Working with PrePlan Funeral Trust is accessible, easy, and safe, thanks to updated resources, operational enhancements, and a continued commitment to safety and security.
PrePlan proudly offers the following programs and procedures:
Each of these programs and procedures is available to active PrePlan participating NYSFDA member firms. Become a PrePlan firm today! Whether opening new or transferring existing accounts, PrePlan is ready to step you through the process. Contact us at preplan@preplan.org or 800.577.3752 to learn how.
PrePlan cannot provide any tax statement information over the phone.
If you have moved, please be sure that the funeral home you have made prearrangements with has your current address.
Year-end tax statements will be mailed out between January 25 through the 31st of this year and will be available online after January 31st. To access this information please click on the “Consumer” tab above. You will need:
The PrePlan account number
Last four (4) digits of the Purchaser’s Social Security Number
Purchaser’s last name
Once logged in, you may download and print copies of your Tax Statement(s) for the last three years.
If you have any questions, please contact the funeral home you have made your prearrangements with. They will be happy to assist you.
Q&A Grantor Trust Tax Information Statements
Q: The consumer lost their tax statement. Can I have another copy mailed to them? A: Yes. The funeral home may call or e-mail a PrePlan administrator and we will mail out a second copy. The Funeral Home or consumer may also log-in above to download the tax statement. Click here for step-by-step instructions.
Q: What are the fiduciary and advisory fees listed on the preneed agreement for? A: As with any trust in New York State, Preplan is permitted by law to expend up to three quarters of one percent of the balance in the fund to provide the necessary services to operate and staff the trust. This is one of the lowest fees in the nation. In addition, a minimal advisory fee is also paid for the expert investment advice given to Preplan for the direct benefit of its customers. These terms are fully disclosed in the preneed customer agreement provided to all consumers.
Tax Reporting Glossary
Beneficiary: The individual for whom funeral arrangements will eventually be performed.
Federal E.I.N: An Employer Identification Number is assigned to each account held in PrePlan and is used for reporting interest to the IRS.
Fiduciary Fees Paid: A minimal fee deducted from the gross interest amount to cover administration costs of the trust. This fee is fully disclosed in the PrePlan customer agreement.
Gross Taxable Interest: The total amount of interest earned on the trust account. This is the amount the consumer must report per the IRS.
Investment Advisory Fees Paid: A fee determined annually to pay for related professional investment advice. This fee is fully disclosed in the PrePlan customer agreement.
Net Interest Earned: The gross taxable interest earned less fiduciary and investment advisory fees paid; sum of all net interest figures on the summary statement.
Summary Statement: A statement generated annually summarizing all cash flow transactions on each account.
Taxpayer Social Security Number: The SS# of the individual responsible for reporting the interest earned on the trust account, as per the original trust agreement. This should always be the purchaser’s SS#.
Trust Tax Statement: The statement generated by PrePlan showing the gross interest income amount reported to the IRS.
PrePlan Funeral Trust has received a 2022 Torch Award for Ethics from the Better Business Bureau of Upstate New York (BBB). BBB’s Torch Awards for Ethics celebrates the commitment made by businesses and charities to the highest standards of leadership, character, and organizational ethics. The awards show the practices receiving organizations employ to generate a high level of trust among their employees, customers, and communities. An independent panel of judges comprising of community leaders, business professionals, educators, and local journalists selected the winners.
“We are truly honored and appreciative of this award,” said Mike Lanotte, NYSFDA Executive Director. “For over 30 years, PrePlan Funeral Trust staff and Trustees have worked to implement an infrastructure that ensures the security and compliance of funds while also creating a culture that fosters exemplary customer service. Our mission is to provide “Gold Standard” services to our participating funeral firms, and this award recognizes the hard work and dedication that goes into fulfilling that mission.”
PrePlan is committed to offering solutions to optimize operations and increase participant convenience, while keeping the security of funds and compliance with trust laws as our continued top priority.Log in to your Funeral Home account for details on PrePlan’s two new programs.
Thank you for your membership and confidence. We are excited about these upcoming enhancements and look forward to serving you in 2022 and beyond.
Convenient. Compliant. Competitive.
Working with PrePlan is convenient, easy, and safe.
We offer same-day processing, ensuring your claims are taken care of promptly and efficiently.
PrePlan can securely deposit your firm’s death claim payments directly into your bank account. It’s safe, accurate, and fast. Get started today.
We provide an option for electronic submission of death claims. While remaining 100% compliant, the process is easy, fast, and ensures prompt payment to your firm.
