Newspaper article The Observer (Gladstone, Australia)

Pay Funeral Costs Now to Get Pension

Newspaper article The Observer (Gladstone, Australia)

Pay Funeral Costs Now to Get Pension

Article excerpt

PENSIONERS prize the part pension, even though it is small, because in most cases it gives them access to a range of discounts as well as the pensioner concession card.

One way to reduce assets and become eligible for a part pension is to arrange for payment of your funeral while you are still alive.

You can do this by pre-purchasing a burial plot and also by pre-paying funeral expenses or by investing in funeral bonds.

The amount of money spent on the burial plot is exempt from the assets test and the income test regardless of the value of the plot Co Centrelink will not take into account any money you pay to a funeral director provided you have a contract that sets out the services to be undertaken

Funeral bonds are a more flexible alternative because they give the investor the option of appointing a specific funeral director to receive the proceeds or leaving the bond open so the proceeds can be paid directly to the family.

We recommend the latter option because there can be problems if the bond is assigned to a funeral director and the funeral costs less than the value of the bond. …

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