Prepaying your Funeral Costs
People have been prepaying their funeral costs in advance of need for over 70 years in our state. The types of funds and the availability of the different types of funds have changed over the years, but the basic need for a way to fund a funeral in advance of need has always been constant.
In the past some funeral homes and cemeteries and monument dealers have allowed individuals to prepay the costs of a funeral directly with their firms. In some cases they even included the benefit of “freezing” the costs on the day of prepayment. This was never a wide spread practice and many of the funeral firms that once offered those prepayment plans have since stopped that practice for various business reasons. There are still a few firms that offer the benefit of freezing costs and it is always wise to take advantage of this plan when it is available.
Today, there is a more SECURE way of putting monies aside for your funeral. The best way to secure the funds to pay for a funeral in the future is to use an Insured Final Expense Funeral Trust.
An Insured Final Expense Funeral Trusts is set up to provide you with the following benefits.
- These funds are secure in an irrevocable trust
- The funds value growth is not taxable
- The funds are exempt from Medicade assignments
- The funds can be used at any Funeral Home or Cemetery or Monument dealer in the state of Wisconsin.
- The funds can also be used to pay for funeral expenses anywhere in the United States if a death should take place away from home.