Drawing up a last will or creating a living trust are the things that most people first consider when they are planning for the end of their lives. There are a lot of decisions that must be made and making sure your loved ones are provided for financially is important.
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Parman & Easterday are members of the American Academy of Estate Planning Attorneys.

Today, end of life expenses, such as those incurred for funeral services, can be extraordinarily high. Due to the high cost of funeral services and the hardship that this may put on loved ones, more people are choosing to prepay for their final arrangements.
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Parman & Easterday are members of the American Academy of Estate Planning Attorneys.

Estate planning is very unique because it is the one thing that you engage in with an eye on the future that does not benefit you. The fact is that you won’t be around to see the result of your planning, so in a very real sense you are doing it for the benefit of your loved ones. This is self-evident if you stop and think about it, but it is an unusual feeling. You’re used to considering your assets to be your own and the results of your choices being something you alone live with for better or for worse.

So when you’re planning your estate it is useful to keep this in mind and recognize the fact that your decisions are largely being made for the benefit of those who you will be leaving behind. This is why you may want to give your funeral some consideration. As you can imagine, driving around town in a highly emotional state trying to identify the right funeral home is not a very enticing proposition for your family members. And when they do identify a resource they feel comfortable with there are a number of decisions that must be made that are very sensitive.

It is well known that it is difficult to get any two people to agree on anything, and when more than two people are involved the challenges are compounded. So in addition to the pure emotional stress involved in arranging a funeral while you are aggrieved there is also the possibility of family members disagreeing about the details, making a difficult situation worse.

You can spare your family members this fate by taking the time to make your own funeral arrangements in advance. In addition to making the situation easier on your loved ones, you’re also making sure your own preferences are honored. The time you devote to making final arrangements is time well spent on multiple levels.

Larry Parman
Founding Attorney

Parman & Easterday are members of the American Academy of Estate Planning Attorneys.

It’s a fact of life that there are unscrupulous individuals in the world who make their living as scam artists and some prey upon the elderly, even to the point of committing fraud when it comes to funeral planning.

Elderly as Targets for Scam Artists

The FBI warns that senior citizens, in their definition those born between 1930 and 1950, are frequently the targets of fraud schemes. The FBI points out that people of those decades were taught to be polite and possibly trusting and may be unwilling to say no. The elderly are prey to scam artists because seniors have a steady income usually in the form of Social Security, may own their homes without a mortgage, and may have an excellent credit rating.

Often seniors will not report scams that have been perpetrated against them because they are ashamed of being thought gullible, fear that they may be perceived as incompetent by family members, or simply don’t even realize the scam, until it is too late. Scam artists also rely on the fact that senior memory is fragile and the elderly may not be good witnesses if a matter eventually comes to court months later.

Funeral Fraud

Many seniors wish to spare their loved ones the burdens of planning a funeral. Also Medicaid allows individuals to prepay funeral costs as a way to reduce assets and qualify for help with medical expenses. Unfortunately, unscrupulous funeral homes may prey upon the elderly when they are ill and are potentially facing a nursing home stay.

The FBI lists a number of warnings to avoid funeral fraud. Caskets vary greatly in price; know the features of the casket that is being purchased and why it costs what it does. Understand that a casket and embalming are not required for direct cremation when there is no viewing.

Under the law, funeral homes must provide detailed general price lists over the telephone or in writing. Funeral homes charge basic fees and additional fees for other services they provide. Understand what is covered for each type of fee. And, be aware of the “up sell” to products or services not needed or desired.

General Advice

As with all contracts, read and understand the terms before signing and be sure that everything discussed pertaining to the funeral plan is put in writing. Find out the cancellation and refund terms as well as portability options of the contract to another funeral home should the need arise.

Larry Parman
Attorney at Law

Parman & Easterday are members of the American Academy of Estate Planning Attorneys.

After someone you love dies, not only are you dealing with the devastation of your loss, but there are so many details to handle that things can quickly become overwhelming. In addition to there being so many details to attend to, you are also dealing with the feelings of grief that taking care of these details will probably bring up.

There will be so many phone calls to make that it’s easy to forget whom it is you need to call. The following is a list to help guide you through the necessary phone calls that you will need to make after the death of a loved one.

