38 The Courier sun • coping with death • march 5, 2015 for breaking news visit www.couriersun.com Consumers check list for pre-funding a funeral Pre-planning your funeral is a loving gesture for those you leave behind as it relieves them of decision-making at a stressful time. The simple procedure is not time consuming and allows you to make specific choices such as music, flowers, and type of service for your funeral based on your personal preferences. Preplanning also sets aside funeral funding so your family will not have to deal with monetary considerations. New York State consumers who prefund their funerals have their money protected by the strongest laws in the nation, which require that such funds be placed in an interest-bearing trust account where the principal and interest remain the property of the consumer. When you have pre-funded a funeral in New York State, you should feel positive and comfortable about the following checklist: • Did you receive a copy of the funeral home's General Price List? • Did you receive a copy of the Itemization Statement and Pre-need Agreement you signed with the funeral home? • Did you receive a Confirmation Statement of the money you left as a deposit within 30 days? • Was this deposit sent to the financial institution within 10 days of the date you signed your agreement? Does the name of the depository (i.e. financial institution) appear on the confirmation? Was your money placed in an interestbearing account or government backed investment, such as United States Treasury bonds? If you are currently receiving or have applied for Medicaid, did you sign an Irrevocable Agreement? By law, you must sign an agreement that requires any money left over after the funeral will be returned to the local Department of Social Services office. When you make additional deposits to your pre-fund account, you must receive a confirmation statement of each deposit. Look for an Annual Statement at year-end, which will show your activity, including interest payments. You may be responsible for paying income tax on these interest payments depending on your particular situation. It is important to remember that the money in your pre-fund account belongs to you. Upon written request, the funeral home must advise you of the account balance, including interest. If your account is revocable, upon written request, you may withdraw the principal and interest at any time without penalty. When preplanning a funeral, it is important to tell family members about the arrangements and where the relevant documents are kept. Copies should be given to a spouse or next-of-kin so that they will be aware of your wishes. It is not a good idea to keep them in a safe deposit box or attorney's office because they will not be easily accessible after death. If you need more information about the preplanning process, your neighborhood funeral director will be happy to answer any questions you have. Or visit the New York State Funeral Directors Association's (NYSFDA) web site at www.nysfda.org. NYSFDA has published a comprehensive brochure Preplanning Pre-funding a Funeral, which explains different types of funeral agreements, contains sample preplan documents and features information for SSI and Medicaid recipients. Consumers may order it for a nominal postage and handling fee of $5 by contacting NYSFDA on their Web site, or at 426 New Karner Road, Albany, NY 12205. Reprinted with the permission of the NYSFDA. coping with death s $500 OFF This is a Pre-Construction Certi cate of Savings of $500.00 per space in the soon to be completed St. Mary’s Mausoleum. Discount may be discontinued without prior notice. 718-278-3240 72-02 Astoria Boulevard, East Elmhurst, NY 11370
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