FUNERALS, ONE OF THE LEADING CAUSES OF BANKRUPTCY
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A leading Dallas bankruptcy attorney came to see me last week about a family member and during our conversation she stated that one of the to reasons folks need her service is they are very native about funeral homes. They don’t do any kind of research before they call a funeral home. The biggest reason is “Well, that’s where we own lot’s.” or “They buried Dad.” Quickly they find out that the’re looking at about $20k by the time it’s all said and done. They don’t look at the many hidden costs as well as the ones up front. Since many families are already over-extended on living day to day a expensive funeral in the mix is fatal. First thing they do is drag out the plastic which most of the time is nearly maxed out and at a high interest rate thinking there will be help from above in paying it off which never comes. Then a couple of months later reality sets in. That’s when the rest of the family, they thought they had to impress, really didn’t care or much less offer to help. They all went back to home and forgot about the whole thing. All they really want to know is if they are in the will. That’s when higher utility bills show up and gas goes up a buck a gallon, food takes a big jump at the grocery store, your company cuts back because business is slow because no one else has money to spend for the same reasons, or there’s a new war somewhere and the government lied to us about it and we can’t take care of our own problems here at home.
A few simple phone calls researching prices, just the same as you would do for any major purchase would be wise. Ask questions, and above all don’t buy the “Package”. That is something of a joke in the funeral homes. When you fall for that they know you’re a easy mark because you don’t think. “The path of least resistance.” (For now) is easily the road to ruin. No amount of money you spend at a time like this is going to change anything, just be respectful but not stupid. The funeral home wants to get you in to make the arrangements as soon as possible because they know if you are grieving you will spend more. Folks that wait a day before making arrangements spend a whole lot less. The funeral home will, however, try to drag you in within hours of the passing. The slogan of the day is “If they’re crying, they’re buying! When the tears dry up so does the checkbook”. Spend your time purchasing the merchandise you need so they can’t use that as a tool against you. Then when you get that behind you, you can concentrate on the service part with a clear head and negotiate that to a price you can live with. everything is negotiable if you take their tools away. Cremation is on the up-rise. According to state figures 160,000 deaths in Texas last year, 45% was cremation that leaves 1600 funeral homes to fight over 88,000 bodies. So to pay the lifestyle they want to keep, you have to pay, and pay, and pay. They’re willing to deal……..you have the upper hand. Play it.
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