Mountain View Mortuary | Advance Planning

Mountain View Mortuary realizes that cost can be a great consideration for those making funeral arrangements. As with anything in life, inflation seems to affect funerals, too. At Mountain View Mortuary, we strive to keep cost increases to a minimum each year. But, we understand that funeral costs have an impact on budgets and can be a bit overwhelming. Planning ahead can help you figure things out.

At Mountain View Mortuary, we have developed our Advance Planning Program to help you with future funeral arrangements. While it may be difficult to think about pre-planning a funeral, there are many advantages to doing so. There are also benefits to pre-paying for a funeral. We know it can be confusing, especially when you are inundated with information from various sources. In an effort to help you, here are some examples of various funding options for funeral arrangements that can help protect you from inflation:

Trust Accounts are traditionally set up with established trust companies that work with funeral homes. They are FDIC insured and operate in compliance with state regulations. Funeral trusts may also be set up as “qualified” for special tax considerations by the federal government. There are both Irrevocable and Revocable Trust Accounts.

• Irrevocable: These accounts include deposits that are held under a written trust agreement in which the owner gives up all rights to cancel the trust or insurance when initiated by the purchaser.  With prepaid funerals in Arizona, they are primarily used when applying for Title 19 (AHCCCS/Medicaid) during the asset spend down period. Neither the state nor the creator and the creator’s family are allowed to touch the money. It remains in the trust or insurance policy for the purpose as stated in the written contract with the funeral home. Funeral Home guarantees apply if the funeral chosen is paid-in-full, and falls within the limits that the state has established.

• Revocable: These accounts are intended to transfer funds to one or more named beneficiaries upon the death of the owner. In the case of pre-paid funerals, they may be challenged (considered an asset) in Arizona if applying for Title 19. When setting up a Revocable Trust for Title 19, it must be done properly and only certain items are allowed in this type of account. Interest is usually taxable, unless it is in an insurance funded account like those offered by Mountain View Mortuary. These accounts can be cancelled and revoked, but that would nullify any funeral home guarantees. There are also additional rules that apply if the account owner is receiving aid from the state.

Insurance is another payment option for pre-arrangements, but not all funeral homes offer it. At Mountain View Mortuary, our licensing and education enables us to offer certain types of special insurance policies that are designed to keep pace with inflation. These policies have a 30-day free trial and are tax-free, transferable, and can be set up to protect from the Title 19 spend down. There are both single and monthly payment options available.

We understand that the above information may still be quite confusing. But our Advance Planning Advisors at Mountain View Mortuary can help you make sense of it all. We can also help you make pre-planned funeral arrangements that are as affordable as possible. We look forward to answering your questions and assisting you with your Advance Planning needs.