When a person undergoes estate planning or takes out a funeral insurance policy, much consideration is given to the beneficiaries and descendants being left behind. Who among them will be the executor to your estate? Who will be in charge of the funeral plans? How will your personal effects be divided amongst them? There are so many details to attend to that it’s no wonder animals and pets may be overlooked. (more…)
Posts Tagged ‘Estate Planning’
At first glance, burial insurance and life insurance are the same thing: it is a payout that goes to your family or beneficiary when you die. Death is an inevitable part of the world we live in, and having an insurance policy in place for when that happens is a smart way to ensure your family has enough money to bury you without dipping into their own pockets. (more…)
When a parent or loved one dies, their home is often one of the first items to be put on the market. Because a house is considered part of their estate, the sale of the house can be used to help pay for the funeral, settle debts, and serve as an inheritance for the family left behind. (more…)
After you’ve decided on a funeral home and are ready to begin the process of planning a funeral, your funeral director will ask you to come into the facilities for a visit. This personal contact with the people in charge of your loved one’s remains is an important step in the grieving process. Not only will you get to benefit from face-to-face interaction, but you’ll also be walked through each decision ahead of you. (more…)
Even though over 40 percent of Americans opt for cremation over burial, there are still many different kinds of religious, cultural, and personal taboos that make cremation a difficult decision. This is especially true if your family has traditional views regarding funeral planning or has a long history of burial in a particular cemetery.
If you’ve decided on cremation but aren’t quite sure how to tell your family, we suggest you set aside a time to have this important conversation. It’s never a good idea to leave this sort of thing as a surprise, so the sooner you can open up to those you love, the more time you’ll have to enjoy what’s left of your time together.
Once you’ve decided that you’d like to purchase a burial or funeral insurance policy as part of your final plans, the real challenge comes into play. There are countless burial insurance providers out there (which range from funeral homes to traditional insurance companies), and you have options when it comes to choosing the right one. (more…)
Funeral insurance, burial insurance, final expense insurance, preneed funeral insurance—these terms are often used interchangeably to talk about the same thing. With any of these types of insurance, money is paid out to a beneficiary to cover part or all of your funeral costs, including everything from traditional burial to cremation.
Unlike other types of insurance, which are designed around a “what-if” scenario (what if I crash my car, what if I need to go to the doctor, what if my home catches on fire), burial insurance is a guaranteed pay out. As long as you keep current on your premiums or pay the amount required up front, this money will be available upon your eventual death. (more…)
Spring is a time of renewal and rebirth, when the melting snow gives way to new life and people start reorganizing their closets for the warm season to come. Financial experts also suggest you use this time to consider pulling out your estate and funeral planning to ensure that everything is in order and up-to-date.
Where to Start?
When we talk about making advance estate and funeral plans, we mean much more than putting money in a 401(k) or taking out a life insurance policy. While both these things are great first steps, they don’t encompass the breadth of options available to you as you organize your end-of-life plans. (more…)
Most 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.
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.