There are many reasons to set aside funds for a funeral and final expenses. Listed below are just a few of the important reasons to consider when making this decision.
1. Flexibility – Take advantage of your beneficiaries being able to use the funds to pay for funeral costs or other final expenses, such as medical bills and other debts.
2. Fund Value Increases Over Time – When you set aside funds in advance, as in a single pay or multi pay plan, the death benefit increases at a predictable growth rate, just like a savings account.
3. Make Tax Time Easier – By transferring funds from an investment such as a Certificate of Deposit or money market account, you don’t have to worry about taxation on growth or 1099 forms.
4. A Program for Everyone – Plans are available that will fit your needs in terms of payment options and health conditions.
5. Consumer Friendly – Any funds left over after paying your funeral costs will be returned to your beneficiaries.
6. Protect Your Loved Ones – By making funding plans in advance, you avoid placing a financial burden on your family and friends.
7. Peace of Mind – Take comfort in knowing that your funeral expenses are taken care of.
8. Exempt Asset – The policy may be considered an excluded asset in order to qualify for Medicaid and Supplemental Security Income (SSI).
9. 30-Day Free Look – If you should change your mind, you have 30 days to cancel and receive a full refund.
10. Solid Program, Solid Decision – Advance planning is endorsed by attorneys, trust officers and financial professionals as an effective way to provide for final expenses and preserve your assets for your beneficiaries.
For more information on your options, call Green Law, PLLC today at (806) 548-2953 or email us at email@example.com.