Is the Rushlow-Iacoi Funeral Home Pre-Need Funeral Plan Approved in the State of Rhode Island?
Yes, the State Board of Funeral Directors requires that every pre-need funeral contract used by funeral directors be approved by the Board. This is necessary in order to protect you, the consumer, from fraudulent plans. Even the wording of the "Pre-Need Contract" is carefully scrutinized by the State Board.
Can I Pay the Rushlow-Iacoi Funeral Home Directly for My Funeral Service Ahead of Time?
No, Rhode Island law does not permit you to pay a funeral home directly for your pre-need funeral plan. However, you are permitted to enter into a "Pre-Need Contract" that places your money into a special trust account in a bank or savings and loan.
Are There Any Commissions Taken from the Money That is Placed into a Pre-Need Funeral Plan with the Rushlow-Iacoi Funeral Home?
No, Rhode Island law requires that funeral homes deposit 100% of your money into a banking institution.
Does the Rushlow-Iacoi Funeral Home Accept a Payment Plan?
Yes, many people choose to make monthly payments into their account with no finance charge.
What Happens to My Pre-Need Trust Account Should the Rushlow-Iacoi Funeral Home Go Out of Business?
Nothing will happen to your account. The special trust account is completely separate from any of the funeral home bank accounts. In fact, the bank will record your Social Security number on the trust account and treat it as your own personal account.
Are Pre-Need Trust Accounts Arranged Through the Rushlow-Iacoi Funeral Home F.D.I.C. Insured?
Yes, your Pre-Need trust account is insured like any other deposit account that you may have at most banks or saving and loans.
What Are the Differences Between a "Revocable" Trust Account and an "Irrevocable" Trust Account?
A "Revocable" trust account is one that can be canceled by you at any time by notifying the funeral home in writing. You would be permitted to withdraw the money from the trust account at any time. An early withdrawal penalty or cancellation fee may be applied by the bank, however.
An "Irrevocable" trust account is one that cannot be withdrawn by you at any time, but must remain in force until the funeral service is provided. At that time, the account will be payable to the funeral home.
Does My Pre-Need Account Earn Interest?
Yes, the account will earn interest just like any other savings account that you may have.
What Happens to the Interest That My Pre-Need Account Earns Over the Years?
All of the interest earned in your account will be rolled back into the account. This is necessary in order to cover the cost of inflation over the years. However, your Pre-Need Contract has a clause that returns to your designated beneficiary the unused interest in your account.
Will the Cost of My Funeral Service Increase as the Years Go By?
Probably yes. However, once you pay the total amount due under the "Pre-Need Contract" with the Rushlow-Iacoi Funeral Home, you will have the assurance in writing that your family will never pay more for the goods and services that you have selected. Because the Rushlow-Iacoi Funeral Home has no control over the cost of cash advance items like cemetery grave openings, flowers, newspaper notices, etc., cash advance allowances are not covered by this guarantee.
How Will the Future Price of My Funeral be Determined?
The Federal Trade Commission requires that all funeral homes maintain dated price lists for the services and merchandise that is provided. The cost for your funeral service in the future will be determined solely by referring to the appropriate price list in effect at that time.
At What Age Should I Consider Making Funeral Pre-Arrangements?
At any age. The Rushlow-Iacoi Funeral Home has pre-need clients ranging in age from 40 to 95.
If I Move, Can I Have My Pre-Need Account Made Payable to Another Funeral Home?
Yes, because the pre-need trust account is yours, you have the right to change the funeral home provider to which the account is to be paid at any time.
What if I Already Have a Pre-Need Account Payable to Another Funeral Home and Wish to Transfer These Arrangements to the Rushlow-Iacoi Funeral Home?
In this uncertain time of economic instability you will want to compare prices and make sure you are getting the best value for your dollar. We at Rushlow-Iacoi Funeral Home encourage you to compare costs at other local funeral homes. We think you will be surprised at the difference in cost from firm to firm. If you choose to move your pre-need funds to Rushlow-Iacoi Funeral Home, we will accept the transfer of any pre-need account and will assist you in making the change.
Can Funeral Pre-Planning be Done Without Paying for it Ahead of Time?
Yes, many people choose to make complete funeral pre-arrangements and rely on existing life insurance or savings accounts to pay for their funeral expenses. The Rushlow-Iacoi Funeral Home will assist you in making any necessary beneficiary changes to your existing policies.