In this Elder Law Minute, Wes Coulson, Illinois and Missouri Elder Law attorney, shares his thoughts on whether prepaid funerals, which could either mean burial or cremation arrangements, are a wise investment or not.
Are Prepaid Funerals a Wise Purchase?
Hi, I’m Wes Coulson from Dent-Coulson Elder Law serving the Metro East and the St. Louis metropolitan area and this is your Elder Law Minute. Today I want to share my thoughts on the question of whether prepaid funeral arrangements are a wise investment. First, when I talk about a funeral that doesn’t necessarily mean a burial, it could mean a cremation arrangement as well, whatever your preference is and that’s a very personal choice. I think they are a good investment and a good idea for a few reasons.
First of all, if you would later apply for Medicaid if you need nursing home care, that’s an asset that you can have as what’s known as an exempt asset. So, owning it is not going to affect your eligibility. And it’s something that you’ll need to have at some point, so if you’ve already bought it, you’ll spare the expense of your family paying for it later.
Second as I’d like to say, you know within 24 hours after a loved one has died is a heck of a time to have to go on a shopping trip. It just affords the chance for your family to spend more time together and not have a day at the funeral home making arrangements at a point where they’ve just suffered the loss of a dear loved one.
Finally, I think people tend to save money when they plan their own because you don’t have the emotion of, if you will, wanting to feel like you’ve appropriately honored a loved one. If they have made the choice themselves, then whatever they’ve chosen they figure they’ve appropriately honored themselves. Thanks.
For more information about Prepaid Funerals, visit these articles:
- What You Can and Cant Keep with Medicaid: Prepaid Funerals
- Prepaid Funeral Arrangements: The Benefits of Pre-Planning
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Dent-Coulson Elder Law is dedicated to providing families in the St. Louis area with their Elder Law needs. Our practice areas include Asset Preservation Planning, Veterans Benefits, Medicaid Eligibility, Alzheimer’s Planning, Special Needs Planning, Estate Planning and more. We understand the financial challenges you may face as you and your loved ones grow older. At Dent-Coulson Elder Law, our clients’ well-being is our number one priority. For immediate help, call (618) 632-7000 or (314) 567-9292, or Contact Us and we will get in touch as soon as possible.