Funeral costs can “take a bite out of your estate”

funeral costs
money.usnews.com

Seven ways to cut the cost of a funeral

by Bob Niedt for Kiplinger.com

July 5, 2016

“In addition to the emotional toll, dying can take a heavy financial toll on the living. The median cost of a funeral runs about $8,500, according to the latest figures from the National Funeral Directors Association, including embalming, viewing, a hearse, a metal casket, a vault and some other related services. The price tag, 29.3% higher than it was a decade earlier, could come as a shock to grieving heirs and take a bite out of your estate.

There are two important points to keep in mind about the $8,500 figure. First, it doesn’t take into account some common cemetery expenses such as a burial site, marker, paid obituary and flowers. Second, it’s the median, or middle, price; some funerals can cost upward of $25,000.

Prepaying for your own funeral is one way to spare your survivors the hassle and expense, but generally speaking Kiplinger recommends thinking twice about prepayment because there are better ways to set aside cash for a funeral. A smarter approach might be to focus on reducing funeral costs. Here are seven ways to save.”  Read more

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