Relieve the Financial Burden
Prepaying or prefunding helps to ensure that the financial responsibility for funeral costs are not placed on your family members. Completing this in advance relieves survivors from paying these costs. With our pre-funding plans, you can save money by purchasing a price guaranteed contract that locks the funeral services and merchandise costs at today’s rates, eliminating the effects of inflation.
- Your investment is protected even if you move or if death occurs away from home
- Insurance benefits are not affected and will be paid to the appropriate beneficiaries.
- Medicaid approved plans are available to set funds aside.
- Your estate benefits when there is no monies owed for funeral expenses. Your family simply gets to keep more of what you’ve earned.
- Relieve your family-from untold amounts of emotional stress involved with additional expenses at the time of need.
Your Money is Protected
More than any others state, consumers in New York who prefund their funerals have their money protected by what are the strongest preneed laws in the nation. These laws, which funeral directors worked to put in place, require that all funds be deposited into an interest-bearing trust account where the principal and interest remain the property of the consumer, until their passing.
Types of Funeral Plans
Guaranteed Funeral Plan
With a guaranteed funeral plan, the funeral home guarantees to provide the services, merchandise and facilities you selected for the amount of money in your account. The guaranteed funeral is not affected by future price increases since the funeral home accepts the principal and interest as payment-in-full. Your estate will not have to pay anything extra for those items that are guaranteed. In order for a funeral plan to be guaranteed, the account must be paid in full at the time of setting up your prefunded account and the interest must remain in the account until death occurs.
A guaranteed funeral will not include certain items, such as cemetery costs, crematory fees, newspaper notices, certified copies of death certificates, clergy fees, motorcycle escorts, hairdresser, flowers, monument lettering, etc. These items are third-party, cash advances which the funeral home has no control over.
Non-Guaranteed Funeral Plan
With a non-guaranteed funeral plan, the funeral home provides the services, merchandise and facilities you selected, at the rates being charged at the time of your funeral. The principal and interest of your account will be applied to the funeral home’s total charges. If this amount does not cover the expenses, your survivors will be charged the difference. If the amount in your preneed account is greater than the funeral costs, the excess money will be refunded to your estate or survivors (with a Revocable Trust), or to the county (with an Irrevocable Trust).
Types of Trusts
Revocable contracts allow the purchaser to cancel a contract and withdraw the trust principal and any accrued interest at any time.
Irrevocable Trust / Medicaid
You must establish an irrevocable agreement if you are applying for Medicaid, or if you are applying for supplemental Social Security benefits. These are the only instances for which an irrevocable preneed agreement may be established. The monies paid to fund these agreements may not be refunded to the purchaser; only to the county.
Discuss Pre-planning With Us in Person
If you have questions or concerns about the preplanning or pre-funding process, we would be honored to talk with you. Call us at (585) 227-2700 to make in-person arrangements with one of our caring, professional funeral directors. As always, we are happy to meet with you at no cost or obligation to you.