or are considered clutter by others. Residents of nursing homes, and those suffering from a terminal illness, can often live in drab surroundings.  Therefore, items such as these can brighten their rooms and bring smiles to their faces.

Furniture

Craig’s List is a great place to find people in need of free furniture. When posting, be sure to include a photo, and request that prospective owners pick up the furniture. Be cautious when using sites such as these, though, and use common sense when allowing strangers into your home.

Used Medical Equipment

It is not uncommon to have used medical equipment left after a loved one’s death, especially in the case of a prolonged illness or severe injury. When left with a wheelchair, walker, shower chair, or other equipment, find an area hospice in need of your items. These are often nonprofit, and can always use quality donations.

The death of a loved one can be a devastating time. The last thing you want to worry about is what to do with their possessions once they are gone.

However, with a little thought and end of life planning, you can make this a relatively painless process, and one that can be handled quickly and efficiently, so you can begin to move past your tragedy and start the grief and loss and healing process.

Courtesy of Joseph Baker

4 FREE Guides to End of Life Planning

Four Key Guides to End of Life Planning

Our Personal Gift to You and Your Loved Ones…

4 FREE Guides to Creating a Smart End of Life Plan

(Note: You can download, print, or save each guide below at NO COST)

Please Watch This Brief Video About Creating Your End of Life Plan:

1.  Completing Your Family Record Guide:

• Benefits of keeping all of your financial affairs in one place

• A complete list of key matters to have readily available

• Who can access and how often to update this information

2. Guide to Knowing Your 3 Best Options to Pre-Pay Funeral Expenses:

Pre Need Plan – How this plan works, who it fits, pros and cons

Final Expense Plan – How this plan works, who it fits, pros and cons

• Cemetery Pre-Purchase Kit – Burial Versus Funeral Pre-Planning

3. Guide to Choosing a Will Versus a Trust:

• The importance of creating an estate plan and how to start

• Easy-to-understand difference between a Last Will versus Living Trust

• Helpful ways to determine which is one is best for you

4. Guide to Creating a Love Drawer:

• Benefits of keeping all of your financial affairs in one place

• A complete list of key end of life matters to have readily available

• Who can access and how often to update this information

See Exactly Why a “Love Drawer” is So Valuable For EVERY Family:

 

Best Ways to Prepay Funeral Expenses

How to Prepay Your Funeral Expenses…
And Why?

According to AARP (www.aarp.org), the average cost of a funeral today is approximately $10,000.  So by preplanning a funeral and creating an end of life plan, your are certainly doing a wonderful thing by helping to alleviate many of the funeral planning challenges.

Therefore, over 60% of people who are willing to selflessly take the time to create an End of Life Plan will also choose to prepay their funeral expenses.  By taking care of your funeral costs and expenses in advance, this is yet another added value.  Prepaying your funeral costs is another way of leaving behind a memory of how much you cared for your family and loved ones, rather than leaving them to deal with these financial challenges.

While you need to learn and understand the three most common ways to preplan a funeral, you should also be familiar with the various ways of prepaying your funeral expenses, since this is  one of the fastest growing and widely-accepted aspects of the funeral planning process.

Similar to preplanning your funeral, most financial professionals agree that prepaying your funeral expenses should be a standard topic of discussion when creating a financial plan and estate plan.

The most common and widely used strategies to prepay your funeral expenses are savings, life insurance, and funeral insurance (also referred to as burial insurance), mainly because they tend to be deemed the most reliable and readily available. However, there are several other finance advice strategies to consider when prepaying your funeral costs or expenses:

Savings

Although many people choose to set aside savings to pay for their end of life plan and funeral expenses, there are several reasons this does not always end up working out as originally planned. First, the savings can be depleted based on unexpected financial circumstances, such as health or financial issues. Second, these funds are not always readily available and liquid upon death due to the challenges and restrictions often found in estate planning. Third, the funds set aside can often be insufficient due to inflation and the rising cost of funeral expenses. Finally, it should be noted that savings are included in a part of one’s estate, and, thus, the taxable consequences can often come into play.

Life Insurance

Term Life Insurance is widely considered to be a flexible, simple, and affordable way to pay for your final funeral expenses. Although Term Life Insurance has a set term, or set number of years, it also has multiple uses in prepaying for your funeral. Because upon your death it becomes a liquid asset that is usually not part of your estate, it can be used for many things such as your funeral or memorial services, burial expenses, cremation, liquidity, and many other things, including debts or obligations.

In addition, there are some types of life insurance that allow the funds contributed to these policies (either in lump sum, monthly, quarterly, semi-annually, or annually) to grow and accumulate as a cash value that can be accessed if necessary. Therefore, these policies can not only be used for funeral expenses, but also for other financial planning options that may arise such as financial emergencies, and college.

Funeral Insurance

Funeral insurance is an insurance policy which is specifically designed to cover any costs or expenses which are directly related to your funeral. If you purchase one of these policies, one of the options you have is to determine exactly which funeral costs or expenses are to be covered, such as funeral flowers, burial plot, grave marker, and much more. Another option you have is for the policy to be paid out in a single lump-sum, which can be used to cover your pre-determined costs or expenses, or simply help your loved ones financially as they plan for you. There are many insurance companies that offer funeral planning packages, and certain funeral homes or funeral companies also offer funeral insurance policies.

Pre Need Trust Agreements

Another alternative to prepaying your funeral is to consider a Pre Need Trust Agreement to pay for your costs or expenses. Generally speaking, these Trust accounts are typically funded with monthly payments that are invested in a fund which is designed to grow over time. Although a Trust account is designed to provide the potential for protection against inflation, it is not guaranteed to do so.

Get Help

Although the large majority of the funeral industry will tell you that most funeral costs can range anywhere from $5,000 – $10,000, it is very common for funerals to cost much more or maybe even less.

Also, as with any important financial decision or investment, there are many advantages and disadvantages to each of the options mentioned above. Before choosing a policy, it is important to consider many things, including but not limited to your age, health, financial status, objectives, liquid assets, tax issues, estate tax issues, family needs, etc.

