What About Prefunding?

Many people who preplan with Scotto Funeral Home also choose not only to preplan a funeral, but to prefund it as well, either by paying the full amount up front or by arranging a payment plan with the funeral home. Benefits of prefunding a funeral include:

  •  Placing the cost of the funeral (at today’s prices) in an investment vehicle, so that the interest earned will keep pace with inflation to cover the cost of the funeral (at future prices) when the death occurs;
  • Prevents life insurance policies from being depleted at the time of a loved one’s death;
  • Allows individuals to consider options while they are better prepared to make sound, fiscally responsible decisions;
  • Spares loved ones the unexpected cost of a funeral during a stressful time;
  • Medicaid/SSI applicants and recipients may set aside funds for their funeral expenses in an irrevocable trust, which is considered an excludable asset.
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