advplan3

Advanced Planning

Prearranged Funeral Services
Farris Service Group recognizes that the needs of all families are very different at the time of a death. Our licensed staff can assist with memorialization needs which are as varied as the faith, age, income, race, nationality and diversity of the people we serve.

To help lessen the stress and pressure felt by families when faced with making the difficult decisions at the time of death, the professionals at Farris make available to the community a prearranged funeral plan. Regardless of the type of funeral service you consider, we can discuss all of your options and help you develop the best for you and your family in advance of need. Most importantly, we believe that whatever choices are ultimately made, they are yours, and our role will be to accurately and professionally carry them out.

Making your wishes known in advance of need eliminates confusion and stress for your family when death occurs in the future. Our directors will begin a file for you with your wishes stated and recorded and held until the need arises. We feel a strong commitment to providing information about various types of services (including burial and cremation services), funeral merchandise and any other related information which will enable one to make informed decisions regarding a major event in the lives of their family.

You may pre-plan a funeral with our firm without any obligation to pre-pay the funeral at this time. We will be happy to answer any questions you may have and discuss any options available to you.

Prearranged Financial Arrangements
Many people choose to set funds aside for future funeral services, either in part or in full. Commonwealth of Virginia regulations require that these funds be kept separate from regular accounts of a funeral home. They may be placed in either of the following:

1. Bank Trust

2. Insurance Policy

Either funding program permits monthly payments or a single payment in full at the time the contract is completed. Pre-financing guarantees that no additional payment will be required from the family or estate for guaranteed services and supplies provided the pre-need funeral contract is paid in full and the interest is allowed to accumulate in the account.

If you choose the bank trust you should be aware that the interest earned by the trust will have to accrue to the trust in order to cover inflationary costs. Internal Revenue Service requires that this interest be reported to you and that you report it on a tax return. You will be responsible for any taxes on the interest earned by the trust.

You may choose an insurance policy to fund your pre-need funeral contract. Our professional staff is licensed with an insurance company and can explain the options you have regarding the policy. In most cases, the features of the insurance policy are a better investment for the family and offer the same guarantees as the trust. There is no tax consequence with the Internal Revenue Service when you choose this method of funding. Also, the insurance policy offers an irrevocable trust to protect the qualification of individuals needing Medicaid or SSI assistance.

Please contact one of our directors at Farris Funeral Service (276) 623-2700 to arrange a time to discuss the benefits of our prearranged funeral plan at your convenience.

Return to Top of Page

Home Page Our History Our Staff Current Services Obituaries Send Condolences Request Information Directions Advanced Planning Local Florists Consumer Advocacy Veterans Care Grief Resources