|
|
Have you prepaid your funeral plans?
02-08-2019, 11:54 PM
|
#1
|
Thinks s/he gets paid by the post
Join Date: Nov 2016
Location: Washington State
Posts: 2,359
|
Have you prepaid your funeral plans?
My mom is in assisted living and has about 7-8 years before her personal assets run out. After that she will need to apply for Medicaid to cover the assisted living costs.
We are thinking about prepaying her funeral expenses while she still has money, and so she can select the casket, grave stone, etc. that she would like. As long as the plan is setup as irrevocable Medicaid isn't supposed to count it as an asset.
I've been talking with a funeral home and they have an insurance plan that can be set up as irrevocable. It's supposed to be guaranteed coverage even if prices increase in the future except for the death certificates and taxes. It's also suppose to offer protection if the funeral home were to go out of business before she dies.
It sounds like a smart thing to do, but I'm curious if anyone here has prepaid their funeral plans like this?
|
|
|
|
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!
Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!
You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!
|
02-09-2019, 01:42 AM
|
#2
|
Thinks s/he gets paid by the post
Join Date: Nov 2014
Location: Austin
Posts: 1,384
|
Quote:
Originally Posted by mountainsoft
My mom is in assisted living and has about 7-8 years before her personal assets run out. After that she will need to apply for Medicaid to cover the assisted living costs.
We are thinking about prepaying her funeral expenses while she still has money, and so she can select the casket, grave stone, etc. that she would like. As long as the plan is setup as irrevocable Medicaid isn't supposed to count it as an asset.
I've been talking with a funeral home and they have an insurance plan that can be set up as irrevocable. It's supposed to be guaranteed coverage even if prices increase in the future except for the death certificates and taxes. It's also suppose to offer protection if the funeral home were to go out of business before she dies.
It sounds like a smart thing to do, but I'm curious if anyone here has prepaid their funeral plans like this?
|
My parents did this. Worked out well for all involved when they passed. Your mileage may certainly vary of course....
|
|
|
02-09-2019, 03:21 AM
|
#3
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2011
Posts: 8,368
|
I've told DW, that, should I expire in another country while we're traveling, to either remove my wallet/passport from the corpse and keep walking, or if she's somewhat reticent to do that, have me incinerated locally.
If I'm at home....just have the body disposed of as cheaply & efficiently as possible.
I'll be dead...what do I care?
__________________
"Exit, pursued by a bear."
The Winter's Tale, William Shakespeare
|
|
|
02-09-2019, 05:20 AM
|
#4
|
Recycles dryer sheets
Join Date: Aug 2018
Posts: 133
|
As a owner of a funeral home, I can help with any questions. You explained it perfectly. Only thing I would check on is the funeral home local and family owned or a big chain like SCI. If a family owned goes out of business you can transfer to 23,000 FH in US. If you chose chain you must chose another SCI firm “ written in policy” and only a have a couple hundred in the US.
|
|
|
02-09-2019, 05:22 AM
|
#5
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2018
Location: Tampa
Posts: 11,300
|
We set up an irrevocable trust for my parents, so not directly for funeral expenses or cost protected, but should do the trick in the end.
__________________
TGIM
|
|
|
02-09-2019, 05:24 AM
|
#6
|
Recycles dryer sheets
Join Date: Aug 2018
Posts: 133
|
Quote:
Originally Posted by Dtail
We set up an irrevocable trust for my parents, so not directly for funeral expenses or cost protected, but should do the trick in the end.
|
The advantage with setting up with FH is it freezes prices .
|
|
|
02-09-2019, 08:36 AM
|
#7
|
Thinks s/he gets paid by the post
Join Date: Feb 2013
Location: Toronto
Posts: 3,321
|
Quote:
Originally Posted by Nemo2
I've told DW, that, should I expire in another country while we're traveling, to either remove my wallet/passport from the corpse and keep walking, or if she's somewhat reticent to do that, have me incinerated locally.
If I'm at home....just have the body disposed of as cheaply & efficiently as possible.
I'll be dead...what do I care?
|
Why didn't I think of that?! Otherwise, I have left the same instructions. My DM and DF prepaid things and we did use the chapel for a service when DF passed but DM now has similar sentiments to you and asked for a refund. She is the only surviving parent. The other 3 all cremated and had low cost memorials. No markers. DW and I are of similar mind but not needing the formal memorial service. Times change.
|
|
|
02-09-2019, 08:39 AM
|
#8
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Apr 2015
Posts: 5,867
|
My parents prepaid for cremation. One call and the whole process was very simple during those difficult times.
I have considered the same thing, but not acted yet.
__________________
Give a Man a fish, he will eat for a day.
