Before the need arises
Many individual families are making the decision to prearrange their funerals. The advantages make sense.
- Makes your wishes known.
- Means that your family can be involved in making these difficult decisions.
- Relieves your loved ones of the financial responsibility.
Pre-arranging funerals are especially important to anyone considering public aid. In addition to a set amount in cash assets, the North Dakota State Department of Public Aid allows a burial fund.
Types of Funding Available
Exclusive Burial Insurance available only from Stevenson Funeral Home, with very competitive returns.
Generally, annuities allow for the money you pay to be invested. Interest is earned, which will increase over time. The interest rate it earns and the rate of inflation are important considerations. It is important to consider tax liabilities that may be applicable.
Through this method, the person planning their funeral buys a policy of life insurance and directs payment of the death benefit to the funeral home.
Savings Accounts can be established for the purpose of paying for the funeral. The interest will increase, over time. Interest earned each year is usually subject to income tax.
Funds may be placed in a trust fund at a bank and invested to earn interest to increase the funds available to pay for the funeral. Generally, you are responsible for federal income taxes on the interest earned each year. Administrative expenses are also generally charged by the bank.
We are available to assist you in preplanning and answer any questions you may have about preplanning a funeral and pre funding.
- Make an appointment with us.
- Gather vital information.
- Consider the type of service, and/or specific details.
- Receive a cost estimate.
- Select the best funding method.