I really like reading SmartMoney magazine because it offers practical advice and tips for navigating through the complex and ever changing financial world. And while you may not be - no pun intended - dying to learn about Kelli B. Grant's recent article, How to Cut Funeral Costs Now, the bottom line is that her advice really amounts to plain old common sense. When a loved one dies, who really wants to make the funeral arrangements let alone haggle and negotiate over the price? As the article points out, the average funeral (not including cemetery expenses) cost $6,195 in 2006, the most recent year that data is available, which is certainly not chump change.
With all of that said, Ms. Grant offers six tips to "help consumers keep costs reasonable when arranging a funeral service or preplanning their own":
- Learn your rights. There are protections offered by federal law that consumers need to be aware of with regard to funeral expenses under the FTC's Funeral Rule. In reality very few expenses are actually required by law, so don't be fooled into believing that specific services must be purchased.
- Preplan.... Speak with your loved ones about what you want and give them clear instructions, that way they will avoid overspending on things that aren't that important to you.
- ...But don't pre-pay. What if the funeral home goes out of business or you change your mind? In most states you won't get your money back.
- Consider pre-owned plots. Apparently there is an active secondary market for cemetery plots where deep discounts can be found. Check out Craigslist or search the term "cemetery plots for sale" and you'll find a long list of online resources.
- Compare funeral home prices. For major purchases most people will shop around for the best price, so why not shop around for the funeral home that will give you the best deal?
- Shop around for funeral goods. The same goes for everything from caskets, urns, flowers and reception books - shopping around can save a bundle.
Did you know that Costco sells and ships caskets? I didn't before I read Ms. Grant's article, but now I do and so do you.
Attorney Garber makes excellent suggestions. In my own life, my Dad is 83 and is still going strong even after quintuple by-pass surgery. But as his oldest son, and his estate planning attorney, “Pops” and I visited several funeral homes together well before he needed surgery to help decide what he wanted, what prices were or were not acceptable, and to plan his “going away” party exactly as he wants it. If we didn’t plan I wouldn’t know, and frankly he and I enjoyed the experience together and now he does not have to think about that again. Planning ahead like this is, frankly, a blessing. When my Dad got sick, we didn’t have to worry about these things because they had already been planned. Instead, we only had to worry about Dad getting better and he did.
Attorney Garber’s tips make so much sense and I agree with her. As an attorney practicing in the area of estate planning in Massachusetts, it is an honor and a pleasure to help each of the clients that I am privileged to represent.
I have posted Attorney Garber’s tips on my blogsite at http://berkent.com/2010/09/02/estate-planning-planning-for-the-funeral-with-your-loved-ones/ along with my experience with my Dad which shows how right and wise Attorney Garber is. If I needed estate planning counsel in Florida Attorney Garber would be my first call. Keep up the great work!
// Richard K. Berger, Esq.