Peace of Mind | Flexibility | Potential Cost Savings | Potential Tax Benefits
There are few greater gifts you can give your loved ones than a well-thought-out preplanned funeral. The period of time immediately after you pass away needs to be a time of grieving, free from worries about what your funeral service will look like and how the expenses will be paid. Putting a funeral preplan in place allows your family to focus on the things that matter—remembering and paying respects, feeling their loss and cherishing the time they had with you.
The Costs Typically Covered by a Funeral Pre-Plan
You can usually customize a funeral pre-plan to cover virtually any goods and services related to your funeral and burial, including everything from the cost of all funeral home services to monuments, caskets, transportation and other items. Before you enter into a pre-plan, though, be sure you know if your plan is guaranteed or non-guaranteed, or has components of both options. A guaranteed plan won’t include any price increases over time, whereas a non-guaranteed plan won’t lock in prices, making your loved ones potentially responsible for any additional costs.
The Reasons to Put a Preplan in Place
Here are the common reasons why many people consider a funeral pre-plan:
- A preplan brings peace of mind—A funeral preplan eliminates uncertainty for you and for your loved ones. You won’t worry in your declining years, and your family members will be free from concerns about whether or not they are properly honoring your wishes. In addition, because everything has already been paid for, your loved ones won’t face difficult financial decisions at a time when they can be particularly vulnerable.
- A preplan gives you a great deal of flexibility—When you plan in advance, you can consider all the details, from your burial plot to the readings at the service, from caskets and monuments to the ways you want mourners to memorialize you. A preplan also ensures that all your arrangements will be handled by people you know and trust.
- A preplan may allow you to lock in some costs—Some expenses can be paid for in full in advance, though others may change with inflation or other economic circumstances. Check with your funeral home to determine what costs can be fixed at current prices.
- A preplan may lower the potential estate tax paid—Under IRS rules, most funeral expenses are not deductible by individuals, either on a personal income tax return or a personal estate tax return. However, when your estate pays the funeral costs, which is typically the case with a funeral preplan, the estate can take some of the expenses of the preplan as a deduction. Check with your tax advisor before you enter into a preplan agreement.
Gutterman’s—Comprehensive Funeral and Burial Services in New York and Florida
At Gutterman’s, we have been in the funeral home business for five generations, providing thorough and compassionate services to members of the Jewish communities in New York and Florida. We understand Jewish funeral and burial customs and practices, and are available to assist you with every detail, from the preparation of an obituary to the order of service for your memorial, from the preparation of the body to the selection of a casket or monument, arrangements of sitting Shiva, or the creation of a Yahrzeit calendar.
While we fully recognize the seriousness of the coronavirus pandemic, and are committed to taking all appropriate measures to maximize the safety to our customers and our employees, we also understand the importance of grieving, and the sanctity of the funeral and burial process in Jewish tradition. We will work closely with you to identify ways that you can pay your respects to your loved one and your traditions while minimizing your risk of exposure to or transmission of the virus. We strictly follow all guidelines established by state and federal public health agencies, including measures related to social distancing, mask etiquette and the use of sanitizers. To see a statement of the current safety measures in place at our chapels, go to our website.
To learn how we can be of service in your time of loss, contact us online or call us at one of the numbers listed below. At the present time, because of the COVID crisis, we are available only by phone, text message or videoconferencing. We will take your call 24 hours a day, 7 days a week.