Pre-Funded Funerals
More and more families are electing to pre-fund their pre-arranged funerals. Although this is not mandatory, it can offer many advantages. One can arrange the specific kind of service, merchandise and cemetery location one desires at today’s prices, and be assured of adequate funds for the future payment. This can reduce almost all future financial requirements for family members. It also serves as a source for peace of mind as well as a thoughtful act of consideration.
We pre-fund our clients funerals through Choices™ The New Jersey Pre-Paid Funeral Trust Fund. A funding vehicle that is immediately available upon the death of the intended funeral recipient. Unlike traditional savings vehicles which may close or become inaccessible at the time of death, this account becomes payable.
The Trust Fund is managed in cooperation with on of New Jersey’s largest banking institutions. The funds are fully insured to the extent permitted by law by the Federal deposit Insurance Corporation (FDIC) and, at all times, are totally refundable to the purchaser, with interest and without penalty. ( One of our funeral directors will discuss the way in which these basic terms and conditions may be affected and modified by a pre-paid arrangement intended to qualify for SSI/Medicaid or General Admittance exclusion.)
How Does It Work?
At the time of prearrangement you will select the specific items of funeral merchandise and service that you desire. Your funeral director will determine today’s prices for your selection and provide you with a fully itemized statement. Your funeral director will then provide you with the trust fund agreement in the amount of those charges. If you are prepaying your funeral for SSI/Medicaid eligibility, your funeral director will make the necessary arrangements to ensure the agreement will be accepted. Your prepayment check is made payable to the New Jersey Prepaid Funeral Trust Fund™. The funeral director will forward a copy of your contract, together with your check, to the offices of the trustees at the New Jersey State Funeral Directors Association.
What about SSI/Medicaid And General Assistance?
If you or someone in your family may soon apply for assistance under one of these programs, contact us. Federal and State law provide that properly trusted assets intended for the payment of funeral expenses will not be considered as a resource when eligibility is determined. This permits recipients to preserve assets that would normally be exhausted, and in so doing ensure their funeral will be provided for.
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