Pre Paid Funerals: Weigh Your Options Carefully
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A USA Today article by Christine Dugas reports, “to many people, the idea of prepaying for a funeral makes a lot of sense. It can remove a big financial burden from your loved ones, make a stressful time easier for them, and ensure that you will get the kind of funeral you want.”
However, there is a considerable amount of research out there that points out the many pros and cons of prepaying for your funeral. It is imperative that you weigh these items carefully. Every situation is unique. It may also make sense to speak to a certified financial planner and/or elder law attorney in your state to determine whether it makes sense for you to do so. They will be able to take state laws, your financial picture, and a host of other factors into consideration.
The USA Today article by Dugas provides consumers with a list of factors to take into consideration when determining whether they want to go ahead and prepay their funeral. Some are as follows:
- Consider prearranging your funeral without paying for it in advance.
- Check state regulations on prepaid funerals. The federal government does not regulate prepaid funerals.
- Make sure you know exactly what you are buying and the terms of the agreement(s). (e.g., What is included in the plan? Can you get a refund if you change your mind? Is the plan portable if you move?)
Visit the USA Today website for the complete article and a thorough analysis of the tips outlined above.
The State of New York provides readers with a great document, entitled, “Before Prepaying Your Funeral, Know Your Rights.“ This document will also likely address many questions/issues that you had not anticipated. Please keep in mind that any regulatory information found in the article may differ if you live in a state other than New York.
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Comments
This article brings up many good ideas. Item #1 is possible now because there is a free service offered by Dignity that allows you to pre-plan your funeral and get a good idea of how much it will cost you so you can start planning for that final expense now. This plan can be used at any funeral home in the world, not just dignity funeral homes. Get your free plan now at http://www.ngsplanning.com.
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