The People of Lippert-Olson Funeral Home
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Preplanning
Preplanning is getting together with your funeral director and discussing with him/her all or part of the funeral. These discussions could include:
Day, Time &
Place of Service Officiant &
Readings/Verses to be read Hymns, Soloist,
Organist & Background Music Cemetery/Mausoleum
& Inscription Work Casket, Outer
Burial Container & Urn Selection of
Memorial Folders/Prayer Cards Style of
Register Book Clothing &
Jewelry to be Worn Memorial
Services Obituary/Death
Notice Newspaper(s) Placement Veteran's
Administration Notification Memorial Funds
to be Established Pictures to be
Displayed Other Personal
Mementos to be Displayed
We
encourage you to bring your family members with you so they
may have the opportunity to give input and
suggestions.
Prefunding
Prefunding of the funeral is depositing funds for the funeral expenses. The funds deposited do remain in the person's name with the funeral home payable upon death. Funeral Trusts can be set up to be recognized as a qualified exempt asset for Medical Assistance and Title 19 programs There are three choices in Wisconsin, either bank trusting, insurance trusting or using Wisconsin Funeral Trust. Note: please check with your funeral director about which trust is appropriate and approved in your state.
Bank Trusting: is when funds are deposited in an account (Checking, Savings or Certificate of Deposit) in either a bank, savings & loan or a credit union. These accounts earn interest at the current rates and any interest earned is considered income and taxable with a 1099 Interest statement being sent out by the financial institution at the end of the year. This trust can either be revocable or irrevocable, however, SSI and the MA/Title 19 guidelines determine how these trusts are set up.
Insurance Trusting: is when funds are used to purchase a life insurance policy. Policies will either have guaranteed growth, non guaranteed growth or no growth at all. If the policy does grow it is not taxable (No 1099 Earning Form is sent). The entire policy can be placed in an irrevocable trust to meet the SSI and MA/Title 19 guidelines.
Master Trust Trusting: is when funds are deposited in an account with a Master Trust. This is usually a group of like business's who pool their assets for better returns on investment. This may not be an option in every state. Here in Wisconsin we are able to use the Wisconsin Funeral Director's Association Wisconsin Funeral Trust. These accounts earn interest at a rate often above the current rate of return paid by Certificates of Deposit at your local bank. This can be done with the trust paying the appropriate taxes (No Form1099 for interest earned would be sent) or with the person for whom the trust is established paying the tax (They would receive a Form1099 Interest Earned Statement). This is irrevocable and will meet the SSI and the MA/Title 19 guidelines.
Please be sure that the person you are making funeral arrangements with is a funeral director, there is a difference. He/she is the one who will be performing the services and can best answer the questions you may have.
Click on the Link below for a Personal Information Preplanning Form