Social Security Issues
As MFP is a regulated funeral benefit fund, funds up to $5,000
in each fund are exempt from social security. With this in mind,
we only have one plan owner and if there is a requirement to plan
for more than $5,000 to be saved, then the excess is in a second
fund. There are currently moves to have the Federal Government increase
this limit to at least $7,500 to cater for the increasing costs
of funerals, mainly burials.