• In most cases the first call you will need to make will be to the funeral home, which is why it is usually a good idea to already have an estate plan that includes this detail. In the situation where your loved one dies in a hospital or nursing home, the staff will likely help you with this task. Once you have contacted the funeral home, the director will help you with the fine points concerning your loved one’s final arrangements. They will also order the death certificates that you’ll need at a later time. Many funeral homes will also help you write an obituary and submit it to the local newspaper.

• The next phone calls that you will need to make will be to your family and friends to notify them about the death. Not only will you need the emotional support of your family and friends at this point, but they may also be able to help you with tasks that seem too overwhelming to handle.

• Within a few days you will need to call the deceased’s employer, estate planning attorney and any insurance companies.

• Next you will need to notify the Social Security Administration of the death so that they can update their records.

• You will need to contact the bank if you have any joint accounts with the deceased. It may be necessary to open your own account. You cannot close any accounts immediately after the death of an account holder.

This list is a simple guideline to help you through some of the daunting details that you have to deal with after the death of a loved one. In most cases it is a good idea to contact an estate planning attorney to help you through some of the legal processes that you’ll likely face.

Larry Parman
Attorney at Law

Parman & Easterday are members of the American Academy of Estate Planning Attorneys.

When you engage the services of an estate planning attorney you will invariably gain a great deal of peace of mind. Those who have not stated their intentions are leaving a lot to chance, and at worst, some of the consequences can be rather devastating. For example, if you don’t create a living will or execute a medical power of attorney naming someone (who is aware of your wishes) as your proxy, your family can be left to make agonizing medical decisions on your behalf, perhaps only after court intervention. There are other matters that can wind up in the hands of your loved ones if you do not address them beforehand that are perhaps a bit less emotional, but nonetheless important. One of these involves the details of your funeral arrangements.

There are some very good reasons to state your funeral preferences in writing and place this document in the trusting care of an estate planning attorney. The most obvious reason is that when you do so, your wishes will be honored and you will be memorialized and interred in the manner of your choosing. But even if you don’t have very specific funeral desires, taking the decisions out of the hands of your loved ones, who will be in a state of mourning, is an act of empathy. Depending on the family dynamic, if there are no instructions, disagreements concerning the appropriate arrangements can occur. Even if everyone agrees with the need to make these plans, simply failing to set forth your preferences adds a layer of stress at a difficult time.

A comprehensive estate plan covers every eventuality, and funeral planning is just a part of the process. By taking a little bit of time to do some research and record your preferences you take some of the pressure off your family while making sure that your own wishes are carried out.

Larry Parman
Attorney at Law

Parman & Easterday are members of the American Academy of Estate Planning Attorneys.

Did you know that can pre-pay for your funeral? When you do so, your family will be relieved of the financial burden that comes with a memorial service. There are four common ways to cover the costs of your funeral in advance.

Funeral Insurance

Whoever said there is insurance for everything wasn’t kidding. When you purchase a funeral insurance policy, you will have the chance to name a beneficiary. This person can collect your insurance funds upon your death and use those funds for your funeral or to cover any other final expenses that arise.

Life Insurance

A life insurance policy is a good way to provide your family with easy access to money upon your death. These funds can be used to cover your loved ones’ living expenses and to pay for your memorial service and burial if other property and financial assets are trapped in probate.

Funeral Trust

A few funeral homes offer a Funeral Trust. This is an account into which you place funds for your funeral, which are then invested until your death. There are several problems with using a funeral trust offered through a funeral home. Many people have reported fraudulent activities including theft. Others claim they could not transfer the trust to another funeral home when they moved. If you do use a Funeral Trust, keep records of all premium payments and make sure your family members know where to find your policy information.

Some insurance companies are now offering Funeral Trust plans that offer safe-guards against these problems, including unlimited portability and a faster payout of benefits to your family members. This is a better option for most of our clients’ families.

Financial Account

If you are worried about the safety of a funeral trust, you may prefer to use a regular financial account to house your funeral funds. A joint checking or savings account allows the remaining person to inherit all funds, which can then be used for your memorial. Another option is a Payable on Death Account. Savings, checking, money market and retirement accounts allow you to name a beneficiary to receive all funds upon your death.

Planning for this contingency will help avoid the need for a family member to bear the cost of your funeral expenses.

Larry Parman
Attorney at Law

Parman & Easterday are members of the American Academy of Estate Planning Attorneys.