Funeral Pre-Planning

Throughout our lives we plan for a variety of major events; career, marriage, family, our children’s education and our retirement, just to name a few. Millions of people in New York State and throughout the country are also planning and prepaying their funeral arrangements. They recognize that taking care of this important need is not only good financial planning, but it also gives them peace of mind knowing that family members will not be burdened with making arrangements at the time of need. In addition, preplanning provides a way for individuals to select the type of service and merchandise they desire and a way to make those wishes known to their family members and their funeral director.

The Daniel Keenan Funeral Home offers a range of preplanning and prepayment options.


NO PAYMENT PREPLANNING

Services and merchandise are selected and the charges listed on an Itemization of Funeral Goods and Service. No payment is made but your arrangements are kept on file. At the time of need the Itemization is rewritten and calculated at the current prices and the deceased’s estate or their family members are responsible for payment.

PREPAYMENT-REVOCABLE AGREEMENT

Services and merchandise are selected and the charges are listed on a *Preplan Preneed Itemization Statement. The arrangements are paid in full at today’s prices and a Preplan Revocable Guaranteed Price-**Excluding Cash Advances Agreement is signed. The itemization, the agreement and a check for the total of the arrangements is sent to Preplan and the money is deposited into an account under the individual’s name and social security number in trust for the funeral home. A confirmation of the deposit and the account details is sent to the individual or their designated representative by the Preplan Office. The account is interest bearing and each individual will be mailed a 1099-Interest statement annually for income tax purposes. At the time of need the principle and the interest in the account are used toward the payment of the funeral expenses as calculated using the current prices in effect at the time the death occurs. If the funeral expenses are less than the balance in the Preplan account the difference will be refunded to the estate of the deceased. If the expenses are more than the balance in the Preplan account, the individual’s estate would only be responsible for the shortages of Cash Advanced items. On a guaranteed agreement the funeral home cannot collect additional money for services or merchandise unless those services or merchandise are upgraded at the request of the family, at the time of need.

All money (Principle and interest) in the Preplan account are the property of the purchaser until the time of death. The account is portable and can be moved to another funeral home or be 100% refunded at any time.

*Established in 1988 PREPLAN is a New York pre-funded funeral trust administered for the New York State Funeral Directors Association, Inc. by Funeral Director support services, Inc. a New York State Corporation. Each individual account is fully insured to the FDIC maximum allowed by law.

**Traditionally all funeral itemizations include Cash Advance items (3rd party charges paid by the funeral home on behalf of the family). They are a dollar-for-dollar exchange for items such as grave openings, church and clergy offerings, musicians, newspaper obituaries and certified copies of the death certificate. Since the funeral home does not have any control over the price of these 3rd party charges-Cash Advances will not be guaranteed.


PREPAYMENT-IRREVOCABLE MEDICAID AGREEMENT

Same as a prepaid revocable agreement except that the money in trust can only be used for funeral expenses. The account remains portable, but non-refundable. Any money left over in the account after funeral expenses are paid will go to the county. All irrevocable accounts contain the following mandatory disclosure.

DISCLOSURE. NEW YORK LAW REQUIRES THIS AGREEMENT TO BE IRREVOCABLE FOR APPLICANTS FOR RECEIPT OF SUPPLEMENTAL SECURITY BENEFITS UNDER SECTION TWO HUNDRED NINE OF THE SOCIAL SERVICES LAW OR OF MEDICAL ASSISTANCE UNDER SECTION THREE HUNDRED SIXTY-SIX OF THE SOCIAL SERVICES LAW, AND FOR THE MONEYS PUT INTO A TRUST UNDER THIS AGREEMENT TO BE USED ONLY FOR FUNERAL AND BURIAL EXPENSES. IF ANY MONEY IS LEFT OVER AFTER YOUR FUNERAL AND BURIAL EXPENSES HAVE BEEN PAID, IT WILL GO TO THE COUNTY. YOU MAY CHANGE YOUR CHOICE OF FUNERAL HOME AT ANY TIME.

It is possible to make installment payments on either a revocable or irrevocable Preplan Agreement (Initial minimum deposit-$500.00) however, the agreement would be non-guaranteed until time it is paid in full.

Please contact the funeral home if you have any questions or if you would like to schedule a no obligation consultation to further explore Pre-arrangement and Prepayment options. We welcome the opportunity to meet you and show off our newly redecorated facilities.