Page 18 avy eniiooravvy S iorn or avvyavy y io iori by Jim Miller Should You Prepay Your Funeral? Dear Savvy Senior, My wife and I have been thinking about preplanning our funerals now so our kids won’t have to later, but we would like to fi nd out if it’s a good idea to prepay. What can you tell us? Living on a Budget Dear Living, Planning your funerals in advance is defi nitely a smart move. Not only does it give you and your wife time to make a thoughtful decision on the type of service you want, it also allows you to shop around to fi nd a good funeral provider, and it will spare your family members the burden of making these decisions at an emotional time. But preplanning a funeral doesn’t mean you have to prepay too. In fact, the Funeral Consumer Alliance, a national nonprofi t funeral consumer protection organization, doesn’t recommend it unless you need to spend down your fi nancial resources so you can qualify for Medicaid. Here’s what you should know. Preneed Arrangements Most funeral homes today off er what is known as “preneed plans,” which allow you to prearrange for the type of funeral services you want and prepay with a lump sum or through installments. The funeral home either puts your money in a trust fund with the payout triggered by your death or buys an insurance policy naming itself as the benefi ciary. If you’re interested in this route, make sure you’re being guaranteed the services you specify at the contracted price. Some contracts call for additional payments for fi nal expense funding, which means that if the funeral home’s charges increase between the time you sign up and the time you sign off , somebody will have to pay the diff erence. Here are some additional questions you should ask before committing: • Can you cancel the contract and get a full refund if you change your mind? • Will your money earn interest? If so, how much? Who gets it? • If there is an insurance policy involved, is there a waiting period before it takes eff ect? How long? • Are the prices locked in or will an additional payment be required at the time of death? • Are you protected if the funeral home goes out of business or if it’s bought out by another company? • What happens if you move? Can the plan be transferred to another funeral home in a diff erent state? • If there's money left over after your funeral, will your heirs get it, or does the home keep it? If you decide to prepay, be sure to get all the details of the agreement in writing and give copies to your family so they know what’s expected. If your family isn’t aware that you’ve made plans, your wishes may not be carried out. And if family members don’t know that you’ve prepaid the funeral costs, they could end up paying for the same arrangements. Other Payment Option While prepaying your funerals may seem like a convenient way to go, from a fi nancial point of view, there are better options available. For example, if you have a life insurance policy, many policies will pay a lump sum when you die to your benefi ciaries to be used for your funeral expenses. The payment is made soon after you die and doesn’t have to go through probate. Or you could set up a payable-on-death (or POD) account at your bank or credit union, naming the person you want to handle your arrangements as the benefi ciary. POD accounts also are called Totten Trusts. With this type of account, you maintain control of your money, so you can tap the funds in an emergency, collect the interest and change the benefi ciary. When you die, your benefi ciary collects the balance without the delay of probate. Send your senior questions to: Savvy Senior, P.O. Box 5443, Norman, OK 73070, or visit SavvySenior.org. Jim Miller is a contributor to the NBC Today show and author of “The Savvy Senior” book. ~ Home of the Week ~ SAUGUS...FOREST GREEN Multi-Level TOWNHOUSE located in private setting, yet so close to major routes This open flr. plan makes this unit conducive to being your dream home with a little bite of updating or just move in and enjoy all that this townhouse has to offer. First flr. offers 1 car gar. w/ separate area for storage. Second level offers an open flr. plan w/ balcony overlooking Breakheart Reservation, 2 bdrms., full bath and laundry hook up. The top level offers Master bdrm. w/ private master bath & private balcony. Great for relaxing and enjoying nature. Enjoy summers by the pool or just waking the trails. Offered at $429,000 335 Central Street, Saugus, MA 01906 (781) 233-7300 View all our listings at: CarpenitoRealEstate.com View the interior of this home right on your smartphone. TROY & ASSOC., LLC P.M. Troy, Broker 617.967.5590 attorneytroy@yahoo.com 784 Broadway - $549,000 Prime Broadway Everett Location on bus line to Boston, Orange Line & casino. Walking distance to schools, shop & restaurants 4Bd, 1 & 3/4 Ba, 1733 Sq.Ft. Single Family THE MALDEN ADVOCATE–Friday, April 30, 2021 OBITUARIES | FROM PAGE 17 his wife Elizabeth McCullough, and great grandmother of Mikayla and Tyler Godding. She is also survived by nieces and nephews. In lieu of fl owers donations in Elizabeth's memory may be made to Mystic Valley Elder Services, 300 Commercial St., #19, Malden, MA 02148 or www. mves.org. Elizabeth’s family is grateful for her caregivers, Oge, Sagine, Eve, and Juliet. Rita (Bornstein) Feldman 96, of Reading formerly of Malden. Entered Eternal Rest April 24, 2021. Devoted wife of the late Bernard Feldman. Beloved mother of Eleanor & Joe Rosenberg, Fred & Linda Feldman, Peter & Marsha Feldman and Richard & Deborah Feldman. Cherished grandmother of Stacy & Steve, Emily, Scott, Melissa, Julie, Adam, Joshua and Ali. Proud great grandmother of 6 great grandchildren. Dear sister of the late Lillian Myerow, Minnie Maltzman, Miriam Barnstein, Julius, Charles and Samuel Bornstein. In lieu of fl owers, expressions of sympathy may be donated to the American Diabetes Association of Alzheimer’s Association. ~FOR SALE~
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