Why Prearrange?
No one likes to think about death, dying, and funerals, but more and more people are recognizing the advantages of preplanning final arrangements.
To some it might be as simple as talking to their family about their wishes and desires. Others prearrange their funerals with a funeral director. And many find that pre-financing their funeral makes a lot of sense too.
Not only do you relieve your family of both an emotional and financial burden during a most difficult time, but you have the peace of mind knowing that your wishes have been made known and that they can be carried out.
Prearranging and pre-financing your services is also desirable if you do not have close living relatives to carry out your wishes or to assume financial responsibility for your arrangements.
Finally, pre-financing allows you to set aside funds for your services and still be eligible for Medicare/ Medicaid nursing home assistance.
How are pre-arrangements prefinanced?
Indiana law governs all payments made towards the pre-financing of funerals. Typically, money is placed into a trust fund or used to buy an insurance policy to fund the arrangements you desire.
In either case, the funds are irrevocably held for the purpose of paying for the arrangements you contracted for and are paid directly to your funeral director— outside of your will and without probate.
The contract you sign guarantees you the services you desire. While any growth in the trust will go to the funeral home to cover inflation, they are required to provide the services and merchandise agreed to... even if the amount they eventually receive is less than their prices at the time.
One additional caution: Indiana law allows an "escrow" option for investment. This allows the interest to be removed as it is earned. This investment option is routinely used by cemeteries to provide money to maintain the cemetery grounds.
But when used to fund a preneed funeral contract, it can be very disadvantagous to the consumer. If you ever attempt to transfer the contract to another provider (for example, you move), the interest may have been spend and you will be left with only the original principal. You will have lost inflation protection, and another provider is less likely to accept the transfer if they are expected to guarantee the services you originally selected. Ask how your money will be invested!
What is MasterChoice®?
MasterChoice® is a trust fund established in 1983 by the members of the Indiana Funeral Directors Association.
It has a proven record of helping your funeral director guarantee the service you desire by providing a safe investment with a reasonable rate of return.
All funds received are deposited in Indiana with the Trust Department of Fifth Third Bank and the fund is administered in Indiana by the Indiana Funeral Directors Association through its subsidiary, Hightower Services, Inc.
Still have questions? Contact a participating IFDA member funeral home or give us a call.
[][][][][]
And Introducing...
The new PetCare Fund from Masterchoice.
Our pets quickly become a beloved part of the family. And their deaths can leave us devastated. So more and more people are no longer satisfied with their pet simply being disposed of without an appropriate way to say good-bye.
Today, there are so many options. Burial at home or in a pet cemetery with the option of a marker. Cremation with scattering in a meaningful place or keeping the ashes at home in a decorative urn.
And more and more people are turning to their local funeral home for help… and most are talking to them before they have to because waiting until your pet is gone is probably not the best time to research your options. And of course that death is not likely to come at a financially opportune time.
So for many, planning ahead and prepaying for pet care simply makes sense.
Yes, many funeral homes not only will assist you upon the death of your pet, but they will be glad to talk to you about it beforehand. Many even allow you to prepay for the expenses.
But you need to be careful before you pay anyone for prepaid pet services. Indiana law does not regulate or protect prepaid pet care funds like they do funds paid in advance for funeral funding.
That’s why you should select an IFDA member funeral home and ask your funeral director if they have chosen to protect you by utilizing the MasterChoice® Prepaid PetCare Trust Fund.
The money you pay is deposited and held in trust and can not be withdrawn until the death of your pet and the services and merchandise you paid for are provided. You are assured the money will be there when its needed… even in the unlikely event your chosen funeral home should go out of business.
And before you pay anything--- ask questions. What exactly is included? Does the funeral home, crematory, cemetery, or other provider guarantee the costs in the future? What happens to the interest the money earns? What happens if I decide to cancel my contract?
Utilizing the MasterChoice® Prepaid PetCare Trust Fund contract means that all the terms of your agreement with the funeral home are fully explained in advance and in writing. No misunderstandings, no surprises.
Have questions? Contact a participating IFDA member funeral home or give us a call. |
