That is the question…..I saw it again this week. A sweet lady mistakenly thought that the only way she could pre-fund her funeral is to make small monthly payments, over a several year period, and pay interest for the “privilege” of setting aside her own money! WRONG! By using a Funeral Trust, you can make small monthly payments, over the number of years you choose, and RECEIVE interest, much like a savings account. You do NOT have to pay interest to a third party for the “privilege” of saving your OWN money for your OWN final arrangements!
Karen, who was a single mom with two children, moved in with her parents when her father had a stroke to help her mother take care of him. Her mother was also disabled. Needing money to pay for a home care service, Karen helped her mother do a reverse mortgage on the home, which gave the needed funds. If communication had been open and Karen’s brother had known the need and been involved with his parents care, he would not have reacted so negatively when he eventually found out about the reverse mortgage.
How many kids do you have? Do the kids ever disagree? Is one a dominant personality? Are they equal in financial assets? Do they have spouses that get along well with your family?
These are some of the questions to answer when pre-planning your final arrangements. By making your pre-plans, one important gift you are giving your kids is family harmony. My dad used to say we shouldn’t “borrow trouble.” However, when no pre-plans are in place – that is exactly what we are doing – borrowing trouble, especially if our children are not “equal” financially and personality-wise.
One of the most common omissions that people make in their financial planning is to review their beneficiaries every year or so. Choose a specific date and make yourself a reminder, along with a list of your holdings and take the time for a review. If you have a financial advisor, review your beneficiaries with him/her. Make a list of all of your insurance policies, your bank accounts and your investments. Make sure that the person(s) listed as beneficiaries is still appropriate.
Life Resource Planning Meets Needs Beyond Retirement
- the senior’s family realizes that their loved one’s savings and investments will run out,
Advanced Directives, Fiduciaries, Guardianship, and Power of Attorney
Power of Attorney
Considering any of the above?
The calls came one day apart…
The first young man said that his mother had died and they had no money and they didn’t know who to call, because they had no money for a funeral. The next day when I answered the phone, another young man was calling because his mother-in-law was expected to die within the next 24 hours. His question was the same – they had no money, did I know a funeral home that would work for free or take payments.
A few years ago, after my dad had suffered the ups and downs of leukemia for about two years, mom and I were in his hospital room while he was sleeping. She looked at me and said “I think you better go buy a casket.” I asked her where she wanted me to go, called my husband and we went to a local funeral home, sat down with a funeral director, were handed a catalog of caskets and asked to choose one. I looked at a few choices, pointed to one and said “that one.” She said “ok” and closed her file folder.