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What is PrePlan™...
Pre Plan™ is a unique secured trust fund holding monies set aside for
individuals' burial expenses. This special co-mingled trust was established
in 1988 by the New York State Funeral Directors Association in order to provide
a completely safe and competitive vehicle for funeral directors to place their
clients' prefunded accounts.
How PrePlan™ Works ...
- You meet with a funeral director who offers PrePlan™
- Select desired merchandise and services
- Receive a fully itemized statement and contract
- Make check payable to PrePlan™
- Funeral director forwards contract and check to the PrePlan™
offices for immediate deposit
- You receive a deposit acknowledgment shortly thereafter
- At completion of funeral, payment is forwarded directly to the funeral director
How is PrePlan™ Administered
A PrePlan™ account is opened and your money is deposited on the
exact day the PrePlan™ Trustees receive your contract, social security
umber certification and payment. Your account begins earning the highest rate
of interest in the PrePlan's time deposit, pooled investment. Interest will
vary with money market and CD rates. Funds are placed in FDIC insured bank deposit
account(s), certificates of deposit in a bank within the State of New York and
other investments permitted by law.
What if you are applying for SSI/Medicaid Assistance...
If you or someone in your family will be applying for assistance under one of
these programs, contact an Advance Planning Director at Thomas M. Quinn and Sons. 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. Setting aside monies for burial expenses is now extremely simplified.
See our Advance Planning Director for further information.
NOTE: New York State law mandates that ll contracts for prefunded funerals
executed by applicants for, or recipients of Medicaid be Irrevocable.
More About PrePlan™...
Administered by the state trade association for funeral directors, PrePlan™
offers both revocable and irrevocable accounts. Each revocable account in the
PrePlan™ is, at all times, totally refundable to the Purchaser with
interest and without penalty. Irrevocable accounts are set up for applicants
for, or recipients of SSI/Medicaid and must be nonrefundable to comply with
Chapter 660 of New York State Law.
Contact your Thomas M. Quinn and Sons Advance Planning Funeral Director for professional
advice in prearranging for your funeral expenses. Prefund your funeral with
PrePlan™, "a trusted personal funeral fund."
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