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casket legacy matters kat downey
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9 Financial Benefits of Re-Investing Your Tax Returns with an Eligible Funeral Arrangement

Do you receive a tax refund? If yes, you may be wondering how to best optimize your hard-earned money in a way that is both meaningful and financially sensible for you and your family. Why not have your money work hard for you by prepaying your future funeral arrangements? The best way to do this is by using all or part of your tax refund to set up an Eligible Funeral Arrangement. 

What is an Eligible Funeral Arrangement 

An Eligible Funeral Arrangement (EFA) is a fully prepaid or partially prepaid eventual funeral arrangement that you set up with a licensed Funeral Home and a licensed Funeral Director. 

Financial Benefits of an Eligible Funeral Arrangement 

The financial advantage of prepaying funeral arrangements is that your money is: 

  1. Always invested under your name 
  2. Your funds are insured up to $100.000.00 
  3. Your funds earn tax exempt 1.75% interest 
  4. There are no medical questions asked 
  5. It is easy to enroll 
  6. It is simple process 
  7. It is a loving gift to your family 
  8. You are in full control of your money and your wishes 
  9. You lock in the future price of the funeral and any inflationary risks rest with the funeral home, not your family.  

Why is This a Good Idea? 

Eventually, we will all need to have some type of funeral to celebrate our life. Don’t leave your family a huge funeral tab. Instead, leave them with a solid plan for how you want your life to be celebrated.  Your loved ones will be both relieved and grateful that you already have a plan in place for them to follow – completely free of financial strain or burden. Show your family how much you truly care, even after you’re gone.  

I would love to hear from you and help get the conversation started.  You can connect with me via email or telephone, leave a comment here on the site or click the contact tab at the bottom of the screen if you are reading this post on the website. Don’t forget to join the conversation on Facebook and Twitter too. 

Until next time, 

Kat 

Katherine Downey is the #1 Funeral Preplanning Professional in Canada for the fourth time. She is a professional educator, author, licensed funeral director and insurance advisor. Not only is she a Certified Professional Consultant on Ageing and an Executive Advisor, but she is compassionately understanding.  To set an appointment or have your questions answered, please contact Kat directly.  

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Who has the Legal Authority to Make Decisions When You Die?

Man with urnWhen funeral arrangements are being made, the Funeral Director is often caught in the middle, between family members and wishes for the type of funeral being planned.  You may think that when a family’s mother or father has died and a funeral has to be planned, that the family would be a cohesive decision making unit.  This is often not the case.  When death and money mix, various family members can have radically different views as to the type of funeral to plan and merchandise to select for the funeral.  This is especially the case if mom or dad did not preplan or prepay his or her own funeral arrangements.  In this blog post, we’ll talk about who has the legal authority to make decisions when you die.

I have been assisting families when they all look around the table and ask each other if mom or dad ever talked about the kind of funeral they wanted.  Did they want burial or cremation? Did they want a service in the Church or the Chapel?  Blank stares and the “deer in the headlight look” come over the families’ faces and they are left in a lurch to learn about funeral planning, their options, merchandise selections – all the while wondering if this is really what mom or dad would have wanted.  I know of one family, whose father died and he never spoke about the type of funeral he wanted, nor whether it was to be burial or cremation.  The families’ consensus finally was to have a service for dad and then have him cremated.  Everyone felt good with that decision and process – until they found the will and read it to find out that he preferred burial!  Oh Dear!  We do not have the technology to un-cremate a person and now the family is left with the memory that they did not do what their father had wanted done.

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Will You Die Intestate?

19762015_sMany of us do not like to consider our own mortality.  Yet, for people with courage and a sense of responsibility; they do draft a valid, up to date, properly witnessed will, reflecting their wishes for the distribution of their estate when they die. Unfortunately too many people die intestate, meaning they die without a will.  It is estimated that 50% of Canadians do not have a valid will.

Recently I was assisting two young men between 21 and 25 years of age.  Their mother died suddenly and unexpectedly and she did not have a will.  These young men are now thrown into the estate area with no idea of what their mother had, what she wanted done with the residue of her estate nor where her important papers were.  What a way to grow up fast!  I choose to believe that she did not knowingly intend to leave this mess for her sons to figure out on their own.

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