In summary, although nobody likes to think or talk about dying, it is one of the facts of life we all must eventually face. If you are trying to build a successful financial plan, the only way you can be sure your plan works smoothly and efficiently is to be proactive about your planning process. This is particularly true and necessary when creating a proper plan of succession, and everyone should consider including an end of life plan.

Please consult with your attorney or financial advisor before applying or purchasing any of these policies, pay close attention to your specific state requirements, and also the financial strength and claims paying abilities of each company, funeral home, etc.

 

10 Questions About Estate Planning, Living Trust, and Last Will

Estate Planning

10 Most Common Questions Families Ask About Estate Planning, Last Wills, and Living Trusts

1. What is a Will?
A Last Will is signed writing in which a person (often referred to as the “testator”) directs what is to be done with his or her property after death. Each state has its own very specific laws as to what is necessary for a Last Will to be valid in that state.

2. Who Can Create a Will?
Any mentally competent person who is at least 18 years old may make a Last Will. However, later proof of any fraud, duress, or undue influence by another person or the testator may cause the Last Will to be invalid.

3. Who Should Have a Will…and Why?
Every mentally competent adult should have a Last Will. Here are a few of the reasons:
• You can direct how you want your property divided at your death.
• You can name the person you want to handle you estate (called the “executor” or “personal representative”).
• You can reduce the expenses of administering your estate.
• You can save taxes.
• You can nominate a guardian for your minor children.
• You may provide for a trust for the support and education of your children without the necessity of costly court proceedings.

4. Does a Will Need to Be Witnessed? Does a Will Need to Be Notarized?
Generally, most states require that the signing of a Last Will must be witnessed by two competent persons, who also must sign the Last Will in front of the testator. (An exception to the witness requirement is made if the testator writes out the entire Last Will in his or her own handwriting, and signs and dates it.)

Although the law does not require a Last Will to be notarized, it is a highly recommended practice, followed by most lawyers. If the testator’s and witnesses’ signatures have been notarized, the Last Will is presumed to be properly executed and is accepted by the court without testimony from the witness.

5. How Long is a Last Will Valid?
Your Last Will is valid until you revoke it generally either by physical destruction (tearing or burning it up, for example) or by signing a superseding Last Will or written revocation.  However, if you get divorced after signing a Last Will, the law may consider the Last Will partially revoked. Also, if you are married, your spouse may have rights in your estate regardless of what is provided in your Last Will.

6. Can a Will Be Changed?
Your Last Will does not take effect until you die; therefore, it can be changed at any time during your life as long as you are mentally competent. Traditionally, Last Wills were changed by an amending instrument called a “codicil,” but with the development of modern word processing technology, it is usually better and just as easy to sign an entirely new Last Will when you wish to make changes.

7. What Happens If You Don’t Have a Will?
If you don’t have a Last Will, a state statute directs who receives you property, regardless of your wishes. For example, in my home state of Virginia, if you are married, your estate generally passes entirely to your surviving spouse; however, if you have children who are not also the children of your spouse, your children divided two-third of your estate, and your spouse takes the other one-third.

8. Is Joint Ownership a Good Substitute For a Last Will?
In most cases, joint ownership is not an acceptable substitute for a Last Will. Contrary to popular belief, joint ownership of assets between husband and wife often results in excessive estate takes. Joint ownership between parent and child may foster disputes between family members and cause unexpected and unnecessary gift taxes.

9. Is a Trust (Also referred to as a Revocable Living Trust) a Substitute for a Will?
A properly funded Revocable Living Trust can be a valuable and important part of the estate plan for many people, but it does not eliminate the need for a Last Will. If you have a Living Trust, you will still need a Last Will to dispose of those assets that have not or cannot be placed into the Living Trust.

As useful as they are, Living Trusts are not appropriate for everyone. Only your lawyer can tell you if you should consider one, and only you lawyer should prepare it.

10. Who Should Draft Your Last Will?
A person who drafts a Last Will must be familiar with the law in order to avoid the many pitfalls and to comply with the formalities necessary to assure the Last Will’s validity. Only a practicing lawyer is professionally qualified to give you advice regarding your Last Will, to prepare your Last Will, and to supervise it’s signing.

A Few More Practical Suggestions:

More than 70% of Americans Die Without Leaving Behind a Last Will.  Planning your financial affairs, and coordinating this with your estate plan, is a very personal and individual matter. You should decide for yourself the general purpose you wish to accomplish, and then consult with a seasoned estate planning attorney, financial advisor, and CPA if you want to have a coordinated and comprehensive plan, which integrates and accomplishes all of your financial goals and objectives.

Four practical steps to save time and help assure a sound result:

1. Inventory you assets. List in reasonable detail all of your property, real and personal, life insurance policies, and retirement plans, with your best assessment of their values.

2. Inventory your liabilities. List all debts and obligations, including principal amounts, payees, and essential terms.

3. List your family members and any other persons whom you wish to participate in your estate. Decide who might be an appropriate executor, trustee, or guardian for your minor children.

4. Decide what you want to accomplish. Determine what your objectives are, and to whom you wish your assets distributed.

Getting Started is Easy:

It just takes five easy steps, where your only cost will be your time:

Step One: Spend some time with your existing financial advisor, or an experienced financial advisor in your local area, so you can review the basic details your “big picture financial plan” together

Step Two: Your financial advisor will review this information and help you assess confirm exactly what your estate planning needs and preferences are

Step Three: Once your financial advisor reviews your overall estate planning needs, they can help you understand exactly how Wills and Trusts work, as well as which one they feel fits your situation best

Step Four: After you are fully comfortable and confident with their recommendation, you can consult with a seasoned estate planning attorney who can help you properly draft these documents and details

Step Five: Arguably the most important step, and often overlooked, is making sure that your estate planning attorney, financial advisor, and CPA are all working together to ensure all of your estate plans and preferences are coordinated and working properly with your “big picture financial plan”.

 

By |September 2nd, 2010|Categories: end of life, Estate Planning, Funeral Estate Planning, Last Will, living trust|Tags: , , , |Comments Off on 10 Questions About Estate Planning, Living Trust, and Last Will

New Preferred Provider for Digital Estate Planning

Online Estate Plan

FuneralResources.com Selects Entrustet.com

Preferred Provider for Digital Estate Planning

FuneralResources.com, the nation’s leading family-focused online Resource Center for funeral planning and preplanning, announced today they will be selecting Entrustet as a Preferred Provider for their Digital Estate Planning services.

