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Archive for the ‘Estate Planning’ Category

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How to Plan a Funeral with No Money

Wednesday, June 12th, 2013

How to Plan a Funeral with No MoneyIn strained economic times, it’s not uncommon for families to find that they have no money to pay for an unexpected funeral. The death care industry is a notoriously expensive one, and if you don’t have disposable income or advance funeral plans, being hit with a several thousand dollar funeral bill might be more than you can handle.

Fortunately, programs do exist to help bury a loved one even if you don’t have enough money to cover funeral costs. In most cases, you will need to provide proof of income or extenuating circumstances in order to qualify.

Indigent Burial Options

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Average Cremation Prices

Monday, April 15th, 2013

Average Cremation Prices.docx Average Cremation PricesIf you’re funeral planning on a budget, one of the first options that will be offered to you is cremation. Because less preparation goes into the process of cremation, and because there is no need to purchase a plot of land for the ashes, the costs associated with the process are lower.

Of course, that doesn’t mean a cremation can’t be expensive. Depending on the memorial service you choose and options like caskets and urns, cremation costs can move well into the $10,000 range.

Although every facility charges a little differently, here are a few averages in the cremation price list.

  • Full Service (this usually includes care and preparation of the body, transport, viewing, memorial materials, use of the funeral home, and any necessary rentals): $4,000 – $5,000
  • Rental Casket: $300 – $800
  • Cremation Container: $100 – $1,000
  • Cremation of the Body: $1,000 – $2,000
  • Urn: $100 – $1,000
  • Direct Cremation: $800 – $2,000
  • Direct Cremation with Memorial Service: $2,000 – $4,000
  • Graveside Service (if you plan on burying the urn or ashes): $1,000 – $2,000
  • Registry Book and Printed Materials: $50 – $200

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Are Funeral Costs Tax Deductible?

Saturday, April 13th, 2013

Are Funeral Costs Tax DeductibleMost experts agree that funeral planning should be undertaken with the guidance of an attorney or financial advisor. Because of the high costs associated with funerals—not to mention the tricky tax laws when it comes to inheritance—it can be difficult to navigate the waters alone. This is true for the phase of funeral planning as well as when tax season rolls around.

Medical Expenses

Most medical expenses not covered by insurance can be claimed on a tax return (assuming you itemize your deduction), and keeping good track of all monies paid for the medical care of the deceased is a good idea if you want to claim some of the funds you paid out of pocket. Things like hospital stays, surgery, hospice care, medication, and other end-of-life concerns all apply under this setting.

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What is the Difference between a Mortuary and a Funeral Home?

Friday, March 29th, 2013

What is the Difference between a Mortuary and a Funeral HomeWhen it comes to the funeral industry, there are more providers involved than most people realize. From hospitals and mortuaries to funeral homes and crematoriums, the disposition of a body requires careful processing and handling.

Most people are aware of the role a funeral home plays in traditional funeral planning proceedings. This facility, usually visible in the community, is your point of contact with the death care industry. Funeral homes employ funeral directors, who serve as the guide for your family’s decision-making process and provide you with the services and products you need. You can buy caskets, choose burial or cremation, pay for the funeral, and hold a service all on site.

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Buying or Selling a Pre-Owned Burial Plot

Wednesday, March 27th, 2013

Buying or Selling a PreOwned Burial PlotIf you’re getting ready to pre-plan a funeral and are looking to save some money on burial costs, it might be a good idea to look into pre-owned cemetery plots. Although the name is a bit macabre (bringing to mind burial plots that have already seen bodies come and go), the concept of a pre-owned plot is actually quite normal.

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Should You Take Out a Funeral Loan?

Wednesday, March 6th, 2013

Should You Take Out a Funeral Loan?Paying for a funeral is an issue everyone will need to deal with at some point in their lives. Whether the death of a loved one moves the subject to the forefront, or if you are estate planning and want to make advance arrangements, you will soon find yourself surrounded by funeral payment options.

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Funeral Mediation: When Families Disagree

Saturday, February 23rd, 2013

Funeral Mediation: When Families DisagreeDeath and funeral planning have the tendency to bring out the best and the worst in people. While families might hope that the loss of a loved one will bring them together as a cohesive unit, it is often found that the reverse is true. From disagreements about money issues to the actual funeral planning process (including how the body is disposed of, what kind of funeral service is held, religious preferences, and even flower choices), it often comes to pass that individuals simply cannot agree on how to proceed.

Understandably, this can quickly make a bad situation even worse—especially if there are no pre-arranged funeral plans in place and there has not been an Executor to the Estate named.

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How to Shop Smart for Pre-Need Funerals

Tuesday, January 29th, 2013

How to Shop Smart for Pre-Need FuneralsPre-need funeral plans are available through multiple avenues. You can find packages at most funeral homes, cemeteries, life insurance providers, large corporations, and even independent financial brokers. These days, just about everyone has a finger in the death pre-care industry pie, and knowing who to turn to for help can be tricky.

If you are in the market for a pre-arranged funeral, here are a few things you should know about shopping smart.

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Who is Responsible for Burial Costs When a Loved One Dies?

Friday, January 25th, 2013

Who is Responsible for Burial Costs When a Loved One Dies?If an individual passes away without any advance funeral planning in place, it can be difficult to know who is responsible for funeral costs. Few people can afford to foot the bill for a funeral all by themselves, and in a situation that’s already filled with tension, it can put a strain on the family to determine who should play the primary financial role.

To further complicate matters, every state has its own regulations regarding fiscal responsibility. While most states adhere to similar laws, you may have to talk with a local attorney to get specific information for your situation.

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Use the Holidays to Have those Difficult Funeral Planning Discussions

Thursday, October 25th, 2012

Use the Holidays to Have those Difficult Funeral Planning DiscussionsThere are many different ways to approach funeral pre-planning. Some people choose to include a funeral plan when they draw up their will, usually around the time that retirement and estate planning hit their peak (between the 50s and 70s). Others take out funeral insurance at the same time they buy life insurance or other long-term policies. Still others face the prospect of death only after the loss of someone close, when death and all its burdens are fresh in the mind.

There is no “wrong” time to start funeral planning, though most financial experts recommend that you start making decisions sooner rather than later. However, even in the face of this advice and evidence that pre-plans can help save time, money, and quite a bit of heartache, people continue to put off the inevitable.  For more in depth guidance, download our guide “7 Insider Tips You Need to Know Before Funeral Planning”

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