Whether opening new or transferring existing accounts, PrePlan is ready to step you through the process. Contact us at preplan@preplan.org or 800.577.3752 to learn how.
Medicaid/SSI 101
With the new year comes some changes to Medicaid resource levels. So, we thought this was a great time for a refresher.
What is Medicaid?
Medicaid was established by Congress in 1965 as a government health insurance program for individuals of any age whose income is too low to provide routine health care costs, or whose health care costs are too high to be covered by their income. These health care costs include the cost of nursing home residence. Medicaid eligibility is determined from detailed documentation provided by an applicant regarding their income and assets. The figures below reflect the amount of resources an applicant may retain and still qualify for Medicaid. Resource levels depend on the number of family members living with the applicant.
2021 Medicaid Resource Limits
1 person household: $15,900
2 person household: $23,400
These figures exclude irrevocable burial account, house, car, life insurance policy with face value of $1,500 or less.
What Is a Community Spouse?
A community spouse is the husband or wife of someone currently institutionalized or residing in a nursing home. The community spouse generally resides in the couple’s home.
2021 Community Spouse Resource Allowance
A community spouse is granted a minimum of $74,820, up to a maximum of $130,380.
What is SSI?
Supplemental Security Income is a federally administered program assisting individuals who have reached an age of 65+ or have been legally classified as blind or disabled and meet specific income and resource tests, citizenship/qualified alien status and US residence requirements.
2021 SSI Resource Limits
1 person household: $2,000
2 person household: $3,000
These figures exclude irrevocable burial account, house, car, life insurance policy with face value of $1,500 or less.
How do these two programs affect funeral prearrangements?
New York State Social Services Law Section 209 and Section 366 mandate that all contracts for prefunded funerals established for applicants or recipients of Medicaid/SSI be irrevocable. An individual may have one irrevocable burial account for an unlimited dollar amount to be used for funeral and burial expenses. The applicant or recipient may also set aside funds in an irrevocable burial account for certain family members. The funds in an irrevocable funeral account are not considered an asset during the spend-down process. Once the purchaser has signed and agreed to the irrevocable nature of the trust agreement, the funds cannot legally be returned to that individual by the funeral director or financial institution holding the funds in trust.
In the event there is an overage in the trust account after the funeral has been provided, the excess funds must be sent to the county in which the person for whom the services were provided was residing and receiving assistance at the time of death. It is important to remember that although the funds in an irrevocable account may not be refunded, they may at any time be transferred to a different funeral home.
If you have any questions regarding preneed accounts for Medicaid/SSI recipients or applicants, please contact PrePlan at preplan@preplan.org or 800.577.3752.
Revised Options for Death Certificate Submissions to PrePlan
Many of you are aware of the temporary revisions PrePlan made in early March due to the evolving COVID-19 pandemic for death claim submissions to our office. As of September 1, 2020, we will no longer be able to accept the temporary COVID-19 General Administration along with registered working copies of the EDRS Death Certificate in our office. We received many positive responses and going forward are pleased to announce that we can offer new options based from the feedback. These options continue to ensure our compliance on multiple levels and ensure prompt payment to your firm. You may begin using the option(s) that work best for your firm immediately.
Electronic Submission:
Call or email PrePlan (preplan@preplan.org) to request that a secure (NeoCertified) email containing our newly revised General Administration form be sent.
Complete the General Administration form, review the indemnification, check box and sign to agree.
Attach/upload the completed General Administration form along with a copy of the Certified Death Certificate to the secure email. Please provide the Burial Permit if available.
Email the claim to PrePlan.
Mail Submission:
Complete our newly revised General Administration form, review the indemnification, check box and sign to agree. Enclose a copy of the Certified Death Certificate and burial permit (if available) and mail to PrePlan.
-Or-
Complete our newly revised General Administration form, review the indemnification, check box and sign to agree. Enclose a Certified Death Certificate with an official seal and burial permit (if available) and mail to PrePlan. PrePlan will continue to return Certified Death Certificates with an official seal along with the payment or the firm’s weekly direct deposit report.
PrePlan will continue to have a same-day processing policy in place for death claims received Monday-Friday by 11:30am (excluding US holidays, and the first business day of each month). Please be advised that if the account has a pending payment, we are required to hold the death claim in a pending status until the recent payment clears (10 days).
This year has been unprecedented with an enormous amount of fluidity. PrePlan strived to meet your needs during these challenges and will continue doing so. Feel free to contact our office with any questions or concerns 800.577.3752.