Entrustet’s Account Guardian is a free service that allows consumers to securely list all of their digital assets. Digital assets include any accounts which are currently being accessed through the Internet, as well as computer files.  By storing this digital information in a safe and secure place such as what Entrustet offers, this provides people and families with the option of transferring or deleting this information in the event someone passes.

To find our more information about this partnership, simply visit FuneralResources.com and click on their “Funeral Memorial Technology tab, and then click on the drop-down link entitled “Digital Estate Planning Services”.

Hill points out that; “Today, when a family or Funeral Director visits FuneralResources.com, our Resource Center is filled with helpful articles, brief educational videos, grief counseling and support, common  funeral planning merchandise and services, as well as just about every new and innovative funeral technology tool, such as Entrustet.”

Hill’s goal with FuneralResources.com is to help raise awareness about any helpful tools that can help make such a difficult situation a little easier.  Another goal is to provide quick and easy access to resources such as articles, free How-To Funeral Guides, and the constantly evolving and growing number of useful tools and technologies that most families and Funeral Directors are commonly searching for.  Given the growth of the Internet, Social Networking, and more, having a place to store your Digital Estate Planning Assets will inevitably continue to grow, becoming a larger part of Last Will, Living Trust, and/or Funeral Estate Planning process in the years ahead.

 
About Entrustet:

Entrustet is a free online service that allows you to securely list all of your digital assets, which are online accounts and files on your computer, and decide if you’d like them transferred to heirs or deleted when you pass away. Through its free Account Guardian service, individuals protect their digital assets by deleting them or designating heirs to oversee their personal information after their death. Users can also choose to delete private files and accounts by using the Account Incinerator. Other services include the Lawyer Directory for lawyer referrals and the Corporate Partner Program in which companies can protect their users’ last wishes.

Preplan Funeral Expenses

Pre Need

Preplanning for Funeral Costs and Expenses

The final expense cost of regular adult funeral including basic items, can be significant. To give you a quick overview of the funeral costs, we’ve developed a quick chart.  Keep in mind, these basic items do not include cemetery costs, cemetery monuments, or grave marker costs – nor any other miscellaneous charges such as for funeral flowers or obituaries.

$1,595             Non-declinable basic services fee

$  233              Removal/transfer of remains to funeral home

$  550              Embalming

$  203              Other preparation of the body

$  406              Use of facilities/staff for viewing

$  463              Use of facilities/staff for funeral ceremony

$  251              Use of a hearse

$  120              Use of a service car/van

$  119              Basic memorial printed package

$2,255             Metal Casket

$1,128             Vault

Total Cost  $7,323

For  more information about specific Final Expense Costs or strategies to Prepay Funeral Expenses and End of Life Planning, you’ll find a wealth of information throughout our website, FuneralResources.com.

 

Preplan Your Funeral

Funeral Costs

Top 10 Reasons to PrePlan Your Funeral

When You Die, Show Your Family How Much You Love Them…
Minimize Their Emotional and Financial Pressures

When you die, it should be obvious that your family and loved ones will be emotionally devastated as they try to cope with this grief and loss, but adding the stress of funeral costs and funeral plans is a burden you can help relieve.  So knowing these facts, one of the greatest gifts of love is to minimize (or preferably eliminate) as much of the emotional and financial pressures as possible.

The sad reality is that more than 70% of those who die today fail to leave behind as much as a Last Will for their family and loved ones.  As unacceptable as that may sound, it gets even worse.  More than 85% of those who die today leave their family with no knowledge of their end of life plans, preferences, or how to pay for their funeral expenses.

Top 10 Reasons to Preplan Your Funeral

1.  Upon your passing, most people don’t have any idea how to get started, what they should know, or who they can turn to.  If you preplan a funeral or burial arrangements, this significantly minimizes the stress and pressures that can accompany such a difficult time of grief and loss.

2.  This advanced planning offers you the opportunity to decide and control just about every detail of your memorial service and how you will be remembered.

3.  By documenting your last wishes, you can ensure that you and your remains are handled, cared for, and placed somewhere that fits you and your preference.

4.  By creating a plan for your final affairs, this can also minimize or eliminate any uncertainties or disputes among your family members. For example, one of the small details that can actually cause serious family disagreements are special family heirlooms.

5.  Preplanning takes the guesswork out of the common questions of “what do we do next” or “what would you have wanted”? A properly structured preplan ensures that your loved ones know exactly what to do, as well as instructions on how to most efficiently implement your bequests.

6.  After suffering the loss of a loved one, some of the biggest challenges your family will face are thing like time constraints, little or no experience with these matters, and limited access to the best possible help and guidance.  Therefore, one of the biggest advantages of creating a sound end of life plan is that, if it is properly structured, it can reduce (or even eliminate) the large majority of these difficulties.

7.  Through preplanning your funeral, as well as paying for your burial and covering your final expenses in advance, this creates a much better overall experience and memorial service for you, your family, and even your Funeral Director.

8.  Since preplanning reduces or avoids a great deal of the obstacles involved in planning a funeral, this extra time allows your family to work through other important matters such as dealing with the grief and loss, planning your memorial service, notifying your loved ones, creating your obituary, writing a funeral eulogy, etc.  The more free time your family has, the much more likely it is they can create a truly special celebration of your life and memories.

9.  After completing your preplanning preferences for your family, this actually ends up enhancing your future too. By having these details planned out in advance, you can now enjoy the “peace of mind” to live every day knowing that you have taken the time to leave behind one of the greatest gifts of love.

10.  By selflessly taking the time to create a comprehensive end of life plan, you will always be remembered in a special way. Your family and loved ones will never forget the fact that you sacrificed your time and resources to take care of these all-important details. In reality, what you’ve done is created an everlasting memory that shows just how much you truly love the ones you care most about.