Teach a Man to fish, he will eat for a lifetime.
|
|
|
02-09-2019, 08:59 AM
|
#9
|
Recycles dryer sheets
Join Date: Mar 2018
Location: CONUS
Posts: 187
|
My DF did not prepay and I had to figure it out on my own, out of my home state, in my early 20s. Do your kids a favor (if you have any) and arrange as much of that beforehand as you can. It’s painful enough without trying to navigate those details.
__________________
W*rking hard, enjoying life.
Target: RE at 42 in '28 but subject to change because life be like that sometimes
|
|
|
02-09-2019, 09:38 AM
|
#10
|
Thinks s/he gets paid by the post
Join Date: Nov 2016
Location: Washington State
Posts: 2,359
|
Quote:
Originally Posted by Monterey298sc
As a owner of a funeral home, I can help with any questions. You explained it perfectly. Only thing I would check on is the funeral home local and family owned or a big chain like SCI. If a family owned goes out of business you can transfer to 23,000 FH in US.
|
The place I've been talking with said the prepaid order will usually be sold to another funeral home if they should go out of business. All price guarantees are supposed to stay the same, other than taxes and death certificates.
The only thing that threw me off was the "insurance" plan instead of an irrevocable trust. They said it can be made irrevocable to satisfy Medicaid, but I hadn't heard of the insurance plan like that before.
Everything sounded like a smart plan and mom thought it was a good idea too. So we'll probably schedule an appointment to get everything arranged.
|
|
|
02-09-2019, 10:48 AM
|
#11
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2014
Location: Spending the Kids Inheritance and living in Chicago
Posts: 17,099
|
Quote:
Originally Posted by Nemo2
I've told DW, that, should I expire in another country while we're traveling, to either remove my wallet/passport from the corpse and keep walking, or if she's somewhat reticent to do that, have me incinerated locally.
...
|
Just be sure to tell her the password to the laptop BEFORE.
__________________
Fortune favors the prepared mind. ... Louis Pasteur
|
|
|
02-09-2019, 10:48 AM
|
#12
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2014
Location: Spending the Kids Inheritance and living in Chicago
Posts: 17,099
|
Quote:
Originally Posted by Monterey298sc
As a owner of a funeral home, I can help with any questions. You explained it perfectly. Only thing I would check on is the funeral home local and family owned or a big chain like SCI. If a family owned goes out of business you can transfer to 23,000 FH in US. If you chose chain you must chose another SCI firm “ written in policy” and only a have a couple hundred in the US.
|
Nice to have an expert chime in.
__________________
Fortune favors the prepared mind. ... Louis Pasteur
|
|
|
02-09-2019, 10:52 AM
|
#13
|
Recycles dryer sheets
Join Date: Aug 2018
Posts: 133
|
Quote:
Originally Posted by mountainsoft
The place I've been talking with said the prepaid order will usually be sold to another funeral home if they should go out of business. All price guarantees are supposed to stay the same, other than taxes and death certificates.
The only thing that threw me off was the "insurance" plan instead of an irrevocable trust. They said it can be made irrevocable to satisfy Medicaid, but I hadn't heard of the insurance plan like that before.
Everything sounded like a smart plan and mom thought it was a good idea too. So we'll probably schedule an appointment to get everything arranged.
|
I am also a licensed insurance agent as well and funeral director and embalmer. We put the money by law in insurance to avoid a 1099 each year to you. Insurance is not taxed.
The sad thing today with people doing cremation with NO permanent memorial. A place for generations to memorialize. Without a headstone it like people did not exist. Sadly when our company cremated someone 50 yrs ago and now the great grandkids want to know where there family is buried, we tell them took them home. Family is upset they can’t go see where they are buried.
|
|
|
02-09-2019, 10:54 AM
|
#14
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2011
Posts: 8,368
|
Being an ex software developer, she's the one who sets everything up.
__________________
"Exit, pursued by a bear."
The Winter's Tale, William Shakespeare
|
|
|
02-09-2019, 10:59 AM
|
#15
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2011
Posts: 8,368
|
Quote:
Originally Posted by 6miths
Why didn't I think of that?! Otherwise, I have left the same instructions. My DM and DF prepaid things and we did use the chapel for a service when DF passed but DM now has similar sentiments to you and asked for a refund. She is the only surviving parent. The other 3 all cremated and had low cost memorials. No markers. DW and I are of similar mind but not needing the formal memorial service. Times change.
|
I commented in a PM to another poster this a.m. that, somewhat ironically, we tend to visit old cemeteries when we travel, (our favorite being: Monumental Cemetery of Staglieno | Visitgenoa.it ), but neither of us has any interest in being interred in one.
