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Can I Transfer my Prepaid Funeral Plan? | Funeral Pre-Planner, Kat Downey
In a previous blog I wrote about Eligible Funeral Arrangements (EFA). The rules of an EFA mandate that the money set aside in a prepaid funeral plan is always the purchaser’s money. As such the assigned funeral home does not have access to these funds until the funeral is actually provided. The purchaser’s money is held by a third party that must insure these funds to $100,000.00. Further, these funds must earn tax exempt interest, which is paid into the prepaid funeral certificate. As your money is held in an escrow account, it is very easy to transfer the funds.