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A lot goes into planning a funeral, and while no one wants to think about it, the financial aspect is a vital component. Many people plan in advance to ensure their last wishes are granted and to ease the burden on their loved ones. Burial trusts are one way to do this, creating a solid plan for future expenses. If you’re considering this route, consider the information below.

Everything You Need to Know About Burial Trusts

What It Is

A burial trust is a contract between yourself and your chosen funeral home. It’s a common method of preplanning that covers all funeral-related expenses in advance. You’ll pay costs directly to the funeral home, who will reserve them for the future services laid out in your final will and testament.

The Funeral Home’s Role

burial trustWith burial trusts, the funeral home acts as a trustee, reserving funds until needed. Costs are agreed upon in advance, so loved ones won’t have to worry about rising prices. Before signing a trust, the prices you’ve chosen are “locked in,” which means they cannot rise down the road. 

The Advantages

Burial trusts are beneficial during your lifetime, as they can help you qualify for Medicaid and other long-term care options. Once trust funds are set aside, they’re no longer considered taxable income, nor are they counted toward payment for long-term care. If you need an in-home caregiver or a nursing home down the line, you’re more likely to receive this assistance. Additionally, when a funeral is already covered, you ease the hardship on your family. While preplanning and creating a trust aren’t easy, for many people, it’s worth sparing their loved ones the burden.

 

If burial trusts sound like the right choice for you, the professionals at Adzima Funeral Home in Stratford, CT, will help. As a family-operated business for over a century, their compassionate staff will help you weigh your options, preplan arrangements, and set up a trust, easing the burden on your loved ones. Visit their website to learn more about their services, and call (203) 375-2200 to speak with a supportive member of their staff today. 

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