Thank you for your continued trust. Stay Well.
Exciting News from PrePlan
We’re excited to announce that beginning July 2020 PrePlan is rebranding with a new logo, tagline and materials.
For more than 30 years PrePlan has served as New York State’s preeminent pre-funded funeral trust administrator. Following Governor Cuomo’s signing of our Preneed Trust Accountability Act into law in December 2019, New York State’s already best-in-the-nation preneed funeral trust laws were strengthened. The law also included a provision to allow funeral directors to receive a portion of the 75-basis point administrative fee currently allowed under the law, and PrePlan launched our 2020 Patronage Program.
Thanks to these exciting advancements, we felt 2020 was the perfect time to modernize our brand. As we move toward the future, it is important that our brand represents the forward-thinking approach of our board and administrators as well as conveys our commitment to security, compliance, and overall excellence.
Additionally, it is important for us to strengthen the relationship between NYSFDA and PrePlan. As a member of the association you have exclusive access to the services of PrePlan. Our new logo represents the integrity and commitment demonstrated by NYSFDA members and the security and stability of PrePlan’s services.
Finally, our new tagline The Gold Standard. is our promise to you. With PrePlan, your families’ preneed funds are 100% government backed. And an independent firm conducts quarterly audits ensuring all investments are fully secure and properly managed. Plus, our knowledgeable and experienced staff is well-versed in New York State preneed law and Medicaid/SSI compliance issues. Each and every day we strive to provide the best, most reliable service as your preneed funeral trust administrator. We strive for the Gold Standard.
Over the next several weeks you’ll see more and more of our new logo and updated materials. As we continue to share a few other exciting announcements and updates throughout 2020, please know that while we may look a little different we’re still providing the same exceptional level of service.
If you have any questions or would like additional information about PrePlan and our services, please reach out. We’re available at 800.577.3752 or preplan@preplan.org and would love to hear from you.
As always, thank you for your membership and active participation in NYSFDA. We are honored to serve you and look forward to providing Gold Standard service now and in the future.
Coronavirus (COVID-19)
In response to the COVID-19 pandemic, PrePlan is working diligently to meet the needs of our members. One way you can help is by signing up for direct deposit of funds. PrePlan can securely deposit your firm’s death claim payments directly into your bank account. It’s safe, secure, and fast – giving you access to your funds the next business day after your claim is processed.
For 35 years, PrePlan has served as New York’s preeminent pre-funded funeral trust administrator. Our knowledgeable and confidential staff are well-versed in New York State law and have been supporting NYSFDA members for decades.
Interested in joining PrePlan? Email preplan@preplan.org and request an information packet. Remember, you must first be a current, active member of the New York State Funeral Directors Association (NYSFDA). Learn more about NYSFDA membership.
Transfer Existing Preneed Accounts
If you’re interested in transferring existing preneed trust accounts to PrePlan, our administrators will work with your firm to make a smooth transition.
Whether opening or transferring accounts, contact us today: 800.577.3752 or preplan@preplan.org.
Ensuring Accounts are Secure
As a funeral director, families trust you to make important choices on their behalf. When selecting a preneed funeral trust administrator, you need to ask some important questions before deciding where to invest your families’ funds. As their trusted advisor, it’s your responsibility to ensure their funds are safe, secure, compliant. View this quick video to learn more.
For 35 years, PrePlan has served as New York’s leading pre-funded funeral trust administrator. As a funeral director, families trust you to make important choices on their behalf to ensure the safety, security, and compliance of their funds.
This is how PrePlan protects you, your funeral firm, and your families’ assets:
Funds are 100% government-backed and we consider each investment decision carefully
Quarterly audits conducted by an independent firm ensures all investments are fully secure and compliant, checks and balances are in place, and all legal requirements are met
Knowledgeable and experienced staff well-versed in New York State preneed law and Medicaid/SSI compliance issues
Accredited by the Better Business Bureau, PrePlan proudly holds an A+ rating
Only funeral trust created by New York funeral directors for New York funeral directors
Trust PrePlan
When you expect your preneed trust accounts to be secure, compliant, convenient, you expect the Gold Standard. With PrePlan, your families’ preneed funds are 100% government backed. And an independent firm conducts quarterly audits ensuring all investments are fully secure and properly managed. Plus, our knowledgeable and experienced staff is well-versed in New York State preneed law and Medicaid/SSI compliance issues. The Gold Standard. That’s our promise to you.