Action Item – Give Your Family What They Deserve:

When it comes to the things that are important in our lives, proper planning and preparation are some of the key to a successful outcome.  In this situation, my sincere hope is that these 10 reasons serve as an inspiration and incentive to start this planning and preparation today, and become proactive about these all-important estate planning matters. 

Although most families never talk about these kinds of things, just about every family member and loved one would prefer to have these plans in place.  Quite frankly, I think they should demand this from you.  So at the very least, leave your family with two things they absolutely deserve:

1) A Last Will or Living Trust
2) A comprehensive end of life plan, which includes pre-arranging your final plans, preferences, and also your funeral costs

I can assure you that your family will thank you, see how much you loved and cared about them, and also remember your efforts as being one of the greatest gifts you have ever given them.

 
Christopher P. Hill, Founder
FuneralResources.com

Facts About Green Burials Versus Traditional Funeral Burials

 Green Funeral

The Key Differences Between

Traditional and Green Burials

Commonly known as green burials, eco-friendly burials, natural burials, or woodland burials, there are distinct differences between a traditional burial and a green burial.

The first major difference is that most traditional funeral costs average approximately $10,000, while green burials are approximately $2500.

Green burials do not employ the use of embalming fluids, pesticides, herbicides, or irrigation.

Bamboo, wicker, cardboard or wooden caskets are used instead of metal caskets.

Concrete burial vaults are not used for a green burial.

The graves are usually hand-dug and are shallower than with those used in traditional burials.

Graves are marked with more natural landmarks that blend in with the area such as plants, rocks, trees or flowers.  Elaborate and prominent headstones or grave markers are not used in a green burial.

Click to Learn More About a Green Funeral

 

By |June 22nd, 2010|Categories: Blog, burial, burial vaults, caskets, Death, Funeral, Funeral Costs, Green Burial, green burials, green cemeteries, Green Funeral, green funerals|Tags: , , , , , , , , , |Comments Off on Facts About Green Burials Versus Traditional Funeral Burials

How to Create an Solid End of Life Plan

End of Life Planning

Your Family-Focused Gift of Love

Like so many families, when we suffered the loss of my mother last year we faced the difficult decision of what to do next. Because we were never willing to accept this as a possible outcome, nor did we think about planning in advance for this incomprehensible loss, we had no idea where to begin or who we could turn to.

Most people tend to overlook one of the greatest gifts you will give your family, which is properly preparing them for the inevitable. At best, you might have started your estate planning process by creating and choosing a Last Will or Living Trust.

However, the harsh reality is that approximately over 70% of Americans have no form of estate plan. So by having a will or Trust, you have clearly taken a step in the right direction toward preplanning your future financial wishes. The problem is, this form of planning fails to accomplish the most important task, which is addressing your family’s immediate concerns.

The person, or in most cases people, responsible for taking care of your final arrangements are usually forced to make extremely important decisions, as well as major financial purchases, within a small time frame…usually within approximately 48 hours after your death. Of course, you cannot expect to fully alleviate the emotional and financial stresses of your loved ones during such a difficult time, but you can help them tremendously by having a plan that outlines your funeral wishes.

Most financial professionals are realizing that an integral part of a sound financial and estate plan is taking care of your funeral services ahead of time.  To preplan a funeral gives you the ability to choose your method of disposition, the exact type of services you want, and allows your family to focus more on things such as grieving and recovery. In addition, preplanning is also a good thing for you because it allows you to make extremely important decisions through a calm and clear thought process. Emotionally, it is much more likely that you will create a more rational and logical end of life plan.

When preplanning your funeral, here are several general guidelines to begin your preplanning process:
* Visit various funeral homes and interview multiple funeral directors
* Choose a funeral home and director where you think your family would be most comfortable
* Consider bringing family members with you during this selection process
* Be aware and informed of bereavement entitlements such as veterans, unions, fraternities, etc.
* Consider religious and moral convictions, and discuss them with your family
* Determine your method of disposition (burial, cemetery, entombment, cremation, etc.)
* Plan your ceremony considering things like casket viewing, religious aspects, who should be included, etc.
* Itemize your costs
* The Federal Trade Commission offers a free funeral planning guide titled “Caskets and Burial Vaults” (202-326-2222) which has made it easier for consumers to comparison shop.
* The FTC Funeral Rule requires funeral directors to give pricing information over the phone, as well as provide you with a readily available General Price List if you visit them in person. This FTC Funeral Rule also allows you to purchase caskets, which are the single largest funeral expense, from outside vendors without the threat of a carrying charge.

What About Paying For Funeral Expenses In Advance?

Although planning your funeral arrangements in advance may help alleviate many of the details, prepaying (also known as prearranging or a Pre Need Plan) for your funeral services is a way of taking care of the actual expenses.

Prepaying your funeral or cremation is one of the fastest growing, and most appreciated and accepted aspects of funeral planning. Similar to preplanning your funeral, paying your funeral expenses in advance is also becoming widely accepted by many financial professionals as a solid piece of a sound financial and estate plan.

When prepaying your funeral plan, the most common and widely used strategies are savings and life insurance, mainly because they tend to be deemed the most reliable and readily available. However, there are several other strategies to consider when prepaying your funeral costs or expenses:

Savings

Although many people choose to set aside savings to pay for funeral expenses, there are several reasons this does not always end up working out as originally planned. First, the savings can be depleted based on unexpected financial circumstances, such as health or financial issues. Second, these funds are not always readily available and liquid upon death due to the challenges and restrictions often found in estate planning. Third, the funds set aside can often be insufficient due to inflation and the rising cost of funeral expenses. Finally, it should be noted that savings are included in a part of one’s estate, and, thus, the taxable consequences can often come into play.

Life Insurance


Term Life Insurance is widely considered to be a flexible, simple, and affordable way to pay for your final funeral expenses. Although Term Life Insurance has a set term, or set number of years, it also has multiple uses in prepaying for your funeral. Because upon your death it becomes a liquid asset that is usually not part of your estate, it can be used for many things such as funeral, burial, cremation, liquidity, and many other things, including debts or obligations.

In addition, there are some types of life insurance that allow the funds contributed to these policies (either in lump sum, monthly, quarterly, semi-annually, or annually) to grow and accumulate as a cash value that can be accessed if necessary. Therefore, these policies can not only be used for funeral expenses, but also for other financial planning options that may arise such as financial emergencies, college, etc.

