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Funding Options The way we fund a prearranged funeral is through the New Jersey Prepaid Funeral Trust FundTM. How Does It Work?
2. We then forward the completed paperwork, along with your check to the Trust Fund. 3. The check is immediately deposited and an acknowledgement of receipt is forwarded to you the following business day. If you do not receive an acknowledgement within two weeks, contact Costello-Runyon Funeral Home. 4. By January 31 of each year, the Trust Fund will send you an annual summary statement of your account's principal and interest earned, together with the Internal Revenue Service-required Grantor Letter for tax reporting. The interest received by the Trust Fund will vary with money market rates, and the Trustees will only place those funds into FDIC insured bank deposits. An advantage of using the New Jersey Prepaid Funeral Trust FundTM is that it is immediately available upon death for payment of funeral expenses. Unlike traditional savings accounts which may close or become inaccessible at the time of death, this account becomes payable. Other Benefits Opening a New Jersey Prepaid Funeral Trust FundTM account offers these important benefits:
It is available for SSI, Medicaid and General Assistance applicants and meets all SSI/Medicaid and General Assistance requirements. Trust accounts for SSI/Medicaid recipients are irrevocable. Sure Trust Sure Trust is a program of the New Jersey State Funeral Directors Association which allows you to prefund your funeral expenses by assigning existing (paid-in-full) whole life and group life insurance policies (term insurance policies do not qualify) to the funeral home. The Costello-Runyon Funeral Home may open a Sure Trust account for you. How Does It Work?
2. When Sure Trust receives your application and insurance policy or policies, an account confirmation is sent to you. 3. Sure Trust then processes an assignment of ownership and beneficiary of the policy to the Trustees. 4. Once the ownership/beneficiary assignments are completed, Sure Trust again confirms the assignment with you in writing. 5. Each year, you will receive an annual statement detailing the status of your account. 6. At the time of death, Sure Trust processes the insurance claim and pays the funeral director for the goods and services delivered. Sure Trust then pays the named beneficiaries any excess proceeds, minus any administration fees due. If you change your mind and cancel assignment(s), you may be subject to cancellation fees. Who Should Use Sure Trust? Those who have paid-in-full whole life and group life insurance policies that they wish to use to fund their funeral arrangements. Those who have existing life insurance policies that would otherwise need to be surrendered during the spend-down process for SSI/Medicaid or General Assistance eligibility. Those who have no immediate family to arrange for the payment of their funeral costs from the proceeds of their whole or group life insurance. What Are the Benefits?
Sure Trust meets all SSI/Medicaid and General Assistance requirements, ensuring that you will not be forced to surrender insurance policies in order to qualify for assistance.
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