What Is The Benefit?
If the New Jersey Prepaid Funeral Trust Fund did not exist, most funeral directors would have to deposit prepayments into individual trust accounts at low interest rates. By contrast, the Trust Fund 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 and interest remain intact.
How Does It Work?
At the time of prearrangement you will select the specific items of funeral merchandise and services that you desire. The funeral director at the Jackson Funeral Residence will determine today's prices for your selection and provide you with a fully itemized statement. We will then provide you with the trust fund agreement in the amount of those charges. If you are prepaying your funeral for SSI or Medicaid eligibility, we will make the necessary arrangements to ensure the agreement will be accepted. Your prepayment check is made payable to the New Jersey Prepaid Funeral Trust Fund. The funeral director will forward a copy of your contract, together with your check, to the offices of the trustees at the New Jersey State Funeral Directors Association.
How Is The Trust Fund Administered?
On the day that the Trustees receive your contract, Social Security Certification, and check, your money will be deposited into the Trust Fund'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 Trust Fund will send you a summary statement 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 IRS.
The interest received by the Trust Fund will vary with money market rates, and the Trustees will only place those funds into FDIC insured bank deposits. The trustees receive 1.0% of the Trust Fund annually for their management and record keeping services.
What About SSI, Medicaid and General Assistance?
If you or someone in your family may soon apply for assistance under one of these programs, contact the funeral directors at the Jackson Funeral Residence. Federal and State law provide that properly trusted assets intended for the payment of funeral expenses will not be considered as a resource when eligibility is determined. This permits recipients to preserve assets that would normally be exhausted, and in so doing ensure their funeral will be provided for.
For more information on prepaid funeral funding or if you have any other questions please feel free to contact us.
It's true. Making financial decisions rationally, before the need, affords you the time and patience it takes to make good choices. The emotional issues at the time of death can sometimes cloud judgment, and the stress of having to make these choices can get in the way of what's really important, healing.
Jackson Funeral Residence offers you this prearrangement form as a way to get started. Provide as much information as you are comfortable with, and please indicate, at the conclusion, your preference for contact by our staff.
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