Archive for the ‘Estate Planning’ Category

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Funeral Planning: What is a Living Trust?

Monday, May 9th, 2011

Funeral Planning: What is a Living Trust?Although much of the information you’ll find online regarding funeral planning has to do with funeral pre-plans and the kind of funeral insurance that allows you to tie your money into a specific funeral home, there are actually many different types of financial and legal steps you can take to secure your estate.

One such option in funeral planning is a living trust. Like a will, a living trust allows you to allocate your money and resources to your dependents. However, unlike a will, this contract can take effect while you are still alive. This not only makes a lot of the proceedings an easier transition, but you can cause your estate to avoid probate so that your family doesn’t have to wait for the legal system to process everything before they gain control of their inheritance.

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Funeral Planning and Terminal Illness

Monday, April 11th, 2011

Funeral Planning and Terminal IllnessOne of the most common questions we get here on our blog is “when is the best time to start funeral planning?” By now, almost all of us have heard about the options in funeral pre-plans, which range from setting aside funding via a trust or funeral insurance policy to actually planning the details and paying for caskets and burial plots in advance.

What most of us don’t consider is exactly when planning a funeral is best. Is it when you’re in your 40s? 50s? Facing retirement?

There is no single answer to this question, and only you and your loved ones can decide for sure when to start funeral planning. One thing, however, that is almost always universal is the benefit of funeral planning in the final stages of a disease or terminal illness.

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What To Do When Someone Dies: Real Estate

Friday, January 21st, 2011

What To Do When Someone Dies: Real EstateWhen someone in your family dies, there is a good chance that he or she had real estate (either in the form of a personal residence or in investment properties) that will be subject to either probate, inheritance taxes, or both. In cases where the real estate value is high or completely paid off, this can represent a great financial boon; in others, where there may be a mortgage on the property, the house or land may end up going to probate to pay off existing debts before you’ll ever see a penny.

Depending on your relationship with the deceased, the process of finalizing all the paperwork and transferring the property will vary. Here are a few of the more common situations:

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What To Do When Someone Dies: Debts and Bills

Friday, January 14th, 2011

What To Do When Someone Dies: Debts and BillsFew people die with every bit of their financial affairs in order – even if they left a will or went through substantial funeral pre-planning. That’s because most Americans live on a delicate balance of money coming in, money going out, and money being moved to savings or insurance accounts. And when a loved one passes away, this balance doesn’t go with them. It is up to the dependents and beneficiaries to navigate the many different bills and debts left behind.

Before you pull out your checkbook or start panicking about how you’re going to cover all the immediate expenses, it’s important to learn your rights and responsibilities about paying bills when a loved one dies.

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Benefits of Funeral Insurance

Tuesday, November 9th, 2010

Benefits of Funeral InsuranceOf all the funeral planning options, one of the more popular is funeral insurance. It is similar to funeral pre-plans, in that you are making preparations to cover funeral costs well in advance of the time of death. However, instead of tying up your funds at a particular funeral home or for specific services and funeral goods, you are simply setting aside a pre-determined sum of money that your family can then use to defray some or all of your eventual funeral costs.

Why Choose Funeral Insurance?

Like life insurance, this is a policy that allows your beneficiary to cover funeral costs from a large payout that occurs at the time of death. The number one benefit is saving your loved ones from financial hardship in covering all the funeral expenses.
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Funeral Planning Before You Retire

Tuesday, November 2nd, 2010

Funeral Planning Before You RetireOne of the best times to start funeral planning is before you reach retirement age. Although you might be a long way from thinking about where you want to be interred or how much money you would like to put into your funeral arrangements, funeral planning is a lot like retirement planning – the earlier, the better.

When is the Best Time to Start Funeral Planning?

Ideally, you should start funeral planning some time in your 40s or 50s. By this point, you will have already set aside some money for retirement, and you are in the type of stable situation that makes it possible to direct even more funds toward estate planning and funeral planning. You’re also more likely to have a good idea of where you’d like to be finally laid to rest, and will have an understanding of the different options (cremation, burial, body donation) and what each one will mean to your family.

If this seems a little early to be funeral planning, the good news is that there are all different types of funeral plan options.
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Looking Ahead: Funeral Pre-Planning

Monday, July 19th, 2010

Looking Ahead: Funeral Pre-PlanningIt may be a necessary fact of life, but pre-planning a funeral isn’t what most people choose to do on their day off. Perhaps the biggest obstacle to planning for a funeral is that it requires facing the fact that eventually, you will pass away. Coming to terms with this truth isn’t easy for any one, and it can be difficult for both you and your loved ones.

However, after your death, final arrangements will have to be made, and you can spare your loved ones considerable cost and heartache by attending to the details in advance. And if you have already decided whether you will choose cremation, a green funeral, or burial in a cemetery, it will make the process of finalizing your burial arrangements that much easier.

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Online Store for Burial Pre-Planning

Tuesday, May 11th, 2010

Online Store for Burial Pre-Planning

With the Internet, it’s a new world for pre-planning your final wishes and making advance arrangements. Many sites offer pre-planning advice, guides, and more. Good pre-planning resources can also be found on our resource section at www.iMortuary.com. But, when it comes time to make your burial pre-arrangements, there is something new – burialplanning.com.

It used to be that consumers visited a number of cemeteries to learn about their options and make purchases based on their plans. Along the way, they dealt with a myriad of sales people and mingled alongside grieving families making arrangements for someone who had recently passed. The entire process of pre-planning is changing dramatically.

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How to Discuss Pre-Arrangements and Estate Planning

Saturday, March 20th, 2010

How to Discuss Pre-Arrangements and Estate Planning By definition, pre-arrangements are any funeral and burial arrangements made before the time of death, much like creating a will. They can range from a few simple requests (preferred music at the ceremony or the burial method) to more elaborate plans (including all the details and payments of the burial). Like estate planning, they , leaving little room for conflict and confrontation between the loved ones you leave behind.

People choose pre-arrangements for a variety of reasons. Some people prefer to make the decisions in advance as a way to ensure their needs and wishes are respected. Others wish to relieve their family of the burden of decision-making during a difficult time. Still others prefer the peace of mind of knowing that all the financial planning has been taken care of. No matter what the reason, however, one thing remains true for almost anyone: the topic of funeral arrangements can be one that is difficult to navigate.

How to Broach the Subject of Pre-Arrangement
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Legal Issues That May Arise After Death

Thursday, January 14th, 2010

Legal Issues That May Arise After DeathThe death of a loved one can be one of the most trying times in a person’s life.  Between planning for the funeral, gathering friends and family together to grieve and dealing with your own emotions, it can undoubtedly be an exhausting and trying time.  However, it’s important to remember that the time after your loved one’s death is crucial to your own financial and legal well-being, and there may be several issues and affairs of the estate that need to be addressed once the funeral is over.

Of course, one of the most common legal issues that arise after the death of a loved one is that of finances, especially when it comes to any debts or unpaid bills that are left behind.  If your loved one leaves behind a will and an estate with clear instructions as to how assets should be allocated, then there shouldn’t be many legal ramifications for you and your relatives.  If there’s no will, however, then it might be a good idea to hire a lawyer and an accountant, as you’ll encounter several legal and financial issues when dividing assets amongst relatives, creditors and lenders.

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