Funeral Trust Home Care Path

Setting up a funeral trust is an asset retention strategy. A way to keep as much money with the members of the household as possible. This is a way for seniors to pre pay for funeral expenses.

You establish a funeral trust by depositing money in to an interest bearing trust account. Seniors can open an individual trust account with a bank and deposit their money in a savings account or certificate of deposit.

A funeral trust allows some flexibility for the family in picking a funeral home provider. A funeral trust is pre paying your funeral expenses with a tax benefit. Money left to family can be subject to estate taxes, which can be significantly higher than regular income tax. The senior invests money on funeral expenses while alive, this money is no longer subject to higher estate taxes upon death.

Consider purchasing cemetery property , choosing a stone, and having it set, prior to death. Getting these funeral items in place ahead of death can minimize stress and anxiety for surviving family. This greatly reduces the anticipated total funeral expenses at the time of the seniors death.

The funeral directors practice evolves and changes as time goes by. Home Care Path www.homecarepath.com encourages seniors to make an informed choice that will result in the most benefit to the family's they love.