Funeral Prepayment

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[ Burial Vaults ] [ Questions About Estate Planning ] [ Disposition Options With Cremation ] [ Understanding Cremation Options ] [ Cremation FAQs ] [ Decisions You'll Make in Pre-Need Planning ] [ Funeral Prepayment ] [ Personalizing a Funeral Service ] [ Value of Funeral Service ] [ Tips on Wills ]

FUNERAL PREPAYMENT OPTIONS



Most people are unaware that there is more than one way to prepay for your funeral arrangements. Helping choose which way is best for you is what our staff is trained to help you with. Your options for prepayment include:

Bank trusting - Trusting a prepaid funeral plan with a local bank is the oldest form of funeral prepayment for the state of Wisconsin. Your money is placed into a certificate of deposit at a bank of your choosing, and it grains interest based on the interest rate of the CD. These types of trusts can be either revvocable or irrevocable. Just like any bank investment, a form 1099 is generated by the bank, and the interest must be reported on income tax statements.

Wisconsin Funeral Trust - The Wisconsin Funeral Trust plan was adopted by the Wisconsin Funeral Directors Association in 1999 as an alterative to bank trusting. The Wisconsin Funeral Trust has averaged 1 to 1.5 points higher that that of a local bank CD. This is based on the fund being invested more aggressively that a bank CD, usually into governement bonds. A form 1099 is also generated for this type of investment, and the interest is reportable on income tax statements.

Pathway by Pekin - The third way of pre-funding a funeral is by an insurance policy. This plan offers many payment options, including single premium or multiple payment plans over three, five or ten years. A death rate benefit is calculated at the beginning of the policy to help offset any cost increases by the Funeral Home. Theses policies also grow at 3% - 3.5% a year, and are not reportable on income tax statements.

If you would like more information on the Pathway By Pekin product please visit their web site pekin insurance.com.


If you would like any further information on prepayment or prearranging your funeral, please click on the contact funeral home button at the bottom of this page.

 

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