Funeral Insurance

Funeral insurance is an insurance policy which is specifically designed to cover any costs or expenses which are directly related to your funeral. If you purchase one of these policies, one of the options you have is to determine exactly which funeral costs or expenses are to be covered, such as flowers, burial plot, grave marker, and much more.

Another option you have is for the policy to be paid out in a single lump-sum, which can be used to cover your pre-determined costs or expenses, or simply help your loved ones financially as they plan for you. There are many insurance companies that offer funeral insurance packages, and certain funeral homes or funeral companies also offer policies.

Pre-Need Trust Agreements

Another alternative to prepaying your funeral is to consider a Pre-Need Trust Agreement to pay for your costs or expenses. Generally speaking, these Trust accounts are typically funded with monthly payments that are invested in a fund which is designed to grow over time. Although a Trust account is designed to provide the potential for protection against inflation, it is not guaranteed to do so.

Take the First Step Today

In summary, although nobody likes to think or talk about dying, it is one of the facts of life we all must eventually face. If you are trying to build a successful financial plan, the only way you can be sure your plan works smoothly and efficiently is to be proactive about your planning process. This is particularly true and necessary when creating a proper plan of succession, which I firmly believe should include an end-of-life plan.

Christopher P. Hill, Founder

Seven Ways Funeral Directors Can Help You Plan a Funeral

 Plan a Funeral

How a Funeral Director Can Help

You Plan a Funeral

After losing a close loved one back in 2008, I am constantly trying to find ways I can help both families and Funeral Directors find new ways to make the funeral planning process easier.  After working closely and researching extensively, I have learned a lot about how to plan a funeral and end of life planning industries.

However, since I am not a licensed Funeral Director, I have also focused on learning how challenging and meaningful of a role a Funeral Directors can play in a families life, and therefore, I have gained a tremendous amount of well-deserved respect and appreciation for a Funeral  Director’s selfless contribution to this valued public service.

So given the importance and sensitivity of this matter, I am not only constantly trying to learn more each day, but also searching for any possible new and innovative ways to help add value to this industry.

When I look back on my personal experience, below are some of the key things I truly believe would have helped my family as we worked through the many funeral planning challenges:

1.  I believe it would be helpful if the Funeral Director could give a brief history about their Funeral Home, Cemetery, as well as their personal background and experience.

This would help families learn more about choosing a funeral home or cemetery, funeral director, and feel more comfortable about the qualifications, experience, and credibility of who they are dealing with.

2.  I think it could be helpful if a Funeral Directors would ask if anyone involved has any history or experience with planning a funeral.

This would help the Funeral Director and the family, since this lets the Funeral Director know if they need to begin slowly, starting with the basics, or whether things could be a little easier and streamlined based on any past experience.

3.  Before the Funeral Director begins to review the basic outline of the funeral planning process, it would be helpful if they ask the family if they have any important questions on their mind that they feel like they need to find answers.

This allows the family members to ask about things that might be of concern, time-sensitive, or important to know regardless of the planning process.

4. The Funeral Director could explain the general outline of what the funeral planning process involves and what they will review and work on together. Ideally, this overall outline would be great to have in writing, so they can see it, read it, plan ahead, and follow along step-by-step.

This helps the families to get an idea of what to expect, and also begin thinking about the many funeral planning challenges.

5. The Funeral Director could tell the family members to feel free to interrupt him/her at any time, and ask any questions that come to mind, no matter how basic or uncomfortable they might feel.

This helps families feel like it is OK to ask questions, since from my personal experience, I was very reluctant to ask things that I now wish I had.

6.  After the funeral planning process, the Funeral Director could find a way to help families learn about some of the new and popular memorial technology tools, resources, services, and funeral home services. In fact, I would even recommend offering families a printed list of these options so you can talk about them with the families, or simply let them research these things on their own to find out more.

In addition to the common funeral home services such as funeral programs, caskets, cremation urns, funeral flowers, etc., I firmly believe that families should also be aware of some of the new and increasingly popular new memorial technology tools such as Funeral Webcasting, Video Tribute, Memorial Website, Memorial Reefs, Memorial Diamonds, and the amazing new Gravestone Technology that includes microchips which can now show pictures and tell stories.

Why not let every family know about all of these options? If  families don’t choose to add these to their funeral or memorial planning, they are still better off from knowing these options were available.  And if families do find these options to helpful tools that can allow them to better heal, remember, and pay a special tribute to a loved one, everyone wins!

7.  Last, I would suggest Funeral Directors consider providing every family with helpful details, such as these below, at the end of their funeral planning discussion:

– Key things to consider when planning a memorial service
– Several phone numbers to contact for any questions or concerns, 24/7
– Grief support information, grief books, and local grief support
– Information on how to give a eulogy, funeral etiquette, how to write an obituary, and other common families needs
– Contact information on Charitable Organizations, and ways to help families donate funds “in lieu of funeral flowers”
– Key reasons and benefits to consider an End of Life Plan, and where they can go to learn more
– Names and contact information for people who you recommend that would be willing to help offer free advice for any financial planning matters, such as funeral estate planning, tax planning, wealth management, etc.

Again, these are just some thoughts I had after looking back on my personal experience, as well as some of the details I have found that most families are searching for – and today this is being done largely on the Internet.

I truly hope this helps both families and Funeral Directors, as I continue my quest to make this difficult process easier!

Chris Hill, Founder
FuneralResources.com

Death of a Parent

Grief and Loss

Death of a Parent

Organizing a deceased parents’ house or put it up for sale is not an easy task because, as you struggle through the various stages of grief, you are filled with reminders of their life. Going through a home is like walking through a photo album. Each room and item has the potential of holding a precious memory.  Some people tend to be more pack-rats while others had lived with their home being more spartan. Some people are very generous with those that they allowed in their living space while others tend to be on the paranoid side. When you are going through the house there might be a few extra places you might check to see if there are any hidden memorabilia or heirlooms.

