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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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Does Your Family Have an Emergency Preparedness Plan?

What would you do if you were one of the people in Fort McMurray who were told they only have 10 minutes to pack and that you have to leave everything behind right now?

Shocking, horrific, incomprehensible, and overwhelming for the 80,000 + people who had to do exactly this this past week after forest fires destroyed their homes and everything except what they could physically carry.

What would you decide take?  Where do you even start?

Have an Emergency Bag Packed at All Times

Even without the threat of an impending emergency, having an emergency bag packed and placed in one accessible location at all times is a great idea. Family members could pack their own bag, a bag that they can easily carry themselves, such as a backpack.  Consider having a family emergency plan, detailing where your packed emergency bag(s) is/are, where you would meet and how you would communicate or rendezvous to let each other know your status.   The Canadian Red Cross and the Federal Government website both suggest that your emergency bag have enough supplies to last for 3 days.

What to include in your Emergency Bag:

  1. Important papers or photocopies of these documents:
  • SIN card
  • Health Card
  • Passport
  • Birth Certificate
  • Marriage Certificate
  • Personal Identification Card
  • Will
  • POA
  1. Cash, especially small bills, Debit and Credit cards
  2. Basic first aid kit including Band-Aids, disinfectant, small scissors, etc.
  3. Basic tools and equipment such as a shovel, bungee cords, tape, multi-function pocket knife, manual can-opener, whistle, string, etc.
  4. Battery or crank radio and flashlight
  5. Extra batteries
  6. Blanket or sleeping bag
  7. Personal items and comfortable clothing and shoes
  8. High-energy non-perishable food items such as power bars or dried foods
  9. Potable water stored in small containers; 2 liters per person per day

What Can You Do Now to Prepare for an Emergency?

  1. Prepare your emergency bag
  2. Place it in your readily accessible location
  3. Where applicable prepare a family emergency plan
  4. Have an In Case of Emergency ICE contact readily located on your phone or person (see below)
  5. The same should be done with a list of any allergies that members of your family have
  6. Update your contact list on your phone, virtually or on paper
  7. Keep your vehicle in top running condition with regular maintenance
  8. Keep your devices fully charged. You can even charge and store a “backup battery bank” to recharge your devices on the go

To help get your family emergency plan started, I invite you to contact me to receive a free In Case of Emergency ICE contact form.  Does your family have an emergency preparedness plan in place?  I would love to hear from you.  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!

In the meantime our thoughts prayers and perhaps donations go out to our fellow Canadians in Alberta.

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.

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Death Away from Home – Secure Return Travel Assurance Plan (SRAP)

cheap travel insuranceA while back a gentleman called me and said: “I want that travel thing you have.” I thanked him for calling, and I was thrilled that he knew about “that travel thing.” I suggested that I meet with him to explain the benefits of the Secure Return Travel Assurance Plan (SRAP). He said: “No I live in Toronto and gas is too expensive to have you drive here and explain it to me, can we do this over the phone?” I said: “Absolutely!” Little did he know how important that phone call would be.

We proceeded to cover the features of this very affordable lifetime plan: Read more

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What Would You Do if a Loved One Died Away From Home?

legacy mattersWhat would you do if a loved one died away from home? In our increasingly mobile society, we are traveling for work, pleasure, education, medical treatment, or to visit family.  Perhaps you have heard of a tragic tale of an acquaintance dying away from home?

Amid the emotional whirlwind, there are the vigorous legalities involved in repatriating the body.  When a person dies away from home, the international consulate is involved along with the Canadian consulate.  Additionally there are Public Health requirements and specific embalming and merchandise requirements to bring the body across an international border.  There will also be fees for the way bill to bring the deceased home.  These costs can range from $4,000.00 to more than $12,000.00, depending on the country in which the death occurred. Read more

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What Would You Do if a Loved One Died Away From Home?

bigstock-A-senior-adult-couple-sitting--14032157In our increasingly mobile society, we are traveling for work, pleasure, education, medical treatment, or to visit family.  Perhaps you have heard of a tragic tale of a loved one or acquaintance dying away from home. What would you do?

Amid the emotional whirlwind, there are the vigorous legalities involved in repatriating the body.  When a person dies away from home, the international consulate is involved along with the Canadian consulate.  Additionally there are Public Health requirements and specific embalming and merchandise requirements to bring the body across an international border.  There will also be fees for the way bill to bring the deceased home.  These costs can range from $4,000.00 to more than $12,000.00, depending on the country in which the death occurred. Read more