We have a number of options available to you for prepaying your funeral. We can tailor a plan that's right for you. From single pay plans to an installment plan designed to meet your budget needs, our staff will be pleased to outline the choices available.
Pre-paying can protect you and your family from future inflationary trends while providing the peace of mind of knowing that you will be cared for after you are gone.
What will happen to your funds:
New York State law requires us to place your money into an interest bearing account within 10 days of the pre need agreement. This account will be opened in your name, with your social security number. It will be managed by us but it is refundable at any time unless you decide to convert it to an irrevocable fund.
We will provide the items and services 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 home's total charges. If this amount does not cover the expenses, your estate will be charged the difference. If the amount in your pre-need account is greater than your funeral costs, the excess money will be refunded to your estate.
Our method of dealing with the inflationary factor is to place your funds into a high interest yielding account so your money will grow. Over the past ten years our depositor has returned any ware from 2.8% to 5.2% interest on our pre-need accounts. This almost always covers the costs for the service arranged for plus the inflation. In some rare cases it may fall short due to increases out of our control such as Cemetery charges.
Revocable vs. Irrevocable.
Unless you are planning to apply for Medicaid within the next six months, your account will be made revocable. This means that the funds can be retrieved by you for any reason. If your account has been made Irrevocable the moneys in that account cannot be returned to you. They must be used for your funeral arrangements or returned to the county ware you are receiving Medicaid benefits.