Page 28 - Forrester Maher FH
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is a form of final disposition. Cremation                 funds into a trust account at this time.
       is very much a part of the traditional                    There are two types of trust accounts,
       funeral process. There may or may not                     irrevocable and revocable. Both types
       be a wake, a funeral service is either in a               of trust accounts can be transferred from
       place of worship or at the funeral home.                  one funeral home to another. Pre-need
       Following the service, the deceased is                    trust accounts in a majority of cases are
       taken to the place of final disposition, the              irrevocable.
       crematory. Some families will accompany
       the deceased to the crematory for a final                 This is as a result of an individual
       committal, much as it is performed in a                   requiring long term care, and is at the
       cemetery, while others choose not to.                     point of applying for Medicaid coverage.
       The cremated remains become available                     An irrevocable trust account can only be
       to  the family  on average 3 to 5 days                    used for the funeral of the beneficiary of
       following cremation.                                      the trust account. The trust account can
                                                                 be transferred to another funeral home,
       Why should I pre-arrange my funeral or                    but can never be revoked.  A certified
       burial?                                                   death certificate of the beneficiary is
       When  you  plan  ahead,  you  will  be  able              the only way the funds can be obtained.
       to consider the many options available.                   A prudent individual, not needing
       The opportunity will be there to make                     Medicaid, can also establish a pre- need
       an informed decision about the funeral,                   arrangement and place the funds into a
       the type of service and final disposition                 revocable trust account for themselves
       of burial, entombment or cremation. The                   or another family member. A revocable
       choices will be meaningful to you and                     trust account can also be transferred
       your  family, and you  will  gain  peace  of              to another funeral home, but unlike
       mind knowing your family and friends will                 the irrevocable trust account, it can be
       be relieved of the emotional and financial                revoked, and the funds returned to the
       burden often associated with making                       person(s) making the arrangements.
       arrangements when a death occurs. If
       pre-funding your funeral, some funeral                    Basics of NY Estate
       homes guarantee their funeral home
       charges, while others may not. If not a                   Planning
       guaranteed trust account, the interest                    The death or incapacity of a loved one
       gained on the trust account can offset                    is a difficult situation that, unfortunately,
       the inflationary pressures of the future.
                                                                 all of us face eventually. The difference
                                                                 in the level of difficulty faced is entirely
       Are there different types of pre-need                     in your hands - how well did you plan
       arrangements?                                             for this contingency? With proper estate
       As opposed to at-need arrangements,                       documentation in place, you can ensure
       when the death has already occurred,                      that your family and legacy are protected,
       there are several reasons why families                    and that there is as little financial impact
       choose to make pre-need arrangements.                     on your family as possible.
       Often, when a loved one is in a terminal
       state, and a family is referred to a hospice              The basic  estate plan has two essential
       care, pre-need arrangements are made.                     aspects - the designation of individuals
       Though the reality of the impending loss                  to  act on your behalf in the event  of
       is very difficult to adjust to, the funeral               your incapacity, and the proper and
       director will gently guide the family in                  clear disposition of assets in the event
       planning the funeral. A family in this                    of your death, with an eye towards the
       situation will have the option to place the               minimization of tax and administrative




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