The filing cabinet: Some people are super organized. If your family members were organized type of people, check the filing cabinet first. People have told us they have a red file in the front of the cabinet that is labeled “Love Drawer” or “Family Record Guide” on it. Inside is a list of where all the important papers are to be found, where hidden treasures in the house are stashed away and a copy of their will. Simply pull the file and follow the instructions they have left. The filing cabinets are almost always the last place people may search, as they seem overwhelming. I’ve also heard people say they didn’t check the file cabinets because they felt since the person was deceased, what was in there “didn’t matter anymore.”

Bathroom/Kitchen Sinks: Check under the kitchen/bathroom sinks. Sometimes there is an extra ledge up underneath there were people can hide valuables like important papers or jewelry. It wouldn’t do to sell the house with the family jewels still located inside!

Closets: Check all the bags in the closets no matter how big or small. People like to hide things in plain view and sometimes items such as gold, jewelry, stocks, etc. can be hidden in the closet.

Money Belts: Check to see if any of the belts in the closet are money belts. You might find some extra cash you would have otherwise sent to goodwill with the belts. In addition, check the pockets of suit coats, and inside all women’s purses. Look in the sock drawer for money rolled up in socks, or stuffed between underwear. I know someone that found a thousand dollars cash in a sock drawer.

Freezer: Before you throw out frozen food wrapped in tinfoil, make sure you unwrap it and verify that it is food. People have been known to wrap up stacks of cash and place them in the freezer. The same is true for cereal boxes. Plastic toys may not be the only surprise in a box of cereal!

Cans: Check to make sure the shaving cream can and other items of that type don’t have screened-off bottoms. These could be little safes that match common household products to deter theft. What you think is shaving cream could really be filled with an heirloom item.

Books: Ditto for books.  Expensive looking books in reality could be little boxes that hide valuables. Before you pack up boxes of old books, magazines and newspapers, shake out all the pages. Money and stock certificates have been known to drift to the floor when this is done!

Backyard: If you are sorting items from a very private family it might be worth your time to rent a metal detector and do a once — over in the backyard. Some families still believe the coffee can out back is the best place to keep investments safe.

Mattress: Don’t overlook the obvious — what is under the mattress, or the bed.

Knowing your parents and the type of people they were will help determine what they may have done to keep family treasures safe. Never assume anything, especially if your loved ones were suffering from a memory loss in their final stages of life. Remember to smile and think of it as a treasure hunt instead of a burden. You never know what you will find!

© 2010 Kelasan, Inc.

Three Main Reasons Families Seek Funeral Planning Help Online

Funeral Planning Help

Three Most Common Reasons Families

Need Help Planning a Funeral

There are three common situations where families need funeral planning information, guidance, and support:

1. A loved one has recently passed:

One of the best ways to reduce the stress and pressure involved when you need to plan a funeral is to make sure you’re well prepared. This involves being able to access helpful information, people, places, and resources.  It also helps to start with a plan.

FuneralResources.com is solely designed to help you find complete details regarding everything you need to know when facing any type of funeral planning. Our goal is to help you organize this process and ensure educated and clear decision-making, as well as provide access to pre-screened funeral homes and professionals.

2. A loved one has been diagnosed as terminally ill:

There is usually a tremendous amount of chaos surrounding funeral planning, especially when the loved one in question has been diagnosed with a terminal illness.  At such a time, you will likely be overcome with grief and loss, and need someone slightly more removed from your loved one, such as professional grief counseling, to act objectively and handle the many options and responsibilities of planning a funeral in advance.

Key considerations when faced with a terminal illness:

a) Review the Last Will of your loved one to learn of any special or unique arrangements they might have in place. The goal here is to find any plans or preferences regarding their end of life planning, as well as to see if they might have accomplished any preplanning.

b) If established, be sure to review their Living Will and Advanced Medical Directives. These documents can become extremely important in the event certain difficult health circumstances arise. The goal of these documents is to ensure their last wishes are carried out by the people closest to them in the event they become physically or mentally incapable of making these choices on their own.

c) If everyone mutually agrees that the Last Will or Living Trust is not going to be discussed or reviewed until after death, we strongly suggest that you consult with a funeral estate planning attorney to review the Last Will and identify if there are any special instructions concerning their last wishes.

d) Inform certain key people of what likely lies ahead including immediate family, friends and relatives, co-workers, insurance companies, a family doctor, the Cemetery or other burial place, other organizations such as churches, social clubs, etc.

3. Preplanning your end-of-life plans and preferences

In the past, planning for your death in advance was considered to be taboo. Today, preplanning a funeral and the accompanying arrangements is a popular decision and should be considered an important part of planning for the future. There are many reasons to consider learning more about the 3 ways to preplan a funeral. The most important reason is because it reduces or eliminates the emotional and financial pressure of making difficult decisions during life’s most challenging circumstances. In addition, prearrangements also let you choose exactly how you want to be memorialized and allows for personal preferences in all aspects of the funeral service. Not only is this becoming a widely accepted part of a sound comprehensive financial plan, but we firmly believe this is one of the greatest gifts you can leave your loved ones.

 

Your End of Life Plan is the Gift of a Lifetime

End of Life Plan

Creating an End of Life Plan…

And Leaving the Gift of a Lifetime!

Sometimes I feel as if I am the only person in America who is speaking about one of the most important plans you can create, an End of Life Plan. The harsh reality is that very few individuals, families, or even financial professionals are regularly teaching, practicing, or implementing End of Life Plans.

Nothing Good Comes Easy

Why is that that more than 80% of people in America die without leaving behind their End of Life Plan and preferences?  I believe it is because these are the only types of plans that directly addresses death and dying.  Therefore, most people would prefer to overlook or ignore this type of conversation.  The problem is that, in doing so, you are leaving these matters to your spouse, children, and/or family members – to pile on top of what is already one of the most difficult times of their lives.

The fact of the matter is that an End of Life Plan should be a standard and routine part of a comprehensive financial  or retirement plan.  Period.  It is the missing piece to the financial services puzzle that needs to be fixed.

