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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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Tombstone to Monument: Part One, Upright Marker

According to Collins English Dictionary, the term tombstone originally referred to the flat stone on top of a grave or the lid of a stone coffin.  The term dates back to 1711 and can also be another term for a gravestone or headstone.  In present day, tombstones are now referred to as “markers”.

In this 4 part blog series I will talk about the four different types of markers: upright, flat, pillow and digital.  This blog will focus on the upright marker.

There are many things to consider when arranging for a memorial marker.

If it is an upright memorial marker or headstone, the first consideration is the cemetery regulations.  Cemetery by-laws regulate the placement of upright markers on graves within their grounds.  Their rules and regulations will also stipulate the size, materials and types of headstone allowed.  Before your finalize your order of an upright marker be sure you are in compliance with the Cemetery regulations, as they can and are known to refuse the placement of a upright marker that does not comply with their by-laws.

Upright marker - no walkerHow soon can a marker be sited on a grave?

Typically this falls into two categories.  Some people install an upright marker prior to their death, while others do this when the first partner dies.  For family, the upright marker serves as a focal point when visiting the grave and setting in stone the memorialization of a loved one.  Typically the date of birth is on the stone and the date of death can be added onsite at a later date.

How much does an Upright Marker cost?

Several factors are involved in the price of an upright monument.  Things to consider are the size, type of material, personalization details, number of letters, the type of engraving or etching on the stone and the number of sides that are polished or left rough on the upright marker.

Included in the pricing of an upright marker will be the foundation that the upright marker is placed on, as well as the installation cost of siting the upright marker.

If you would like to know more about the process please connect with me.

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 in the conversation on Facebook and Twitter too!

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. To set an appointment or have your questions answered, please contact Kat directly.

P.S.   Tombstone is also the name of a city in Arizona named by prospector Ed Schieffelin who found silver there in 1877 after being told all he would find was his tombstone.

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D E A D is a Four Letter Word

licensed funeral preplanner Mississauga Oakville

Does just reading the word’ dead’ make you cringle? You are not alone. Many people know on an intellectual level that preplanning a funeral makes a lot of sense. Yet, taking action is often difficult. Dead is a four letter word. Consider this as an acronym for Dead:

D Dare

E Educate

A Action

D Done Read more

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Who Will Preplan & Prepay Your Funeral Arrangements if you Can’t?

Alzheimers and funeral preplanningIt is estimated that by the year 2020 – 1 in 4 people will be diagnosed with cognitive related issues under the Alzheimer’s umbrella. The onset of cognitive decline may be slow and progressive or rapid and unexpected. The Alzheimer’s Society advocates “Speak Up” – get your affairs in order now. I have adapted this information in the context of prepaid funeral pre-planning. The question I pose to you is:  If you are not of mental capacity – then who will make your funeral pre-arrangements for you? Read more

When is the “Right” Time to Consider Prepaid Funeral Planning?

funeral preplanner MississaugaThis weekend I was at the Toronto Zoomer Show helping out in our ‘Funeral Planning Made Simple’ booth. It was enormously interesting to watch people look at the banner – Funeral Planning … and then look away quickly; not making any eye contact with me. They would scowl, mutter, swear, sigh, shake their head and keep on walking. The people who read the banner and commented said things like: “I’m not ready yet”, “It’s too soon”, “That’s not something I want to talk about”, “I don’t care what my family does, I’ll be dead.” So my question to you is, when is the “right” time to talk about and make prepaid funeral arrangements? Why is it that the general public does not want to talk about their eventual mortality? Read more

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The Importance of Naming a Beneficiary

Benefits of a beneficiaryWhy is it important to name a beneficiary on our life insurance policy?

A beneficiary is the person, charity or other organization that you name to receive your money or property from your life insurance policy, investment accounts or trust funds. For example: Mr. Anderson has a $30,000 life insurance policy and named his wife as the first beneficiary and his two children as the second beneficiaries. If Mr. Anderson dies before his wife does, then she will receive tax free, the $30,000 death benefit of his policy.

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9 Ways to Get Full Value from Your Funeral Plan

pre-paid funerals OntarioDid you know Funeral Homes must provide you with a current price list that describes all the goods and service they offer and that this price list must be provided without cost or obligation? And, by law, all funeral homes must follow the same format in their price list. This assists the consumer to be able to compare and contrast the prices and selections fairly. However for many people the price list can still be confusing.  The best way to directly compare cost, is to shop around ahead of time and work with the funeral home and licensed funeral director you are most comfortable with. Here are 9 ways to ensure you get the full value from your funeral plan. Read more

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Locating Missing Life Insurance Policies

funeral preplanning OntarioMy Father always said not to worry there is lots of life insurance.  However when he died and I was helping my mom to close the estate, we could not find any life insurance policy.  We looked in all the obvious places; safety deposit box, and important files at home, finding nothing.  For all these years Dad had indicated that there was a fair amount of life insurance implying around $300,000.00.  This is a lot of money and would make a tremendous difference for my mom. What can we do about locating missing life insurance policies? Read more

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What is Embalming – Does a Body Have to be Embalmed?

what is embalmingClients have asked me, what is embalming and does a body have to be embalmed? The answer is yes and no and it depends. I thought it would be helpful to define it and outline some parameters under which embalming is authorized or required.

Embalming means to preserve and disinfect part of all of the dead human body by any means other than by refrigeration.  With the written or verbal permission of the Estate Trustee’s or the person who signs the funeral contract, the body can be embalmed.

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