Posted on January 15, 2009 by Greg Herman-Giddens

Prepaid Funeral Plans can be a R.I.P. Off

See this article from the AARP website.  I have had clients who have lost money when their prepaid plans were not honored.  The longer ago the plan was purchased, the more likely it is that there will be a problem.  Ownership changes, business termination, and theft or fraud can all affect plans.

One alternative is to establish an irrevocable funeral trust, funded by life insurance.  This technique will protect the policy and provide cash to pay additional expenses such as travel to the funeral, etc.  However, one must be in good enough health to qualify for the insurance coverage.

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Peter - January 20, 2009 3:43 PM

Thanks for the article, I am sure people will benefit from it as I have seen this happen to someone in the past.

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