Fact:  Some Day You Will Die

Sure, the last thing any of us want to do is talk or think about is how to plan a funeral. And this is not just “a funeral”, but rather your own personal funeral.  So I get it.  I fully understand why an End of Life Plan is not such an easy and comfortable discussion.  However, some day every single one of us will die (hopefully later versus sooner), but we will die.  So this means that “someone” is going to be forced to deal with planning your End of Life Plan and preferences.

So ask yourself this question; “Would you rather take care of your final arrangements yourself, or leave it to your loved ones who are already suffering from the grief and loss of your death compounding insult to injury?”

We all know for a fact, with absolute certainty, that we are all going to die some day, right?  So why is it that most people are not talking about this?  Why are financial planners not learning the best ways to plan their clients and families for their inevitable death?  Why is it that, at the very least, everyone is not taking a few minutes to simply document their End of Life Plans and preferences for our loved ones?

 

Financial Planners Should Encourage an End of Life Plan

In addition to being the Founder of this website, I have worked as financial planner for over 23 years and currently own my own Wealth Management practice.

I mention this because, for the most part, the financial planning industry overlooks and ignores End of Life Plans, Pre Need Plans, and Final Expense Plans.  These plans are not widely-recognized as an all-important additions to a comprehensive financial and retirement plan.

To prove this point, here is a fact:  Prior to losing a loved one and experiencing how to plan a funeral myself, I had never heard some talked about this subject.  This includes all of my 20+ years of studying, training, attending classes, getting licenses and certifications, and more.

How About You and Your Financial Plan?

Has your financial planner discussed this with you? Does your financial plan include your End of Life Plans and preferences?  Are these details documented and written down in a safe place?  Do you currently have a plan in place for your pre-arranged funeral or cemetery arrangements?  Have you created a plan to specifically designate which monies will prepay funeral expenses and funeral costs?  Do the people you love know what you really want?  Have you notified them regarding the fact that you have taken care of these End of Life Plan details?  Do they know where these plans and details are located?

You are Not Alone

If you do not currently have an End of Life Plan in place, you are not alone.  Given my personal experience, I can tell you that losing my mother was, by far, the toughest day of my life. And like our situation, here is what happens in most cases.  Just about the time when it starts to “sink in” that your loved one is really gone, and your emotions begin to elevate, all of a sudden you find yourself sitting in a Funeral Home or Cemetery, reviewing all of their funeral home services and planning a funeral.  This is probably the last thing anyone wants to be doing during a difficult time like this. 

Just Some of the Funeral Planning Challenges

• How do you transport the body?  Where do you transport it?  How soon?
• What vital statistics do we need to gather, and how soon?
• How soon afterwards should the funeral and/or memorial service be?
• How do you determine which Funeral Home, Cemetery, or Funeral Director?
• What if the deceased lives out of town?
• Sitting down with a Funeral Director to review all the details and options
• Try to figure out what your loved one “would have wanted”
• Making some incredibly difficult financial decisions
• Trying to figure out what type of memorial service your loved one “would have wanted”
• Did they want to be cremation or traditional burial?
• Choosing among many different types of caskets or cremation urns
• Where should the final resting place of their body or ashes be?
• How do you coordinate this with your religion/Church?
• Who should be invited, and how do you invite them?
• Arranging travel and accommodation plans for out-of-town guests
• Who will give the funeral eulogyHow to give a eulogy?
• How will this be paid for?  Were there any burial insurance or funeral insurance policies?
• Who will speak at the memorial services? Which songs and prayers do you use?
• Do you have a gathering afterwards?
• How do you place an obituary? Who does this?
• Do you want funeral flowers or donations?
• Arranging funeral programs, sending “thank you” cards, and much more…

End of Life Plans Save Money

Another huge benefit to creating an End of Life Plan is that, in addition to saving your family from going through emotional challenges and making difficult decisions, you could very likely save your family thousands – or even millions – of dollars. The reason why is when someone dies, there are many financial matters that accompany the funeral planning such as funeral estate planning, estate taxes, death taxes, capital gains taxes, income taxes, insurance policy proceeds, investments, real estate, bank accounts, mortgages, other debts, and much more.

Plan Now – Don’t Wait!

A wise man once said, “The difference between failure and success is largely determined by the amount of time and preparation put into preparing for the future.”  By creating a solid End of Life Plan – and then adding this as a part of a sound and comprehensive financial plan – nothing could be further from the truth!

Christopher P. Hill, Founder
FuneralResources.com

Funeral and Death Estate Planning – Last Wills Versus Living Trusts

Funeral Estate Planning

The Differences Between a Last Will and Living Trust?

Which One is Best For You?

 

Who Should Have a Last Will?

The sad truth is that most financial advisors and estate planning attorney’s will tell you that approximately 70% of Americans die without and End of Life Plan or Last Will, also known as a Last Will and Testament.  In my opinion, this is totally unacceptable! Why? Because I am fully confident that most of us:

• Truly love our family and loved ones
• Would prefer not to place any unnecessary or additional burden on our loved ones during a time of terrible emotional loss

Please allow me to explain why funeral estate planning is so important. Should you pass without so much as a Last Will, the unfortunate reality is that state law will determine how your property is distributed, as well as take control of your estate if you should you become disabled or incompetent.

The Statute Called “The Law of Intestate”

The best way I have found to describe intestate is simply; “having a lawsuit with your state of domicile over the management of your estate”. Put another way, it will not be you or your family who ultimately decides what happens to your assets, your children, and your financial legacy – but rather your state, the government, and your least favorite uncle – Uncle Sam.

I think it is safe to say that your personal wishes for the disposition of your money, children, estate, well-being, and how you want to be remembered would not be exactly the same as that of your state or local government. Therefore, dying without a Last Will is going to put your family through an extremely difficult, time-consuming, and expensive ordeal…at a time when they should be focusing on celebrating your life and the wonderful memories you’ve left behind.

So I think you can reasonably conclude that I firmly believe that everyone, regardless of your net worth, marital status, or age, should have a fully completed and executed Last Will!

Why? Creating a Last Will accomplishes two extremely important things for both you and your family. First, it helps protect you against scenarios in the event something happens unexpectedly such as a disability, incapacity, severe accident, coma, amnesia, etc. Second, as I mentioned above, it becomes one of the greatest gifts we can give our loved ones by making this difficult period easier, less emotional, time-consuming, expensive, and uncertainty.

