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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.  

preplan your funeral Mississauga funeral preplanning with Kat Downey of Legacy Matters
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It’s Part of the Love and Part of the Journey

As we all know, death is an inevitable part of everyone’s journey.  Have you given any thought to how you would like your life to be celebrated?  Have you shared these thoughts with your loved ones?

How do you show your love to your loved ones?  There are many ways to do this. In my world the ultimate loving gift is to preplan and pay for your eventual funeral arrangements. There is no better way than this to let you loved ones know what you want and don’t want to celebrate your life in the end.

Don’t leave them hanging and wondering and worrying what to do and what would have been meaningful to you. I have seen many families go through unnecessary stress that could have been avoided by simply starting the conversation of how you’d like to be remembered and celebrated.

Do you have the courage to start the conversation?

Do you have the courage to reach out and connect with me to start this essential conversation? Otherwise you could leave your family in chaos and crisis at a time of extreme pain, fatigue and sadness to work through funeral arrangements for you. In their state of mental and emotional fog and confusion, they are going to make the most important decisions of your and their lifetime.

Leave a funded plan and a solution, not chaos and confusion

If you want this taken care of ahead of time, you can have eventual funeral arrangements setting out how you do want to celebrate your life. By doing your planning ahead of time you literally have the gift of time.  Time enough that you can think through the options, ask questions and then take massive action and set things up the way you want.

My goal is to make this process as easy as possible for everyone.  And my clients feel ecstatic that they’ve saved their loved ones a major headache during their time of grief.

It is very easy. Simply call or email me and we can get the conversation started.

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.

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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Do You Wish you Had More Contribution Room in Your TFSA?

23735008_sDo you wish you had more contribution room in your TFSA? Consider this.  If you made TFSA contributions since 2009 then you may have contributed the maximum of 5,000.00 per year, totaling approximately $20,000.00.

If you were to prearrange and prepay your eventual funeral arrangements you would be moving your money from a tax sheltered TFSA into a stable, guaranteed and tax-saving EFA – eligible funeral arrangement.

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Dispelling 2 More Funeral Preplanning Myths

3263252_sIn my last blog post, I discussed the fact that there are myths with respect to funeral preplanning and discussed some of the legislation that surrounds it. In this blog post, I’ll dispel 2 more funeral preplanning myths; that of cost and cremation.

Myth #1: It’s expensive to preplan a funeral, right? No, absolutely not.

It’s Free.

Preplanning a funeral does not cost any money. In fact it is a loving gift to let your family know what you would prefer to celebrate your life in the end.

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