Where does the money go that I prepay into the plan?
We will deposit 100% of the money received toward a funeral plan into a trust where it cannot be released to us until after the funeral you have chosen has been provided for you. 100% of the money you have pre-paid will be used for your funeral.
Revocable
This is a trust that any amount of money may be deposited into. At anytime you may ask for this money and the interest it has made. At the end of the year you will receive a 1099 statement on which you must pay taxes on the interest as it is considered income.
Irrevocable
This trust is most commonly purchased by someone who eventually might need care in excess of their assets. Once purchased, it can be used for burial purposes only. This trust can be started for any amount. It may be added to at any time. You will receive a 1099 at the end of the year showing total interest earned.
What if the cost of the funeral service I prepay is greatly increased at the time of my death?
The funeral firm makes no promise or guarantee that the fund of money established by the purchaser will be sufficient to purchase those goods and services specified. However, the interest earned by a fully funded account should offset any reasonable price increase.
What if your funeral home is no longer in business at the time of my death?
Because your money is held in a certified Trust governed by state law, it will always be there for your funeral, even if our funeral home were to be purchased or go out of business.
What if my family moves out of the area before I die? Do we lose the money we paid?
Should you move outside of our service area, your funeral plan provides those funds for your funeral at the funeral home of your choice.
Doesn't Social Security provide a death benefit?
Social Security provides a lump-sum payment of $255, and only if you qualify.
How do I know you will really put my money in a Trust?
Each plan is registered with a NYS approved institution held in a NYS Bank.
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