Why Would Someone Choose a Living Trust?

Most Estate Planning Attorneys will agree that a better and more useful funeral estate planning tool is using a Living Trust, also known as a Revocable Living Trust.

One of the most common questions most families ask is “What are the advantages of creating a Living Trust versus a Last Will”?  Well, although a properly structured Last Will is a “must-have”, one of the biggest disadvantages with having a simple Last Will is that it must go through probate.

What is Probate?

Probate is a court supervised procedure by which the court ensures that the assets governed by your Last Will are valued properly, the debts of your estate are paid off, and the remaining assets are properly distributed to the persons named in your Last Will.

The probate process is typically a negative experience, to say the least. Here’s why:

It is expensive. Legal and executor fees and other costs must be paid from your estate before anything can go to your heirs. The costs are usually estimated at 1-5% of the gross value of an estate (before debts are paid).
It takes time. Often 1-2 years or longer, depending on your state. During this time, assets are usually frozen and nothing can be distributed or sold without the courts approval. If your family needs money to live, they may have to ask the court for a living allowance, which the court may or may not approve.
Your family has no privacy. Probate files are open to the public, so anyone (including a business competitor) can see what you owned and whom you owed. This knowledge can also invite disgruntled heirs to contest your Last Will.
Your family has no control. The probate process controls, and it can be very frustrating for your family to have to pay for the court to tell them who gets what money and when. This frustration very often leads to family feuds, disputes, and family members may even choose to contest the Will.

So as you can see, probate can be a very emotional and difficult process. If you ask anyone who has been through the probate process (like my father), they will very likely tell you it is something you want to avoid at all costs if possible.

That is why many families choose a Living Trust, also called a Revocable Living Trust. A Trust, if drafted by a seasoned Estate Planning Attorney, can be a comprehensive document that will allow you to avoid many of the challenges when handling a deceased estate, such as:

  • Avoid the probate process
  • It is extremely hard to contest
  • Can potentially reduce or eliminate estate taxes
  • Will preserve your privacy
  • Expedite the distribution of your estate
  • Allows parents of small children (like myself) to give specific instructions to the Trustee or Guardians as to when to make distributions to the children, what they can use the money for, and at what ages to begin letting the children have control over some (or all) of the monies
  • Many other challenges such as special needs, special instructions, multiple marriage situations, etc.

 

So Which Is Better…A Last Will or a Living Trust?

The reality is there is no exact answer to this question, simply because either a Last Will or a Living Trust can be deemed as most effective, but largely depends on each families personal situation is unique. Therefore, as with any decision that is extremely important to your financial future, the best way to make the right choice is to seek the help of qualified and credible Estate Planning Attorney who can help you determine whether a Last Will or a Living Trust makes the most sense.

One last suggestion that is very important is making sure you work closely together with both your Financial Advisor and Estate Planning Attorney when determining your most appropriate wealth transfer strategy. The reason why this is so important is because you need to ensure that, whether you create a Last Will or a Living Trust, this document is not only established correctly, but also that it is properly coordinated and integrated with the rest of your comprehensive financial plan.

I cannot encourage you strongly enough to be proactive, and take the first steps towards completing this necessary part of your financial and funeral estate planning.

Personally, I am proud to say that my family and I have completed our Funeral Estate Planning, as well as coordinated it with our comprehensive financial plan.  This helps me sleep better at night knowing I have created this all-important gift for my family…and I truly wish the same for you!

 
Christopher P. Hill, Founder
FuneralResources.com
www.funeralresources.com

By |January 2nd, 2010|Categories: Blog, Death, end of life, Funeral Estate Planning, Funeral Planning, Last Will, last will and testament, living trust, revocable living trust|Tags: , , , , , , , |Comments Off on Funeral and Death Estate Planning – Last Wills Versus Living Trusts

5 Easy Steps to Create Your End of Life Plan

End of Life Plan Steps

5 Easy Steps Create an End of Life Plan

The Greatest Gift Your Family Will Always Remember

Live As If There’s No Tomorrow

The truth is nobody likes to talk about death or dying.  However, the unfortunate reality is that all of us will be forced to deal with this difficult situation at some point, and often times it happens when we least expect it.

Another harsh reality is that the large majority of financial professionals and families overlook or ignore the importance of incorporating a smart end of life plan as a part of a comprehensive financial plan.

I firmly believe that nobody would ever want their family and loved ones to have to deal with any unnecessary emotional and financial decisions (or costly expenses), during what could arguably be the worst times of their life.  However, yet another harsh reality is that over 70% of people who die fail to leave their family and loved ones as much as a basic Will, also called a Last Will and Testament.

Use These 5 Easy Steps:

I’ve put together 5 easy steps that should help every family improve their financial plan, simply by adding these key pieces of a smart end of life plan:

1.  Finish your Last Will or Living Trust, Living Will and other end of life directives.

2.  Complete our FREE Family Record Guide, which contains funeral plans including:

• A budget for the funeral costs that will be involved
• Your preference on a burial or cremation
• The location of your burial, or where you wish your ashes scattered
• Decide if you want a large memorial service or a small one
• Pre-arrange the caskets or cremation urns you like
• Choose officiates and others you want to run or speak at your service
• Pick the funeral music and Video Tribute you wish to have played
• What you would want engraved on your tombstone

3.  Create a “love drawer”, which is a central location where you keep all your end of life plans mentioned above. Choose someone to tell, and update it every two years.

4.  Consider using funeral insurance, such as pre need or final expense plans, which are specifically designed to pre-pay for all of your plans and funeral expenses

5.  Take advantage of the new memorial technology tools such as:

• Consider funeral webcasting on the Internet, so everyone possible can “attend”
• Build your own personal DVD Video Tribute, complete with songs and pictures
• Create and design a memorial website, who loved ones can share together online

Benefits to You and Your Family

By taking these steps now and creating your end of life plan in advance, you are sending your family a very strong message – which says that you cared enough to make this difficult time a little easier.  Not only with they thank you, but they will remember this selfless gift of love forever!

Chris Hill, Founder
https://funeralresources.com