One of the most often-cited ways to cover funeral costs is to make the estate of the deceased pay for it. An “estate,” in this situation, is the sum total...
A prepaid funeral plan is an arrangement you make with a funeral home to pay for your funeral services and goods in advance. It’s like pre-ordering your own funeral and can be a smart addition to your estate planning checklist. Locking in a prepaid funeral plan protects you from rising...
Another factor that can impact the cost of life insurance is how you choose to pay your premiums. Many carriers allow policyholders to choose between monthly payments or annual payments. However, you may be able to choose alternative payment schedules, like quarterly or semi-annual payments. ...
Joint policy not in trust - the payout would be paid to the surviving policyholder. However, half of the value of the sum assured would be deemed to form part of the policyholder's estate. If both policyholders died at the same time, the younger person is deemed to have survived the ...
These may include funeral expenses and any outstanding debts your family will be required to pay in your absence, such as your mortgage or other loans. In addition to these immediate expenses, you may also want to consider any additional long-term expenses you’d like to cover in the future...
According to the IRS, the following as situations might qualify for a 401(k) hardship withdrawal: Certain medical expenses. Burial or funeral costs. Costs related to purchasing a principal residence. College tuition and education fees for the next 12 months. Expenses required to avoid a ...
Find other ways to pay for unexpected medical bills, home improvements and college expenses. If you have a mortgage, start paying it down.If you have a $250,000 balance on a 15-year fixed-rate mortgage with a 4% interest rate and you can pay an extra $300 each month, you could pay...
Pay outstanding debts. In most cases, the first expenses the estate pays are funeral expenses and taxes. After that, the executor is responsible for paying outstanding debts to creditors who filed a claim within the appropriate time period. The executor is also responsible for disputing claims aga...
Wealthy families who expect to owe estate taxes.Life insurance can provide funds to cover the taxes and keep the full value of the estate intact. Families who can’t afford burial and funeral expenses.A small life insurance policy can provide funds to honor a loved one’s passing. ...
Making sure you have the right financial resources in place, includinglife insurance,is important if you have loved ones who depend on your income. Life insurance can help cover funeral and burial expenses, pay off remaining debts, and make managing day-to-day living expenses less burdensome fo...