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How Do You Pre-pay For A Funeral?
You may select one of three ways to pre-pay for a funeral.
1. Pre-payment in Full
The first method is to make payment in full. This will guarantee the price of the funeral and merchandise selected. Your money will be placed in an irrevocable trust account in a federally insured bank (FDIC). The cost of the funeral will not rise over the years. Aspen accepts cash, appoved local checks, VISA, MasterCard, or Discover credit cards.
2. Funding Through Your Current Life Insurance Plan
We do not accept insurance.
3. Pre-payment by making payments
The third method can be used if you have the desire to pre-pay for your funeral but your budget doesn’t allow full payment at the time of the pre-arrangement. We will contract with you a set amount to pay each month. This will guarantee the price of the funeral and merchandise selected at the time the contract is paid off. As long as you stay on your scheduled payments, no interest will be charged. The money will set in a CD and be transferred into an irrevocable trust account upon final payment.
Is my funding secure?
Your funding is backed by a FDIC (Federal Deposit Insurance Corporation). FDIC insurance protects you from losses if our bank goes belly-up. You think of the bank as a very safe place for your money, but banks loan your money out and invest it in a variety of ways. If those activities go sour, what happens to your money? When you hold money in an FDIC insured account, you won’t lose your money if the bank fails.
What is irrevocable?
Irrevocable means the money can be used only for your funeral. It can only be taken out upon death.
Why Plan Ahead?
Planning in advance of need provides peace of mind. The death of a loved one is a time of great loss and advance planning can reduce stress for your family with the knowledge that your preplan has been completed. This allows your loved ones to devote more time to coping and understanding the loss and less time concerned with funeral arrangements and financial details.
Can I save money pre-arranging my urn, casket or keepsakes?
Aspen understands that your personal choices are of the utmost importance. Generally, merchandise rises in cost with inflation. You can sometimes save hundreds of dollars pre-paying for it.
Can pre-paying for my funeral help prepare for Medicaid?
We know you don’t plan on your estate being drawn down to less than $4,000. But sometimes this scenario is exactly what needs to be done. Your assets are RE-POSITIONED from you to an irrevocable trust. You "legally" no longer own the assets. This involves the actual transfer of assets to an independent trustee (our local bank) who will independently manage and actually own the assets for the benefit of all beneficiaries. There are specific laws and it's generally accepted by the judicial system as a legal, acceptable method of protecting one's assets for legal protection and tax minimization.