Funeral Pre-Funding
A funeral home is selected
and an appointment is set up with the funeral director where your vital
statistical information is recorded. Background and survivor information is
gathered for both the death certificate and obituaries. A discussion is then
held regarding the type of services desired, merchandise selection is made and a
quote is given with a complete price for the selected service.
It is decided by the consumer
that pre-payment will be made for the entire cost of the services and
merchandise selected. Then 100% of
the money is deposited in a trust account in the name of the consumer in trust
for the funeral home. It is still
the consumer’s money and is deposited under their social security number.
Then a pre-need contract and
funeral itemization statement are completed and signed by both parties as a
binding contract. At the end of
each calendar year you will receive a 1099 statement of interest income earned
from the institution where the deposits are held.
Rest assured that if you
choose to pre-fund a funeral in New York State you are protected by the
strongest laws in the nation.
Benefits
All of your
information is on file at the funeral home.
You pay for your
funeral ahead of time at today's prices and this relieves the financial
burden of payment from your survivors.
Your funeral account
is an exempted asset should you use all your assets for long term health
care and have to apply for Medicaid.
Your funeral account is always revocable unless you need to apply for
Medicaid or SSI assistance—you then need to know about the following:
DISCLOSURE:
“New York State Law requires this agreement to be irrevocable for
applicants for receipt of supplemental security benefits under section two
hundred nine of the Social Services law or of medical assistance under section
three hundred sixty six of the Social Services law, and for the money’s put
into a trust under this agreement to be used only for funeral and burial
expenses. If any money is left over
after your funeral and burial expenses have been paid, it will go to the county.
You may change your choice of funeral home at any time.” |
