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What is The PRE Plan?
When families advance monies to a funeral director as a prepayment, New York law requires the funeral director to place 100% of the funds in a special trust fund. It is for this purpose that in 1988 the New York State Funeral Directors Association established The PRE Plan. PRE Plan funds are held in bank deposit accounts and certificates of deposit in New York banking institutions. The funds are fully insured to the extent permitted by law b the Federal Deposit Insurance Corporation (FDIC). The funds are, at all times, totally refundable to the purchaser, with interest and without penalty. (Your funeral director will discuss the way in which these basic terms and conditions may be affected and modified by a prepaid arrangement intended to qualify for SSI/Medicaid exclusion.)
The greatest advantage of The PRE Plan is that upon the death of the intended funeral recipient the funeral payment is promptly made to the funeral director. Unlike traditional savings vehicles which may close or become inaccessible at the time of death, this account becomes payable.
What is the benefit?
If The PRE Plan did not exist most funeral directors would have to deposit prepayments in individual trust accounts at low interest rates. By contrast, The PRE Plan provides a safe, well managed Trust earning interest rates that should keep up with or surpass inflation. In this way, your funeral director should be able to provide you with the funeral of your choice no matter how much prices increase in the years ahead, as long as the initial payment an interest remain intact.
How does it work?
At the time of prearrangement you will select the specific items of funeral merchandise that you desire. Your funeral director will determines today's prices for your selection and provide you with a fully itemized statement. Your funeral director will then provide you with the Trust Fund agreement in the amount of those charges. If you are prepaying your funeral for SSI/Medicaid eligibility, your funeral director will make the necessary arrangements to ensure the agreement will be accepted. Your prepayment check is made payable to The PRE Plan. The funeral director will forward a copy of your contract, together with your check, to the offices of the Trustees.
How is The PRE Plan administered?
On the day that the Trustees receive your contract, Social Security # certification, and check, your money will be deposited into The PRE Plan's time deposit, pooled investment to receive the highest rate of interest. Shortly thereafter you will receive a deposit acknowledgement of your account.
Annually, The PRE Plan will send you a summary of the principal and interest together with the Internal revenue Service's required Grantor Tax Letter for your individual tax reporting. Interest income is reportable if you are required to file with the Internal Revenue Service.
The interest received by The PRE Plan will vary with money market rates, and the Trustees will only place those funds into FDIC insured bank deposits. The Trustees receive .75% of The PRE Plan annually for their management and record keeping services.
What if you are applying for SSI/Medicaid assistance?
If you, or someone in your family, may soon apply for assistance under one of these programs, contact any funeral director who offers The PRE Plan. Federal and State law provide that properly trusted assets intended for the payment of funeral expenses will not be considered as a resource when elegibility is determined. This permits recipients to preserve assets that would normally be exhausted, and in so doing ensure their funeral will be provided for.
Is SSI/Medicaid the only reason to preplan a funeral?
No. There are many personal reasons to prearrange and prepay for your funeral. Consider the 5 C's of Preplanning.
We ask you to contact us to discuss the many practical and end emotional reasons that are unique and important to you.