Benefits to Setting Aside Funds for a Funeral Expense Trust
Abbey Caskets has expanded its Funeral Expense Trust used for prefunding your caskets to also help you to set aside and protect funds necessary to help your family pay for:
- Funeral goods and services
- Cemetery property and fees
- Other memorial-related expenses
- Optional charitable donations
There are many reasons to set aside funds for a funeral and final expenses. Listed below are just a few of the important reasons to consider when making this decision.
- Flexibility/Availability All funds are totally portable and can be used with any funeral provider.
- Fund Value Increases Over Time When you set aside funds in advance, the life insurance policy value increases at a predictable growth rate, providing even more dollars when needed. All benefits are paid out income tax-free.
- Use Existing Money Simply reallocate existing monies from low performing Certificates of Deposit (CD) or Money Market Funds. Many people also use the cash value of a fully paid-up life insurance policy through a process called a 1035 Exchange.
- Make Tax Time Easier By transferring funds from a taxable investment such as a CD or Money Market account, you no longer will have to be concerned about taxation on future growth or annual 1099 forms.
- Consumer Friendly The trust is easy to use, totally free (no fees) and can be used in addition to any other trust you may have. Any funds remaining after paying your funeral costs will be returned to your estate.
- Protect Your Loved Ones By making funding plans in advance, you avoid placing a financial burden on your family and friends, allowing them to focus solely on your service and their memories of you. Plus, you’ll have the comfort of knowing that your funeral expenses are taken care of with the funds there when needed.
For more information on setting aside funds for funeral expenses, our easy payment options and how your Funeral Expense Trust helps support the prayer and work of the monks of Saint Meinrad, you can email or call us at 800.987.7380.