Prepaid funerals are basically an agreement with the funeral home of your preference, where you pay in advance for your funeral services. The services can be paid for with insurance proceeds, through an investment which you may own or cash. It is important to choose a decent funeral home, which will likely be in business in the future.
The pre paid funeral plans offer different kinds of packages in terms of services and goods for you to select from, and they generally include a burial, cremation or funeral. In some situations, a burial plot must be buy individually. Always keep this in your mind that the prepaid burial plots are not manageable, so later if you select a different cemetery, you must buy another plot.
Irrevocable funeral trust
Basically an irrevocable funeral trust is a unique kind of trust formed to cover up any final expenses. Most of the insurance companies present a particular premium life insurance policy to their clients, to be placed in trust until they pass away. It also involves some tax reimbursement for the reason that the funds are owned by the irreversible trust. All these trust funds are also protected from increase and are not easily accessible by any Medicaid or long-term care conveniences. It is also observed that a funeral trust is safer and a stable choice as compared to a prepaid funeral contract.