Have you ever wondered how much procrastination could cost you? Eight years ago a gentlemen stopped into the funeral home inquiring about the cost of a Memorial Service. During our conversation I outlined what was included in the service and the cost of this type of funeral.
At the conclusion of our discussions he gathered up the quotation sheet and the pre-need information package and said “This sounds really good, I am going to go home and talk to my wife about this, and we will get back to you in a week or so.” I thanked him for his time and mentioned that I would follow up with him next week. When I followed up they were busy with other things and promised they would get back to me.
They did 8 years later.
When we met the second time, the type of funeral they wanted to celebrate their life had not changed, but guess what? Eight years later the pricing had gone up 50%. When the couple looked at the current price of the Memorial Service, I did not say a word. She looked at the total eight years ago and now, then turned to her husband and elbowed him in the side saying “We should have done this 8 years ago!”
In 1994 the cost of a Direct Cremation was $984.50 in 2014 the cost was $3212.50. That is a 326% increase in the cost of the same service over the last 20 years.
If you are reading this and you live in Ontario, then there is further incentive to consider prepaid funeral arrangements. In July 2012, the Funeral, Burial and Cremation Services Act came into effect. This Act mandates that funeral homes in Ontario must guarantee the future cost of fully prepaid funeral services and merchandise.
To you the eventual consumer, this means that when the prearranged funeral plan is paid for in full, then the Funeral Home must take on the inflationary risk that the funds will cover the cost of the funeral merchandise and services, at the time they are delivered. If there is not enough money in the fund, then the Funeral Home must absorb the loss.
If you would like to know more about how you can contain your eventual funeral cost now, please contact me. I am here to help. I offer a complimentary 30 minute conversation to see if there is a way I can assist you. Is it time for us to chat?
You can connect with me by phone or email, leave a comment right here on the site, or click the contact tab at the bottom of the screen if you are reading this post on the website.
Until next time,
Kat
One of the questions that I am asked is whether or not prepaid funeral payments can be deducted on Personal Tax Returns. The answer unfortunately is no and here’s why.
With the price of gold, the question “what happens to the gold in my teeth when I am cremated?” has been asked of me a few times recently. A friend’s mother for example has always said “don’t cremate me with all this gold in my mouth!” Contrary to popular belief there is actually very little gold in the gold dental crowns, caps or bridges that people have in their mouths.
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