Prefunding a Funeral: A Burial Trust vs. Life Insurance
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- Опубликовано: 29 авг 2021
- Kari the Mortician, along with Mandy a preneed specialist, explains the differences between a burial trust and life insurance. Which should you choose when prefunding your own funeral?
@KaritheMortician
kari@karinorthey.com
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My wife and I had / have a pre need policy. Everything spelled out and in my case even casket selected. My wife was cremated and her niche sits by my crypt. When she passed everything was paid for prior to her death, but I still ended up spending $1600.00. Opening and closing her niche and the inscription on the front of it. These plans do not cover everything. She didn’t like funerals and didn’t want one. Had we of done that it would have been an additional $6000.00 to rent a casket and hold a service
Very nice
You can prepay for that stuff as well engraving and the opening and closing you absolutely have to get specific with everything that you want when you do something like that for sure
@@Ephemeral2023 Not necessarily. My grandma recently passed away. She made all her funeral arrangements back in 2006. Picked out a casket, preplanned everything. They could not get the same casket. We just told the funeral director to pick something close.
@@Ephemeral2023 the casket my grandma choose was no available from the manufacturer seeing as she prepaid for her funeral 15 years ago. A different one had to be selected. We just asked the funeral director for something similar. Not sure if it was close because nobody knew what the one she picked out originally looked like.
Thank you for explaining this. I work with medicaid recipients (many of whom have moved from another geographic area) and they often have questions about this.
Glad it was helpful!
It’s always informative to listen to you. Thank both of you.
Our pleasure!
Definitely of wondered what the difference between them was. Very informative! Thank you for sharing! Have a wonderful day!😊
Thank you! You too!
Excellent video Kari. I have been struggling with what to do for my final expenses and this was very helpful!
Glad it was helpful!
Very informative video, Thank You Kari. 😊
Glad it was helpful!
Hi Kari, Very informative. Thanks for sharing! :)
You are so welcome!
Preneeds powerful information , going on here 👀
Excellent!
Oh I did that for my son and I we paid for two spots in the mausoleum and it took me I seen seven to 10 years I can't remember exactly what they're paid for and I don't have to worry about it anymore and I'm peeing on his Services right now and I'm going to be done in 5 months and I've been paying on that for about 10 years so I don't have to worry about him at all I'm going to do mine next and I think it's a great idea after 2 years or 3 years of putting the money into it and if you pass away before you pay it off it's paid in full so your family or you won't have to worry about that if I would have known about this when I was younger I absolutely would have done it a long time ago it's so much easier and better than insurance
Thank you for sharing!
My grandma prepaid her funeral back in 2006. A few years ago, she prepaid the cost to open and close the crypt. She passed away a few weeks ago and I have to say, having most of the arrangements already taken care of, made a stressful time a little easier.
Thank you!
Maybe i missed it, but is the burial trust fund an interest bearing account ?, is that the reason for the 1099.
Yes it is
I pre-paid for my plot and my fault I’m thinking about pre-paying for my heads down and it’s corrected I got my cemetery gives you like so much down an 18 month payment plan it no interest so it was a win-win for me and it’s a place that my parents will be buried my grandparents are there my best friends already there so I don’t want it to be a place where I can’t get a place when the time comes I’m also lucky they haven’t be putting in a eastern orthodox chapel and I’m Eastern Orthodox so I won’t have to figure out a church in the area when I’m buried because I don’t live in the place that I’m gonna be buried out right now but I grew up there
Very nice
Ok,it's getting more confusing ish between TRUST...INSURANCE POLICY...PAID FOR THEN KEPT WITH 3RD PARTY...what about a bank account specified for your funeral,gathering interest?...monies for paid funerals kept with 3rd party do they keep the interest made for keeping hold of your money,so is that Insurance based...am trying myself up in knots here!...to pay or not to pay that is one of the questions... 🙄😳😂😊 ... Would it be any clearer with Funeral Director...Insurance Broker...Bank Official...3rd Party People...in one room bidding for your custom! Not as easy as I thought!... 🏴 😊
I am a family of 1. I have done a preneeds prior to going into a nursing facility. I only have a few close friends. I am not in touch with extended family. My very close friend has access to my insurance information. It is my wish to have direct burial,ASAP. Is there any problem with this. She is the designated recipient of my policy. I live in NY and am no longer in a facility.
She need to be designated for your disposition
Best thing I ever did was get a trust and not life insurance policy .
Nice
Many folks believe pre-needs cover funeral & burial expenses. FH's are generally separate from cemeteries, even if they are physically located on cemetery properties. FH's will honor pre-needs for their services. Cemeteries do not-unless state policies vary. Many families have found deeds to cemetery burial plots which were paid in full many years ago, & learned fees for opening & closing can be as much as, if not more than the original cost of the grave, crypt, or niche. Cemetery openings & closings are services not paid in advance, only at need & with fee increases over the years. When I worked for a FH, I informed families making pre-need arrangements that FH merchandise (caskets & urn) prices remained the same. They would be responsible for state sales tax at need on merchandise which increased over time. Other FH service fees i.e., body removal, embalming, casketing, transportation, etc., can also increase over time.
Thank you for the info
@@KaritheMortician Hi I am single, never married, no children.No living immediate family. I lived in a nursing facility for 10 yrs. I now live on my own thanks to NHTD. I am 5 yrs on my own. For NH had to do pre-needs.Bottom line I have a policy thru my former Union, have been disabled 33 yrs. Can I appoint a friend to execute my burial wishes ?
im desperate
how can I track down a burial fund that's supposedly in my name?
im disabled, but now medicaid and snap need a copy of it, I know it exists because it caused a problem with SSI, and soon it will cause a problem with housing
im all alone, no family, no friends and im sick and immobile
am I just supposed to accept im going to die or is tgere some solution?
i teied legal aid and that got nowwhere
Who would have started it for you? What funeral home would they have chosen? I would call the local funeral homes and ask if they have a burial fund for you.
@@KaritheMortician if I could answer any of those questions I would desperately ne spamming strangers on the Internet would i?
What do I have to do to donate my body to science after I pass ?
The before papers to have ??
You need to preregister to see if they will accept you and find out the costs involved.
At the end of the donation they will cremate remains and send to next of kin. Happened to my friend. A year after his wife's death he did not expect her to be returned in the mail.
Why would anyone prepare for a funeral by making payments? Why wouldn’t you just save and invest your money and pay for the service with cash instead of paying for these very costly whole life insurance policies?
Because many people need aid at the end of life and you can't have money to get it, the system is backwards. You also lock in today's prices for the funeral. Its a win win