As you say, "Times change".
__________________
"Exit, pursued by a bear."
The Winter's Tale, William Shakespeare
|
|
|
02-09-2019, 11:22 AM
|
#16
|
Thinks s/he gets paid by the post
Join Date: Jun 2016
Posts: 4,663
|
Quote:
Originally Posted by Monterey298sc
I am also a licensed insurance agent as well and funeral director and embalmer. We put the money by law in insurance to avoid a 1099 each year to you. Insurance is not taxed.
The sad thing today with people doing cremation with NO permanent memorial. A place for generations to memorialize. Without a headstone it like people did not exist. Sadly when our company cremated someone 50 yrs ago and now the great grandkids want to know where there family is buried, we tell them took them home. Family is upset they can’t go see where they are buried.
|
Depends on the family. I have never visited any relative’s grave. We have no children and even if we did, I’d prefer that they cherish memories and photos of us alive rather than keep an urn with our ashes in it.
|
|
|
02-09-2019, 11:26 AM
|
#17
|
Full time employment: Posting here.
Join Date: Mar 2008
Posts: 968
|
My MIL passed last year and was on Medicaid. She did a prepaid funeral. We are glad she did as we would have only been allowed the minimum required to get her into the ground otherwise. An itemized statement was required from the funeral home. We also had to register the prepaid funeral when she applied for Medicaid. Turned out we did not use all of the prepaid and the balance went to the state. We were fine with that as we were grateful for the safely net Medicaid provided.
|
|
|
02-09-2019, 11:26 AM
|
#18
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Feb 2004
Location: Portland, Oregon
Posts: 7,113
|
My family joined a memorial association years ago. They bid out mortuary services and you can record your preferences in their records. I used that when my parents passed and the cost was very reasonable.
My parents were interred in grandparents cemetery lot but that is now full so one of us will need to figure out where our ashes go. We have Pioneer Cemeteries in the state that are now administered by counties. That would be one inexpensive option. A cousin asked that his ashes be distributed at his favorite camping area. Another relative had their ashes distributed around their favorite home rose garden (successor purchasers are clueless).
I ran the ash distribution option by the kids, they are adamantly opposed claiming they want a place to go. Little do they know that about 3 years after our passing their lives will be too full for visitation.
__________________
Duck bjorn.
|
|
|
02-09-2019, 11:37 AM
|
#19
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Dec 2008
Posts: 12,660
|
We addressed it differently. Neither of us wants or expects a funeral with casket, viewing, body burial, gravestone, etc., although funds for a modest memorial service are accounted for in our Wills.
We are registered organ donors, and also registered with the State Board that oversees cadaver donations to medical schools, etc.
So, any parts that can be used, will go to those who can use them. Anything unusable will be cremated, not at our estate's expense.
Quote:
Originally Posted by mountainsoft
My mom is in assisted living and has about 7-8 years before her personal assets run out. After that she will need to apply for Medicaid to cover the assisted living costs.
We are thinking about prepaying her funeral expenses while she still has money, and so she can select the casket, grave stone, etc. that she would like. As long as the plan is setup as irrevocable Medicaid isn't supposed to count it as an asset.
I've been talking with a funeral home and they have an insurance plan that can be set up as irrevocable. It's supposed to be guaranteed coverage even if prices increase in the future except for the death certificates and taxes. It's also suppose to offer protection if the funeral home were to go out of business before she dies.
It sounds like a smart thing to do, but I'm curious if anyone here has prepaid their funeral plans like this?
|
__________________
If you understood everything I say, you'd be me ~ Miles Davis
'There is only one success – to be able to spend your life in your own way.’ Christopher Morley.
Even a blind clock finds an acorn twice a day.
|
|
|
02-09-2019, 11:52 AM
|
#20
|
Moderator
Join Date: Feb 2010
Location: Flyover country
Posts: 25,362
|
Both my parents were very "down to earth" people (pun intended), so they made it super easy for me.
When I asked my dad what his wishes were, he just said "Why would I care?"
But after pressing the point, he finally asked me to scatter his ashes in his favorite fishing area, so that's what I did. Paddled out in my kayak and had a little private ceremony just for myself.
When my mom was close, she had no special desires either, but in the end she finally said "Oh, just put them with your father's." Another trip back east and all was done.
Both of them had direct cremations, as they wished, so it was all very simple.
__________________
I thought growing old would take longer.
|
|
|
|
|
Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
|
|
Posting Rules
|
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
HTML code is Off
|
|
|
|
» Recent Threads
|
|
|
|
|
|
|
|
|
|
|
|
|
» Quick Links
|
|
|