It is best to continue the warning to avoid Preneed, Prepaid Funeral Plans. Your Funeral Guy has been warning about the Perils of Preneed for years, it all began in Bloomington, Illinois when I heard a Preneed Director say “I am going in for the Preneed Kill”.
I wrote a chapter in the Book Rest in Peace Insiders Tips to he Low Cost Less Stress Funeral on this subject. Now reporters and bloggers around the world have taken to warning about the Prepaid Funeral.
The warning about Funeral Directors taking Your Money was sounded loudly by the Illinois Funeral Directors Association Preneed Scandal and the larger National Prearranged Services(NPS) Scandal. See the Blog Post “Who Shot Funeral Preneed?”
Snippet fromblog.seattlepi.com
“When I wrote about prepaid funeral plans, Lisa Carlson, executive director of the Funeral Ethics Organization, offered a comment saying that, in Washington state, consumers should NOT prepay for funerals unless they need to set aside assets for Medicaid eligibility.
If you move, die while traveling, or simply change your mind – from body burial to cremation, perhaps – you’ll get only 90 percent of your money back, plus interest but minus any administrative fees that were taken out, Carlson said. Better to put the money on a joint pay-on-death account with a survivor as beneficiary.
Anne Tergesen writing recently for the Family Finance section of The Wall Street Journal agrees.”
Funeral industry|Funeral News |Blog by Your Funeral Guy
Horrible recommendation! A joint pay on death account?! Please ignore this persons ignorance. Anyone who has a life insurance policy or funds set aside for a funeral should place those funds in an irrevocable funeral trust. This will provide complete protection of those funds from creditors especially in the event of a nursing home stay if you should need to qualify for financial assistance/Medicaid. You can call National Guardian Life Insurance Company for more information regarding this type of trust and the many benefits of using an insurance trust compared to any other trust.