We plan out every major economic decision in our lives – a new house, a new car, a vacation – but what about our deaths? Planning out your estate is vital to the proper distribution of your livelihood; but planning out your funeral wishes can also be important. Preplanning helps your family avoid confusion and economic issues following your passing.
Choices to Make
There is a wide variety of decisions to make for a funeral. When planning ahead, you can take control of the choices, and to figure out what options fit your wishes best. A well thought out funeral plan will take the load off of your family. Funeral homes, burial grounds, whether or not to cremate, the church to have a service, what is written on your monument, and more can all be planned ahead of time.
When planning out your funeral arrangements, many people choose to start a financial plan. The two most common choices for funeral payments are investments into a funeral trust account, or a final expense insurance policy. A funeral trust account is an investment account that holds your money and allows it to accrue interest until your passing. A final expense insurance policy works similar to life insurance. You pay in increments, and when you pass, your family will receive an amount to help pay for your funeral arrangements.
Applying for Benefits
When you plan ahead, it becomes easier for you and your family to secure benefits. There are a number of different benefits that you may be eligible to apply for early. Certain benefits have various qualifications or requirements; which may be difficult for your family to acquire last minute otherwise.
For more than 40 years, our firm has been assisting people like you with long term care and estate planning needs. We bring you the knowledge and resources to protect you and your family. Armstrong & Lamberti, PLLC do not provide tax, legal, or accounting advice by articles. This material has been prepared for informational purposes only and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. Call 718.477.7700 or contact us online to schedule a free initial consultation with an estate planning attorney at Armstrong & Lamberti, PLLC. We proudly serve Staten Island, Brooklyn and the other boroughs of New York City.