|
Back to Advance Planning
What is PrePlan™...
PrePlan™ is a unique secured trust fund holding monies set
aside for individuals' burial expenses. This special co-mingled trust
was established in 1988 by the New York State Funeral Directors Association
in order to provide a completely safe and competitive vehicle for funeral
directors to place their clients' prefunded accounts.
How PrePlan™ Works ...
- You meet with a funeral director who offers PrePlan™
- Select desired merchandise and services
- Receive a fully itemized statement and contract
- Make check payable to PrePlan™
- Funeral director forwards contract and check to the PrePlan™
offices for immediate deposit
- You receive a deposit acknowledgment shortly thereafter
- At completion of funeral, payment is forwarded directly to the funeral
director
HOW IS PrePlan™ Administered
A PrePlan™ account is opened and your money is deposited
on the exact day the PrePlan™ Trustees receive your contract,
social security number certification and payment. Your account begins
earning the highest rate of interest in the PrePlan's time deposit,
pooled investment. Interest will vary with money market and CD rates.
Funds are placed in FDIC insured bank deposit account(s), certificates
of deposit in a bank within the State of New York and other investments
permitted by law.
What if you are applying for SSI/Medicaid Assistance...
If you or someone in your family will be applying for assistance under
one of these programs, contact an Advance Planning Director at Riverside
Memorial Chapel. Federal and State law provide that properly trusted assets
intended for the payment of funeral expenses will not be considered as
a resource when eligibility is determined. Setting aside monies for burial
expenses is now extremely simplified. See our Advance Planning Director
for further information.
NOTE: New York State law mandates that all contracts for prefunded funerals
executed by applicants for, or recipients of Medicaid be Irrevocable.
More About PrePlan™...
Administered by the state trade association for funeral directors, PrePlan™
offers both revocable and irrevocable accounts. Each revocable account
in the PrePlan™ is, at all times, totally refundable to the
Purchaser with interest and without penalty. Irrevocable accounts are
set up for applicants for, or recipients of SSI/Medicaid and must be nonrefundable
to comply with Chapter 660 of New York State Law. Contact your Riverside
Memoial Chapel Advance Planning Funeral Director for professional advice
in prearranging for your funeral expenses. Prefund your funeral with PrePlan™,
"a trusted personal funeral fund."
|
