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PREPLAN ONLINE FUNDING OPTIONS |  | FUNDING OPTIONS Trust InfoWe offer a variety of pre-payment programs so everyone can choose an affordable trust plan made especially for themselves. We can explain these trust programs along with details about Veterans and Social Security Benefits at our offices or at your home. We also make pre-arrangements at no cost to those who simply want the information on file. Revocable This is a trust that any amount of money may be deposited into. At anytime you may ask for this money and the interest it has made. At the end of the year you will receive a 1099 statement on which you must pay taxes on the interest as it is considered income. Irrevocable This trust is most commonly purchased by someone who eventually might need care in excess of their assets. For example, longtime convalescent care for which their assets could be depleted and they need to apply for SSI. Once purchased, it can be used for burial purposes only. The interest is declared directly to the IRS by the Trust and does not have to be declared on an individual tax return. A trust may be moved to another funeral home with the proper authorization. The funeral home that originated the trust is allowed to take up to a 5% fee of the original amount if such a change is made. |
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