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By Kathy Nitz
Lead Benefits Advocate
GolderCare Solutions

Funeral Planning is Financial Planning

Death is not a topic that many of us want to think about or discuss but we can likely all agree that planning for what happens after we pass away can minimize the burden on grieving family members. At GolderCare, while we are not funeral planners or financial planners, we are Advocates for seniors and it is our passion to guide them through the complexities of aging, which includes the end-of-life decisions that often are forgotten.

Why is it important to make pre-arrangements for your funeral? Because waiting until the day of death is much more difficult on the family. Making funeral decisions after a loved one passes away is hard, considering time frames are short and emotions are high. Not only is there a lot of planning to do, but financial aspects can also add additional stress in a high time of grief. Payment for funeral services can be quite expensive and a hardship for many families.

Preplanning a funeral can be made at any time and can offer many advantages. Here are some reasons by you may want to consider planning for yourself or encourage a loved one to do so:

1. Ease Your Families Burden: Having your final arrangements in order is a priceless gift to your family. It is comforting to know that you have done all you can to ease their burden and they will appreciate your caring for them after you are gone. If your wishes are unknown when you die, your family will be faced with making tough decisions at a difficult time. Will they know if you wish to be buried or cremated? Will they agree on an open or closed casket? Will they agree on how much to spend? Confusion and disagreements are common when there is no plan in place.

2. Honor Your Final Wishes: If you have certain wishes for your remains or have specific requests for your funeral
services, you can clearly state them in your funeral plan. You may have a preference for burial or cremation, where your final resting place is, or even the readings or music at your funeral. Or you may not even want a service! Whatever your wishes, they need to be set forth in your funeral plan. Making funeral arrangements also provides the entire family with peace of mind that their loved one’s wishes will be honored.

I always tell the story of my husband when talking about final wishes We were in the process of planning my mother’s funeral after her death. While in the casket room, I saw a beautiful black casket with deep red lining. It was very masculine and gorgeous. I looked at my husband and said, “you would look great in this one! I have your casket picked out!” He shot me an odd glance but I figured he
felt my humor at this time was not appropriate. As soon as we got in the car to go home, he looked at me and said, “whatever made you think I wanted to be buried?” What?! I had been married to this man for well over 20 years and I had no idea what he wanted for his final wishes! I was dumbfounded.

3. Financial Responsibility: Planning enables you to make financial arrangements to cover your funeral costs. This can often lock in current prices and protect against inflation. You may want to explore the option of a funeral trust or funeral insurance. Even if you intend to leave behind sufficient money, will your survivors be able to access it? If you are a Military Veteran, are you aware of the benefits you may be eligible for?

4. Planning for your Long-Term Care. In the instance that you will need to apply for Medicaid or Veteran’s Benefits, the money you have paid for your funeral planning is money off the table. When it comes to spending down your assets to qualify for benefits, pre-paying for your arrangements is often a wise choice. What you have paid for items such as your service, casket, urn, vault, niche or plot is an exempt asset and will not disqualify you from benefits.

Making final arrangements in advance is important for everyone, regardless of age or financial status. In addition to giving your loved ones valuable guidance, preplanning a funeral makes good financial sense. At GolderCare, we strive to educate seniors in our community as they age. To learn more about funeral planning, how it impacts your financial planning and what steps you can take now, please join us for our April Senior Empowerment Series – Funeral Planning is Financial Planning.

• Wednesday, April 3 at 10 AM – GolderCare Offices, 1900 State Street, Bettendorf
• Wednesday, April 17 at 10 AM – Moline Public Library, 3210 41st Street, Moline

These events are free and open to the public. We will be hosting a professional from a local funeral home who will
discuss the important details of pre-planning and what it all entails including: Making informed choices. documenting your wishes, how to talk to your loved one’s about your wishes, deciding on a final disposition, why insurance may not be enough, how prearrangements can benefit you for Medicaid assistance and things to look for when choosing a provider. We look forward to seeing you in April.

Kathy Nitz is the Lead Benefits Advocate for GolderCare Solutions. She uses her wealth of knowledge and experience in benefits planning to advocate for seniors and those who are disabled. To reach Kathy or learn more about GolderCare visit www.goldercare.com or call 309-764-2273.